Financial Planning When Incorporated

Did you know that in the eyes of the law and the tax man a corporation is a separate legal entity from the person who owns shares in it? 

Financial planning for people who own private Canadian corporations is different than it is for people who don’t. Whether the corporations in question are active businesses or passive holding companies doesn’t really matter: tax planning is different, estate planning is different, risk management is different, retirement planning is different…it’s all different. 

Instead of planning for one or two people, it’s planning for one or two people plus however many corporations they have. Planning opportunities are multiplied. Potential strategies have to be evaluated for their impact on each person and each corporation. 

Just like financial planning for US citizens, financial planning for people who own corporations is a specific expertise that requires constant learning and hands-on practice to stay on top of. Some Advice Only financial planners love it and focus almost exclusively on this kind of client. 

I don’t anymore, and I’m never going to again, which is why I specifically ask if people own corporations before agreeing to an Introductory Call. If they do, I refer them to colleagues who have demonstrated their interest and competence in this area over years of focus.

I specialize in supporting workers who are just about to retire or are already retired, and I do not work with people who own corporations or multiple rental properties. 

If you own a corporation, please for the love of all that’s holy find and work with a financial planner who not only knows corporate planning in and out, but truly loves the work and finds it endlessly fascinating.