{"id":6467,"date":"2019-11-06T12:57:19","date_gmt":"2019-11-06T20:57:19","guid":{"rendered":"https:\/\/frasermcdowell.com\/?page_id=6467"},"modified":"2020-02-09T22:48:54","modified_gmt":"2020-02-10T06:48:54","slug":"retirement-planning-for-business-owners","status":"publish","type":"page","link":"https:\/\/frasermcdowell.com\/retirement-planning-for-business-owners\/","title":{"rendered":"Retirement Planning for Business Owners"},"content":{"rendered":"\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-366nfa-fee1fe21a0ecf71456de9887f1e04128\">\n.flex_column.av-366nfa-fee1fe21a0ecf71456de9887f1e04128{\n-webkit-border-radius:0px 0px 0px 0px;\n-moz-border-radius:0px 0px 0px 0px;\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div class='flex_column av-366nfa-fee1fe21a0ecf71456de9887f1e04128 av_one_full  avia-builder-el-0  avia-builder-el-no-sibling  first flex_column_div av-zero-column-padding '     ><p>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-k6eqdyhm-8ae3d4b15d30928c8d3ca0294559a220\">\n.avia-image-container.av-k6eqdyhm-8ae3d4b15d30928c8d3ca0294559a220 img.avia_image{\nbox-shadow:none;\n}\n.avia-image-container.av-k6eqdyhm-8ae3d4b15d30928c8d3ca0294559a220 .av-image-caption-overlay-center{\ncolor:#ffffff;\n}\n<\/style>\n<div  class='avia-image-container av-k6eqdyhm-8ae3d4b15d30928c8d3ca0294559a220 av-styling- avia_animated_image av-animated-when-visible-95 left-to-right avia-align-center  avia-builder-el-1  el_before_av_hr  avia-builder-el-first '   itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><div class=\"avia-image-container-inner\"><div class=\"avia-image-overlay-wrap\"><img decoding=\"async\" class='wp-image-6720 avia-img-lazy-loading-not-6720 avia_image lazyload' data-src=\"https:\/\/frasermcdowell.com\/wp-content\/uploads\/2020\/02\/qtq80-OpS5Oq-1030x687.jpeg\" alt='' title='qtq80-OpS5Oq'  height=\"687\" width=\"1030\"  itemprop=\"thumbnailUrl\" data-srcset=\"https:\/\/frasermcdowell.com\/wp-content\/uploads\/2020\/02\/qtq80-OpS5Oq-1030x687.jpeg 1030w, https:\/\/frasermcdowell.com\/wp-content\/uploads\/2020\/02\/qtq80-OpS5Oq-300x200.jpeg 300w, https:\/\/frasermcdowell.com\/wp-content\/uploads\/2020\/02\/qtq80-OpS5Oq-768x513.jpeg 768w, https:\/\/frasermcdowell.com\/wp-content\/uploads\/2020\/02\/qtq80-OpS5Oq-705x471.jpeg 705w, https:\/\/frasermcdowell.com\/wp-content\/uploads\/2020\/02\/qtq80-OpS5Oq.jpeg 1254w\" data-sizes=\"(max-width: 1030px) 100vw, 1030px\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 1030px; --smush-placeholder-aspect-ratio: 1030\/687;\" \/><noscript><img decoding=\"async\" class='wp-image-6720 avia-img-lazy-loading-not-6720 avia_image ' src=\"https:\/\/frasermcdowell.com\/wp-content\/uploads\/2020\/02\/qtq80-OpS5Oq-1030x687.jpeg\" alt='' title='qtq80-OpS5Oq'  height=\"687\" width=\"1030\"  itemprop=\"thumbnailUrl\" srcset=\"https:\/\/frasermcdowell.com\/wp-content\/uploads\/2020\/02\/qtq80-OpS5Oq-1030x687.jpeg 1030w, https:\/\/frasermcdowell.com\/wp-content\/uploads\/2020\/02\/qtq80-OpS5Oq-300x200.jpeg 300w, https:\/\/frasermcdowell.com\/wp-content\/uploads\/2020\/02\/qtq80-OpS5Oq-768x513.jpeg 768w, https:\/\/frasermcdowell.com\/wp-content\/uploads\/2020\/02\/qtq80-OpS5Oq-705x471.jpeg 705w, https:\/\/frasermcdowell.com\/wp-content\/uploads\/2020\/02\/qtq80-OpS5Oq.jpeg 1254w\" sizes=\"(max-width: 1030px) 100vw, 1030px\" \/><\/noscript><\/div><\/div><\/div><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-k6eqs06y-608ae709cf1696f102297b964a5a06ec\">\n#top .hr.hr-invisible.av-k6eqs06y-608ae709cf1696f102297b964a5a06ec{\nheight:25px;\n}\n<\/style>\n<div  class='hr av-k6eqs06y-608ae709cf1696f102297b964a5a06ec hr-invisible  avia-builder-el-2  el_after_av_image  el_before_av_textblock '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div><br \/>\n<section  class='av_textblock_section av-k6eqho0i-624d88e070ab86d07452ea57ff5c64c2'  itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p>Retirement planning can be a complex process for us all, but if you are the owner of a small business it may can get even more complicated, due to the various factors and circumstances that you have to take into consideration. A common mistake made by small business owners is reinvesting extra money to grow their business, at the expense of putting it aside to save for their retirement.