We believe it is essential to examine and find solutions that encompass both “personal” and “corporate” needs, as sometimes corporate advice alone can conflict with an individual’s or family’s objectives.
In today’s rapidly changing environment business owners and professionals are faced with many challenges. In recognizing that there are many unique concerns, goals and objectives, we provide an array of services. We will work with you to implement solutions to help you and your business succeed.
Some of our business services include:
Partnership & Shareholder Agreements
A Partnership or Shareholders Agreement can provide for suitable transfer of ownership to chosen successors in the case of death, career-ending illness or retirement. By creating a complete business continuation plan, you ensure the continuation of your business – and your legacy.
Business Succession / Corporate Tax & Estate Planning
Our clients have access to our complimentary in-house tax & estate planning consultants. With such expertise in-house, we can help you review and ensure your current agreements and plans are aligned to meet both your business and personal/family needs. They will also consider various tax issues; corporate investment options (including tax sheltered & deferred plans); holding companies; and family trusts.
To reduce or eliminate taxes when assets are transferred from one owner/shareholder to the next or upon loss of a shareholder, an effective estate plan must be built. A continuously reviewed plan will avoid leaving unnecessary tax bills and other expenses.
Executive Compensation Plans & Individual Pension Plans (IPP’s)
A business’s profits or surplus cash are often invested in GICs or other taxable investments. The taxable investments may not be in the business’s best interest. Creating wealth within a business has many tax implications. Therefore, we help create tax efficient plans, some of which are entirely exempt from tax. Plans often have multiple goals and objectives and must keeping liquidity in mind.
Executive Compensation Plans
For key executives or the business owner themselves, we help design plans that provide compensation for future years or the retirement stage on a tax-deferred basis. These plans can be purchased by the business, or they may be funded jointly by employer and the executive.
Individual Pension Plans (IPP’s)
An Individual Pension Plan or IPP is an employer-provided program that replaces RRSP savings by an employee. These can be attractive for high earning key executives of a corporation or for business owners themselves.
The older you are, the more the contribution room can be held in an IPP compared to an RRSP. For those in the top tax bracket, the maximum RRSP contribution is a set amount and does not vary by age. However, with an IPP the contribution room gets larger the closer you are to retirement. Once an individual is over 40 years of age, the difference in annual contribution room increases significantly.
With an IPP all eligible employer contributions are also tax-deductible for corporation tax purposes, and they are not taxable to the employee until the plan starts to generate pension income. IPP assets are also creditor-proof and as with traditional Registered Pension Plans, pension income can be split up to 50% with one’s spouse, for income tax purposes.
Employee Health, Dental & Pension Plans
We design, implement and manage custom plans that attract, reward, and retain quality employees. Innovative and cost effective benefit plans are an asset to any business. No matter what the size of your group, we can provide for them with benefits that meet their needs and yours.
Through educational workplace seminars we help employees understand how their plan works and discuss utilization of each benefit, so that cost containments get put in place to help long term stability for both employees and owners.
A group RRSP or Pension plan ensures employees save for their own retirement. We help make sure that contributions are being invested in a manner that meets with the employees’ objective. We offer one-on-one consultations with employees to address their individual retirement needs and ensure that their plans match their own personal risk tolerance.
Key Person Insurance
Business owners and other key executives spend considerable time and effort to acquire the knowledge, experience, judgment, reputation, relationships and skills that make them valuable to the business. When a business loses a key player of their team due to death, disability or illness, this can have a severe financial impact. We can ensure funds will be available to find a replacement or get you through these difficult times.
Business Creditor Loan Protection
It can be difficult to obtain adequate debt financing for a business. Creditors often require the business owner to personally guarantee loans. The death of the business owner or another key executive may cause creditors to demand immediate repayment of outstanding business debts. This can place a burden on the company and force the liquidation of key business assets at fire sale prices at a time when business results may already be severely impacted by the death.
Disability Income Replacement Plans
Not all disability plans are created equal. We help our clients not only choose the right insurance product based upon their occupation, but with so many options available we help design their plan to meet their own unique needs. In addition to individual income replacement plans, coverage is available for businesses or professionals to reimburse overhead costs, such as employee wages, rent, etc. We also offer plans with “Return of Premium” features that refund your premiums every so often, in the event you incur no claims or claims are minimal.