As a small (or not so small) business owner you have a complicated financial situation. You have made, and will continue to make, many choices which will directly affect your level of taxation, your current income and the timing and financing of your retirement.
Should you incorporate? Should you pay your spouse or children out of the business? Should you pay them through wages or dividends? Should you be using a family trust? How much should you pay yourself? Should you be investing in RRSPs, paying down your mortgage, or should you put that money back into your business? When can you retire? How do you sell your business? How much is it worth? Should you buy life insurance? How much should you get? What about medical expenses? What should you do about taking care of your aging parents? How do you pay for your kid’s college?
It’s important to gather a team around you that will help you work out all of these details – while allowing you to run and grow your business. You should have at a minimum: a corporate lawyer, an investment advisor, a personal insurance agent – and of course – a professional accountant.
In today’s world of off-the-shelf tax software products it can be easy to feel that a professional accountant is just another unnecessary expense. Quite the opposite – a designated accountant (CA, CGA or CMA) can be instrumental in both finding tax-optimizing strategies and saving you from making expensive tax mistakes while helping you meet your personal financial goals.
When it comes to your accounting and tax needs it’s important to find a professional who does more than just fill out the tax forms. Here in BC the governing bodies of the CA’s, CGA’s and CMA’s are merging to form a single designation – Chartered Professional Accountant (CPA). They continue to stress initial and ongoing education with the aim of providing BC’s businesses and individuals with high quality financial and taxation advice. Be sure to look for professionals with those designations – it’s your assurance that you are getting the quality and guidance you need.
If you don’t currently have an accountant, or you’re looking for a change, I would love to have the opportunity to sit down and talk about your situation and see if we can make your choices a little less complicated.
Call 250-941-3444 or email me at firstname.lastname@example.org for an appointment.