Do You Intend to Retire From Your Business?
- Thursday, 10 September 2015
Guess Article By: Alex Lee, Investment Advisor
Whether you intend to sell the business to a third party, transfer it to family members, structure a management buy-out or wind it up, advance planning can help you make better long-term decisions.
Will your business provide enough to fund your retirement?
If much of your net worth is tied up in the business, you may be less diversified than those who have a more traditional retirement portfolio. Remember that, unlike a salaried employee, it’s up to you to fund your own retirement. If you haven’t given further thought to that far-off day, consider that many business owners each year are unable to sell their businesses for a variety of reasons. These include difficulties finding a suitable buyer and obtaining financing for the successor once they have been identified.
How to Spend Your UCCB Lump Sum
- Thursday, 13 August 2015
First, a little background on the UCCB, It was started in 2006 at $100 a month for each child under the age of six. This year, Ottawa increased the amount for kids under aged six to $160 and added a $60 monthly benefit for children aged six through 17. All families with minor children are generally eligible for the benefit.
Assuming you applied for the UCCB and you have children aged 17 or younger, you've received the first retroactive and lump sum payment of the enhanced Universal Child-Care Benefit (UCCB).
This money isn't targeted to any income group and there are no restrictions on how to spend it. Even if you're wealthy, you're going to get it. The question then, is: What do you do with it?
Hire a Family Member and Save Money
- Monday, 20 October 2014
As a small business saving taxes and making sure things work smoothly in your business should be at the top of your list. But after maximizing business expenses what else is there? Have you given it any thought in hiring a family member to save money?
A Few Reasons Why
Hiring a family member might make sense, as long as it does not disrupt the family dynamics; it fills a necessary role and makes good financial sense.
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