Small Business Planning

Small Business Planning

The entrepreneurial spirit is strong amongst Canadians, with many choosing to work for themselves.  Whether it is contract work or a business enterprise, small business owners face unique risks in order to achieve their goals.

The self-employed do not enjoy many of the same healthcare or retirement benefits many other Canadians do.  In order to prepare for some of the healthcare costs outside of provincial health plans, they have to consider benefit plans for themselves, as well as their employees.

A group benefits plan gives employees even more reasons to start, stick, and stay with your company – even if you are the only employee.

Manulife Financial has prepared an annual Small Business Research Report to help small business owners understand the thoughts, attitudes and perceptions held by small business owners/managers in Canada.

  • Employee Benefits can attract and retain better employees
  • Key people can be insured to protect the business from a sudden loss
  • Group RRSPs with payroll deduction provide efficient retirement income planning
  • Office Overhead protection can keep the business running in the case of a disability
  • Individual Pension Plans (IPPs) can secure a level of retirement income for business owners
  • Capital Class investments can provide tax efficient growth of excess corporate earnings
  • The Capital Dividend Account can provide tax free income

Small business operators are often too busy with the day-to-day operations of the enterprise to think about tomorrow. However, Financial Planning and Succession Planning need to be a priority for every entrepreneur.

If you are thinking about, or are in the process of establishing a new business, contact our office to see how our experienced financial planners can help you maximize your portfolio returns and successfully run your business today, while still planning for tomorrow.

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