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Growing An Investment Portfolio Inside Of Your Corporation

If you’ve built a successful and profitable business, congratulations! As you accumulate profits inside of your business, you’re probably asking yourself how you can best utilize that money.  Instead of letting your money sit in your corporation, it’s time to invest and grow that money like any other investment. In this article, we’ll go over some of the common strategies for growing your investment portfolio inside your corporation. Use A Holding Company For Your Investments  We highly encourage you to…

Growing Your Investment Portfolio | Ocean 6 Wealth Advisory

3 Tips For Calculating How Much Money You Need To Retire

One of the most common questions we get from successful business owners, entrepreneurs, and incorporated professionals is how much money do they need to retire. It’s a pressing question in the financial planning industry, but oftentimes it’s not the right question to ask.  Most successful business owners have the goal of achieving financial freedom which is different from retirement. If you love what you’re doing, it’s unlikely you are going to want to retire. If you hate what you’re doing, then…

Calculating Money Needed To Retire | Ocean 6 Wealth Advisory

How To Make A Cash Flow Plan & Get Clear On Where Your Money Is Going

Many business owners and incorporated professionals find it hard to properly structure their cash flow and this means they end up paying more tax. This decreases their ability to allocate cash towards their goals and prevents them from achieving what they want in life. In this article, we are going to explain how to structure your cash flow and get a clear picture of where your money is going.  3 Steps To Proper Cash Flow Planning 1. Do a full…

Cash Flow Plan | Ocean 6 Wealth Advisory

How To Calculate How Much Life Insurance You Need

Do you ever wonder if you have enough life insurance or if you’re properly covered? If so, you’re not alone. One of the most common questions we are asked by our clients is whether or not they have adequate life insurance coverage. In this article, we’re going to help you answer this question, and provide some guidance on how to calculate how much life insurance you need.  Why you should have life insurance If you’ve never purchased a life insurance…

Calculate Life Insurance Needs | Ocean 6 Wealth Advisory

3 Ways To Pay Less Taxes As A Canadian Business Owner

As your business grows and you have significantly more wealth personally and in your corporation, one of the challenges you will face is trying to pay less taxes. Fortunately, there are several ways that the government of Canada allows business owners to reduce their taxes. Here are our top 3 tips to help you pay less tax as a business owner: 1. Pay yourself a dividend, not a salary If you pay yourself a dividend instead of a salary, then…

How To Pay Less Taxes | Ocean 6 Wealth Advisory

Becoming the Best Possible Version of Yourself

What are your goals? What are you ultimately trying to accomplish with your life? Not just with money but all areas of your life: relationships, skills, reputation… These are the questions we ask clients when we first meet them. Understanding your goals is so important when it comes to financial planning because if you don’t know where you’re going, you’re never going to get there. When you’re clear on your goals, you can start to apply them to your financial…

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The Things We Wish We Got Taught in School

What did you do with your first paycheck? Ocean 6 Advisor Jacky went straight to CIBC to get advice. Jasmine opened her first investment account. It’s no wonder they turned out to work in the finance industry! In most cases, despite years of education, many of us leave school without the practical knowledge and skills to manage our wealth. And this often means we end up paying too much tax to CRA or too much interest to the bank. We’re…

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The Value You Get from a Financial Advisor

Robo-advisors are on the up. These digital platforms that provide automated, algorithm-driven investment services with little to no human supervision are cheap. But anyone who’s ever had home renovations would agree, “cheap” often ends up costing more in the end. After trying to save a quick buck, you often end up hiring a professional to fix the substandard results. “A Rising tide floats all boats…only when the tide goes out do you discover who’s been swimming naked.” Warren Buffett A financial advisor acts…

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When to Incorporate Your Business

A corporation can be a fantastic financial planning tool. It gives flexibility on how to pay yourself, saves taxes, and helps to accumulate significant wealth. So, when is the right time to make the move and get incorporated? Accountants will often give you two fallback answers, these are: only when you have money left over in the corporation and only when you’re making over $200k per year. The problem is this advice is very generic and if you don’t do…

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Maximizing Your Investment Portfolio

Investment returns, management fees, and efficient taxation are all important when it comes to the big picture on where to invest your money. If you’re confident your dollars are working for you in the right places, you have more time to focus on your goals. In this week’s podcast, we cover how to best structure your investment accounts and get the most out of your money. How do we manage our investments during a pandemic, is there such a thing…

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