Financial Planning for Business Owners in Canada

As a business owner, you are an expert at what you do. Our business is fee-only financial planning.

Let us take care of the business financial planning, so that you can focus on doing what you do best.

We have several CFPs who specialize in providing corporate financial planning to Canadians. After many years of working with entrepreneurs from across Canada, we have noticed that the intersection of an owner-manager’s business finances and their personal financial planning is often ignored. It is rare for a single company to have expertise in both corporate and personal financial planning, but we pride ourselves on being able to optimize these scenarios for our clients. 

Additionally, we have an in-house accounting team that has worked with business owners who have sole proprietorships, partnerships, and corporations. We have advised everyone from small-scale “side gig” entrepreneurs, to incorporated entrepreneurs, to professionals with professional corporations.

What Does Financial Planning for Business Owners Look Like?

Our financial advisors provide business owners with detailed planning services that address the following common concerns:

• Is your corporate structure the right fit for your business?
• Should cash flow be put towards paying off debt, reinvested within your business, or paid out to shareholders?
• Should you pay yourself with dividends or salary?
• Should you pay your spouse or children?
• Should you invest within your corporation, an investment holding company, or contribute to your RRSP and TFSA?
• Do the new Canadian capital gains inclusion taxation rules affect your corporate or personal investing strategy?
• How do you structure your transition plan as it relates to a possible sale of your business or in regards to your estate planning strategy?
• Is your net worth sufficiently diversified and aligned with your personal long-term financial goals?

Additional Financial Planning Options for Corporations

While most business owners are primarily concerned about the aforementioned intersection of their business and personal finances, we have also found that we can provide value for corporations through the creation of customized employee financial planning solutions.

Employee financial wellness has quickly become one area where top employers can really differentiate themselves. We can offer a combination of tailored group presentations and one-on-one planning for senior executives. Retirement counselling provided by an advice-only financial planner is not a taxable benefit on an employee’s T4. This unique non-taxable benefit makes it a cost-efficient perk from the employee’s perspective.

We have helped many companies to improve their employees’ understanding of their pension plan, long-term incentive plan, and benefits. Objective Financial Partners can provide seminars or one-on-one sessions in the Greater Toronto Area, or online to anywhere in Canada. 

We know that business owners are commonly targeted by financial sales teams that sell products that may or may not be appropriate for you, your business, and your eventual goal of financial independence. We do not sell investments or insurance. We do not receive kickbacks from anyone who does. We are not going to try to cross-sell you on a product or refer you to a partner who pays us to do so. Our sole purpose is providing objective financial, tax, and estate planning advice. 

Our Corporate Tax Accounting Services

If you take advantage of our in-house business accountant for Canadian corporations we will start by looking at your current corporate structure, as well as the connection to your personal finances, so we can make recommendations on improvements for tax efficiency.

We are one of Canada’s largest fee-only, advice-only financial planning firms, so our tax advice is holistic and considers a day when you are no longer running your business. We prepare personal T1, corporate T2, and trust T3 tax returns for clients across the country. 

We can provide bookkeeping services and prepare your business tax returns (as well as your family’s personal tax returns). We help you maximize your tax deductions and tax credits and streamline your tax planning.

We can develop a tax and financial plan that evolves with you over the lifecycle of your business with a goal to eventually retire and sell, transition, or close your business. By providing a one-stop-shop solution for both your personal and business financial planning, you can be assured that progress toward your long-term goals is fully optimized.

Financial Planning for Canadian Businesses FAQ