Planning can help you significantly reduce your tax liability in a succession. Failing to do so could mean the business has to close or be sold. Or perhaps it might have to incur an unhealthy level of debt. Taxes are one of the main considerations when it comes to family succession. Without proper planning, you […]
Benefits of succession planning
Planning a successful business succession takes years. According to experts, transitions can take up to five years to complete and, in the case of a family business, as many as 10, depending on the firm’s size and complexity. A recent survey of 2,500 entrepreneurs found that five out of six entrepreneurs surveyed estimate that the process will […]
Succession planning: Secrets of a smooth transition in a family business
You started your business 30 years ago with a few family members and now you have a 100-employee company and your adult children are actively involved. Mentoring, trust and a deep knowledge of the business have been the keys to a smooth transition from one generation to the next. One of the benefits of your […]
Why Teachers Should Avoid RRSPs
Situations when contributing to an RRSP isn’t worth it Your Ontario Teachers’ pension benefit is linked to your RRSP contribution room. The greater the value of your pension benefit, the less room you will have available to contribute to an RRSP. Every member of a registered pension plan receives an annual pension adjustment (PA). Your […]
5 ways to recession-proof your business
Diversification and financial management are key strategies The recession of 2008-09 may have occurred nearly a decade ago, but it’s still a painful memory for many entrepreneurs. More recently, the decline in oil prices has caused a slowdown in producing regions that have hurt business owners. Unfortunately, economic downturns are a fact of life when […]
7 mistakes to avoid when borrowing money for your business
Borrowing too little or too late can jeopardize your business Getting a business loan can be the fuel your company needs to reach the next level of success. But you have to prepare yourself and your company to get the money and make sure the loan is right for you. 1. Borrowing too late You may be […]