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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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Creating An Effective Insurance Strategy

Insurance gets a bad rap, but that is often due to a misunderstanding of its overall benefits and not because it isn’t valuable. After all, nobody truly wants insurance, what we want is the significant benefits it can provide. Our newest episode explores the importance of having an effective insurance strategy as a valuable piece of your financial plan. We discuss the purpose of insurance and why you might need it, how to best structure your insurance using your corporation…

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Structure Your Debt So You Can Win

When used correctly, debt can be an effective financial planning tool to help reduce taxes and beat the banks. On this podcast, we tackle some of the burning questions business owners have on how to structure their debt effectively. How should I manage debt when COVID-19 subsides? We don’t know when this is going to end, so our advice is not to wait and make the most of Government benefits available to you right now. These programs are designed to…

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Managing Cash Flow During A Crisis

With so many recent unknowns, it is understandable that cash flow has weighed heavily on people’s minds. That is why we decided to make this the focus of Ocean 6’s first-ever podcast, to share our tips on how to manage your cash flow in an environment that is constantly changing. Listen to the podcast and get the answers to some of our client’s most common questions.  How much cash should I have in my emergency fund? No one could…

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Tips For Managing Your Business Finances

One of the things we often see with successful business owners and incorporated professionals is that they’re managing their business finances in the same way they manage their personal finances.  Instead of seeing yourself as part of your business, treat yourself as an employee. From a financial planning standpoint, this means looking at your business and managing it as a totally separate entity.  If you have a business that is structured effectively, and you’re utilizing the benefits of having your…

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Why You Should Have A Capital Dividend Account In Your Corporation

One of the biggest secrets that successful business owners and entrepreneurs often don’t know about is the capital dividend account. The capital dividend account is a notional account, which means you will not see it unless there’s a balance. It allows for life insurance proceeds and the tax-free portion of capital gains to flow out of your corporation tax-free. The reason we call it one of the best-kept secrets for business owners is because almost nobody is using it. If…

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Separating Your Personal And Business Finances

One of the things that we often see with incorporated professionals, entrepreneurs, and business owners, is the intermingling of their personal and corporate finances. The blurred line between their personal and business finances creates complexity, and as an entrepreneur, you cannot grow out of complexity.  To help simplify and organize your financial picture, we recommend that you ensure you’re taking the right amount of money out of your corporation, paying a dividend to you personally as needed, and leaving the…

How To Structure Your Investment Portfolio

One of the things we’ve observed among many business owners and incorporated individuals is that they measure the success of their investment portfolios strictly by its rate of return, without considering the bigger picture. When it comes to your investment strategy, tax plays a major role in your net rate of return of your overall investment portfolio. And if your portfolio isn’t structured effectively, you can end up paying significantly more tax. This is why the rate of return on…

Product-Driven Vs. Fee-Based Financial Planning

One of the things that we’ve recognized over in the financial planning industry over the years is that it has been very product-focused. Financial advisors are incentivized to sell specific insurance and investment products to their clients in exchange for commissions. So let me ask you a question: do you want to buy a product or do you want valuable intellectual property and financial advice? At Ocean 6, we have transitioned to a full fee-for-service and fee-based financial planning model,…

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