Live well, retire better.

Structuring Your Success

CRA insists we all pay our share of taxes, but we believe you shouldn't pay more than your share!  We understand you've worked to build your business, and there are effective strategies to ensure maximum cash extraction from your corpration when you need it.

Having the right corporate structure in place is vital in tax mitigation.  

 

When is the right time to get advice on structure?

Scenario 1: You want to purchase a business.  You want to start off on the right foot with structures in place to ensure long term success.  You recognize that re-structuring years into a business can be more challenging than doing it right the first time.

Scenario 2: You already have a business and are thinking it might be time to incorporate.  You recognize there may be other considerations for your growing business, and know you would benefit from the expertise of experience.

Scenario 3: You have been in business for a number of years and are wondering about what will happen when you retire in 10, 20 or more years.  You want to ensure everything is in place now, so that you don't need to undo mistakes later on.  

 

A call to Podium Prosperity Group is in order.  

At your initial consultation, we will evaluate together whether you and your business would benefit from our expertise, and whether we agree there is a good fit in working together.  This consultation is free, and without obligation.  

As your business advisory partners, we will discuss the direction you desire for your business, examine your current structures and offer insight if/where appropriate.  We will of course work with your current accounting and legal advisors to ensure a cohesive team approach for your success.

 

Succession Strategies

You have spent years building.  You've poured your heart and your profits into creating and growing a successful business.  Now you're looking forward to thoughts of retirement and are unsure how to get the value back out.  

Every circumstance is different, but there are a number of excellent tools that business owners can use to extract value and mitigate their tax burden.  Not all are well known. Podium Prosperity Group brings tremendous value with a holistic review of options for the business owner, letting them explore their future and the options available to extract their accumulated worth in the context of their retirement, their families and their legacy.

For example:

Personal Pension Plans (PPP)

The Personal Pension Plan allows you to maximize your retirement funding; double the amount of income you can shelter, compared to an RRSP.  The PPP is like an RRSO on steroids.  Explore this excellent approach to your retirement from your family business, facilitating strategic succession planning, creditor protection and a generational tax deferred wealth transfer.

Family Trusts

Family Trusts minimize the tax burden when selling your business. Allows for income splitting among family.  **NOTE - there are proposed legislative changes which we expect will impact the trust strategy.

Specific attributes of all this will vary according to your situation.  The Podium Prosperity approach is to sit down with you, the business owner, to discuss your current status, your future plans, and weigh the options. Working with your existing accountants and lawyers, we can also access specialists if needed to help craft the right supporting structures.

Other Insurance Based Solutions:

Notably two other insurance based solutions are available to you which powerfully protect your earning years, and remain tax efficient when your coporation owns and contributes to your policy.  Please ask us if either of these solutions would be appropriate for you.

We build your team, and work with them to ensure every part is in sync.

 

 

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