Tag: Cash Flow Management

Why You Should Scrap Your Budget For An Effective Cash Flow Plan

You can be forgiven for seeing a cash flow plan and a budget as one and the same. But in our experience, an effective cash flow plan is one of the most useful tools a business owner, incorporated professional or entrepreneur can use to organize and clarify their financial future.  Or anyone for that matter. Here’s why… A strict budget is like a strict diet. When you go over budget you feel like you have failed. Often being on a…

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How To Decide How Much Money To Take Out Of Your Corporation

As a business owner or incorporated professional, learning how to efficiently manage your cash flow is an important stepping stone to getting clarity in your finances. An unclear cash flow strategy and the failure to separate your personal and business finances will result in paying thousands of dollars to the CRA unnecessarily, which then becomes a tax problem.  Here are some tips to help you manage your cash flow and decide how much money to take out of your corporation:…

Taking Money Out Of Your Corporation | 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

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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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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When is a good time to leverage?

Date: 26 March Often clients approach us wanting to leverage – a process that involves borrowing funds to invest in the market. When stock prices and valuations are high, as they have been in recent years, we are cautious about recommending leverage as a financial strategy. The reality is now significantly different. The market is currently in decline, TSX and S&P stock markets have both plummeted over 30% from their 2020 high and assets are on sale. We cannot be…

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Why You Should Keep Your Money In Your Corporation

One of the things we see a lot when working with successful business owners, incorporated professionals, and entrepreneurs is that these individuals decide to get incorporated but they don’t take full advantage of their corporate structure. What we highly recommend is that, as a business owner, you leave as much money in your corporation as you can. Don’t take out money to pay down your mortgage, and don’t take out money that you don’t need to spend.  Leave as much…

Ocean 6 Wealth Advisory

Cash Flow Management For Business Owners

One of the things we’ve noticed among business owners, incorporated professionals, and entrepreneurs is that they often don’t know where the cash flow in their business is going. But just because this scenario is common doesn’t mean that it’s acceptable.  Imagine that you are the Chief Financial Officer of your financial situation, and we come to you and ask you how much money you spent last year and where it all went. Would you know exactly where that money was…

Ocean 6 Wealth Advisory

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