Business succession

Whether you plan to sell your business or transition it to the next generation there will be decisions to make and planning to be completed.

To maximize proceeds and/or minimize tax, planning must begin well in advance of the anticipated transition date. Putting in place a formal succession plan will ensure stability for employees and customers through the transition period as well as ensure a stable and predictable retirement income stream for the owner.

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Tax strategies

As a business owner you have unique objectives and priorities that need to be considered in order to maximize proceeds and/or minimize tax. Our team collaborates with our in-house Tax & Estate Planning professionals to deliver customized wealth management solutions designed to address our unique tax concerns.

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Prepare your business for sale

There are two basic methods of structuring the sale of an incorporated business. You can either sell the net assets of the business or sell the shares of the incorporated entity. The decision as to the structure of the transaction will depend on the circumstances surrounding the sale as well as the negotiating ability of the vendor and purchaser. This article has been prepared to highlight those issues that need to be considered when deciding to purchase or sell a business to a third party. The extensive issues surrounding business succession to family members (such as which members, if any, are prepared to manage the business, non-active shareholders and estate equalization to name a few) as well as the various methods of valuing a business are beyond the scope of this article.

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Retirement planning

For business owners and professionals, an Individual Pension Plan (IPP) may provide a solution to fund retirement income. Introduced in 1991 by the Federal Government, IPPs provide tax-deductible and tax-deferred contributions for retirement, including past service benefits and increased annual contribution room compared to RRSPs. Sometimes referred to as Personal Pension Plans, IPPs utilize a Defined Benefit (DB) funding formula which in simple terminology means that annual contributions must be able to fund a retirement benefit that is predetermined.

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Estate maximization

An estate bond, or insured inheritance, is a financial strategy that allows you to maximize the tax-free transfer of your estate to your heirs. This financial strategy calls for the purchase of a life insurance policy which allows you to accumulate savings. In addition to providing you with immediate life insurance coverage, this strategy allows you to invest excess cash in the policy. The income from the investment does not need to be included in your tax return, thus minimizing your annual taxes. When you die, the death benefit, the investments and the accrued income of the policy will be paid to your beneficiaries on a tax-free basis, allowing for the optimal transfer of your estate.

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