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Home Financial Health Blog Archive for category "Business Owners"

Business Owners

As a business owner you have a unique opportunity to use tax-efficient ways to get more income from your company; strategies to keep top employees and grow your business; and techniques to successfully sell your business or pass it on.

Business Owners: Save up to 30% on health benefits with a PHSP

For incorporated businesses with 1-20 employees, a Personal Health Services Plan is more cost effective than a traditional benefit plan. What does a traditional health and dental plan really cost? For smaller businesses, traditional benefit plan premiums can be a disproportionately large and growing expense that you have to pay every month, whether you makeRead More…

 

Protecting your wealth with life insurance

Who needs life insurance? People with responsibility for others For people who depend on you for support, a spouse, children or dependent adults, life insurance can play a fundamental role in their continued financial well-being.  In addition to making up for the loss of your income, the proceeds from a life insurance policy can beRead More…

 

Segregated funds can provide market growth with security

“Segregated” or Guaranteed Investment Funds (GIFs) can give you the growth potential of investment funds with the security of insurance guarantees. • Guaranteed death benefit –  Your beneficiaries will receive the greater of market value or 75% or 100% of your net contributions tax free when you die, depending on which you choose.  Ideal forRead More…

 

Two out of five will develop cancer during their lifetimes

Cancer is the leading cause of death in Canada, surpassing cardiovascular disease. Two out of five people will develop cancer during their lifetimes. On average, more than 500 Canadians are diagnosed with cancer every day. In recent years, the survival rate has increased and 62% of people are now expected to survive more than fiveRead More…

 

When is it time to incorporate your business?

For most businesses, the question is not if, but when, to incorporate. There are many pros and cons of incorporating a small business, depending your individual situation.  But too many businesses fail to revisit the question of whether to incorporate.  As your business matures, and the realities of your legal and tax situations change, askingRead More…

 

Individual Pension Plans (IPP)

An Individual Pension Plan (IPP) is a registered pension plan (RPP) with defined benefits designed for an individual. An IPP is suitable for business owners age 45 and up with T4 earnings of at least $75,000 for at minimum the last two years, who own at least 10% of their company. Advantages of an IPPRead More…

 

Health insurance: Not covered by a company group plan?

Do you want the health benefit coverage the province doesn’t provide? If you are one of the millions of Canadians not fully covered by a group health plan, you are vulnerable to healthcare expenses not covered by your Government Health Insurance Plan. Overall healthcare funding is continually reassessed. As governments reduce coverage for some healthcareRead More…

 

What would happen if you couldn’t work?

Toronto freelance writer, Caroline Cakebread was in her early 30s when someone she knew had a terrible accident while hiking: A rock fell on his head and he lost the ability to walk and talk. “Not only was he in the hospital for months,” says Cakebread, “he was left permanently disabled and unable to work.”Read More…

 

What’s your probability of disability or critical illness before age 65?

Statistics show that workers between the ages of 35 and 65 are many times more likely to become disabled for an extended period than they are to die. For example, for a 45-year-old female the probability of becoming disabled before age 65 is 31%, her probability of being stricken with a critical illness is 17%Read More…

 

Myths and truths about critical illness

The risk of suffering from a critical illness is real, and most people don’t even see it coming. When it does, many Canadians are forced to deplete their retirement savings or take on additional debt to cover treatment costs and the day-to-day expenses associated with living with a critical illness. When you’re healthy, you mayRead More…