Business Owner Planning

Business is hard. It’s hard.

I mean Craig and I are pretty good at taking risks in retail and we’re pretty confident with the risks we take, but there’s still risks.

RBC has been a game-changer for us in what they’ve done.

They’ve taken us to the next level.

We went to a meeting in Vancouver, and there was a group of professionals there, and we looked at each other and we almost thought we walked into the wrong room.

It’s like, all these people are here for us?

We feel like a curtain has been pulled back and there is a whole set of resources that are available to us, that we weren’t aware of before.

And they have done some financial planning for us that goes beyond simple financial planning, but kind of family planning, estate planning, succession planning, financial literacy for children.

That part is so important.

We’ve got this detailed financial plan now.

Beyond a financial plan, it’s more like a life plan.

And it’s happened because of planning and because of this relationship we have with the people at the Royal Bank.

This video is provided by RBC Wealth Management for informational purposes only. The comments contained in this video are general in nature, and do not constitute legal, investment, trust, estate, accounting or tax advice. RBC Dominion Securities Inc.*, Royal Trust Corporation of Canada, The Royal Trust Company, RBC PH&N Investment Counsel Inc., RBC Wealth Management Financial Services Inc. are affiliated corporate entities and member companies of RBC Wealth Management, a business segment of Royal Bank of Canada. *Member – Canadian Investor Protection Fund. Please visit www.rbc.com/legal/ for further information on the entities that are member companies of RBC Wealth Management. ®/^TM Trademark(s) of Royal Bank of Canada. Used under license. © 2024 Royal Bank of Canada. All rights reserved.

How We Help You Plan For The Future

Our goal is to earn your family's trust and become your family's Chief Financial Officer (CFO)

The majority of business owners are so busy running the day-to-day management of the business that they don't have the time to properly plan for their families future and what is truly important to them.

Our job is to listen to you, and help your family develop a highly customized plan that explores the best opportunities for you and your family.

We first ask and learn about whats important to you and your family and then help you create answers to questions, that are important to your life, business and family!

Our number 1 goal is to make sure we fully understand what your values are and what is most important to you and your family in this process.

Insights

Proprietor, Partnership, or Corporation: How should I Structure my Business?

One of the most common questions we accountants get from our farming clients is whether to structure their business as a proprietorship, partnership or corporation. To determine which structure makes the most sense to you, there are a variety of factors you need to consider.

Salary Versus Dividend Income

The type of remuneration, whether it be salary or dividends, that an owner-manager decides to draw from their business will have an impact on both the owner-manager and their corporation. This article discusses the tax implications of receiving a salary versus dividends as well as some non-tax considerations that are of importance when deciding which form of remuneration.

Selling Your Business

When selling your business, there is more than the purchase price to consider; the real bottom line is the after-tax funds you retain after the sale. Tax planning ahead of time may offer you more flexibility in negotiating the terms of the sale and still end up with the same after-tax cash you expected. This article provides a non-exhaustive checklist of Canadian tax and financial planning strategies.

Business Owner Planning

Craig & Mary-Jane's Story

"We feel like a curtain has been pulled back and there’s a whole set of resources available to us …
we have this detailed plan now — it’s more like a life plan.”

How We Help You Plan For The Future

Insights

Proprietor, Partnership, or Corporation: How should I Structure my Business?

Salary Versus Dividend Income

Selling Your Business

What business owner clients have to say about Lorkovic Wealth Management

Craig & Mary-Jane's Story

"We feel like a curtain has been pulled back and there’s a whole set of resources available to us … we have this detailed plan now — it’s more like a life plan.”

How We Help You Plan For The Future

Insights

Proprietor, Partnership, or Corporation: How should I Structure my Business?

Salary Versus Dividend Income

Selling Your Business

What business owner clients have to say about Lorkovic Wealth Management

"We feel like a curtain has been pulled back and there’s a whole set of resources available to us …
we have this detailed plan now — it’s more like a life plan.”