<\/p>\n<p>Although there is no magic formula for getting started on a retirement strategy for your business, there are some general principles which might help you to get a handle on the steps that you need to take. One of the key ideas is the consideration of both your business and your personal finances and how to structure and integrate the two in order to create a robust retirement financial strategy.<\/p>\n<p>Here are some tips on how to get started on a retirement plan:<\/p>\n<ul>\n<li>Set aside time to plan for the future- It\u2019s important to make retirement planning a priority, or you run the risk of never getting around to it. We can help you to assess your personal circumstances and create a personalized plan that suits you and your business, with the right balance between saving and reinvestment to help your business to grow.<\/li>\n<li>Think about your future retirement income<\/li>\n<\/ul>\n<p>Here are the main sources of retirement income that small business owners usually rely on:<\/p>\n<ul>\n<li>Equity held in your business &#8211; If your business is successful, you are likely to benefit from equity from it in your retirement. Selling your company is an option, particularly attractive to some as, in some cases, you could benefit from the lifetime capital gains exemption on the sale. Of course, finding the right person to run your business in the future is easier said than done. A clear succession plan, created in advance of your retirement, can help you to ensure that business continuity will be affected as little as possible and will give you peace of mind as you approach your retirement. You may also want to consider using the expertise of an accountant or mergers and acquisitions specialist to help you to value your business correctly and also look after your interests when liaising with potential purchasers.<\/li>\n<\/ul>\n<ul>\n<li>Alternatively, you may choose for your children to inherit your business, or you may decide to retain ownership of dividend-paying preferred shares in order to maintain an ongoing source of income.<\/li>\n<\/ul>\n<ul>\n<li>Registered plans &#8211; A Registered Retirement Savings Plan (RRSP) can offer personal tax deductions on your contributions, plus your savings will grow as tax-deferred whilst in the plan. In addition, tax-free savings accounts (TFSAs) can be a useful way to save tax-free in particular circumstances.<\/li>\n<\/ul>\n<ul>\n<li>Consider offering a retirement savings plan to your employees &#8211; Paying your statutory contribution of the Canada Pension Plan is just the minimum \u2013 many small businesses choose to offer their employees enhanced pension contributions as an incentive or employee benefit. For example, you could match their RRSP contributions to a set limit, to help their retirement nest grow more quickly. Alternatively, you could offer a benefit plan with an investment contribution package from an insurance company, which can be a more straightforward and cost-effective choice.<\/li>\n<\/ul>\n<ul>\n<li>Be sure to diversify &#8211; As a small business owner, you should avoid putting all of your eggs in one basket, financially speaking, as this could leave you vulnerable to changes in the market. Try to diversify your investments and spread your funds in order to protect yourself and engage the help of a professional where necessary to help you to do so.<\/li>\n<\/ul>\n<p>In summary, it\u2019s important to remember that retirement planning is a process which is unique and personal to your own and your business\u2019 circumstances and there is no uniform approach which works across the board.<\/p>\n<p>Take time to evaluate your current situation, as well as your goals for the future and this will help you to create a retirement plan that is right for your needs, both current and future.<\/p>\n<\/div><\/section><br \/>\n<div  class='avia-button-wrap av-k6eqk02d-cdef9efb0190e8174293edeceab4f68f-wrap avia-button-left  avia-builder-el-4  el_after_av_textblock  avia-builder-el-last ' ><a href='https:\/\/frasermcdowell.com\/contact\/'  class='avia-button av-k6eqk02d-cdef9efb0190e8174293edeceab4f68f avia-icon_select-no avia-size-large avia-position-left avia-color-theme-color'  target=\"_blank\"  rel=\"noopener noreferrer\"><span class='avia_iconbox_title' >Contact Us<\/span><\/a><\/div><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":8,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - 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