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business to wealth transitioning your business to support your lifestyle home business individual wealth financial fitness videos retirement business to wealth faq contact us how will my business fund my retirement income? published july 3, 2018 | by myles rempel funding your retirement income from your business depends on a number of factors, so it takes a systematic approach to make it work. i will cover some of the main points to consider to have a reliable retirement income. the first question to answer is what is going to happen to your business in retirement? are you going to be involved in running it, either on a full or part time basis? do you want to maintain full or partial control of the business? are there key employees or family members that you want to run or buy the business? how long will a full or partial sale of your business take? what is the value of your business, can it currently generate a cash flow to meet your expectations? for many business owners, most of their assets outside their home and possible vacation property are tied up in their business. if you are planning to sell your business to a third party and move on, things should be fairly simple once the deal is done. congratulations if microsoft made your business an offer you couldn’t refuse. then your only question is, “do i have enough money to retire on”, after the taxes and expenses are paid? i will address how much money it takes to retire in another post. continue reading → like this: like loading... posted in business , corporation , family , funding , income , keyperson , retirement , shares | tagged business , family , income , key person , retirement | 3 comments the $250,000 boost. 4 steps to maximizing your tfsa published july 29, 2018 | by myles rempel 1. start now! saving is hard, but there is no better way to save than in an account you will never pay tax on – now or later. you wont have to pay tax on interest, dividends nor capital gains. you can contribute $5,500 per year, and your contribution room has been growing. 2. switch regular savings to a tfsa if you have never contributed to a tfsa you have $57,500 of contribution room in 2018. that means a couple can contribute $115,000 to a tfsa in a lump sum. $115,000 invested for 12 years at 7% will grow to $259,002.03 3. save $500 per month if you have the contribution room, save $500 per month in a tfsa. if you average 7% over 20 years, you will have savings of $255,203.03 a tfsa can also double as your emergency fund which is a main building block of a financial plan. 4. put higher risk investments into your tfsa take advantage of tax free savings by having your highest return investments tax sheltered. you do not want to take more risk than is suitable for your situation, but there are many funds with an excellent rate of return. there are 152 funds with a 20 year rate of return of 7% or more of various risks as an example. you can request more information about tfsas at our contact page popular post how will my business fund my retirement income? if you liked this information graphic please also check our other popular information posts from our sister site insurance –resource.ca protect your most important asset how to save thousands of dollars on your term life insurance with an example save money on bank mortgage insurance – top 3 ways like this: like loading... posted in retirement , tax tips | leave a comment update to business to wealth published july 9, 2017 | by myles rempel hi it’s myles from business to wealth. i will be discussing many topics here, but the main one is – how do i get my business to support me – instead of me supporting it? it is possible, and we will discuss the steps it takes to transition your business to support your lifestyle. i have been a business insider for years, in that i own my own business, and more importantly, have helped and created a business plan for many of the top business owners in my city. i will cover many topics like the different savings plans available, how much money it takes to retire, business transition strategies (you need to start now for them to work), personal insurance and business insurance to protect you and your family while you are building your assets. the first post will be on tax free savings accounts (tfsa). i am really excited about the possibilities of canadians being able to save money in high growth accounts, and never paying a penny of tax – ever. at first these plans where great, but limited. but now – if you have not started yet, you can contribute over $50,000. you and your spouse can have $100,000 growing tax free forever. how great is that? with growth these tfsas can cover much of your retirement lifestyle. i generally recommend tfsas before rrsps, although every situation needs to be looked at on its merits. it is true that you get an initial tax break with registered retirement savings plans, but the tax bite at the end by revenue canada can ruin your plans. with tax free savings plans you will never remember that you didn’t get a small deduction at the beginning, when you are making big tax free withdrawals twenty years later. this was really brought home to me lately when a single father client died of a heart attack with young adult children. he had $600,000 in his rrsp, and before that money can be distributed, revenue canada will swoop in and take about $250,000, leaving just over $300,000 for his children. how does that sound? so one of our first business to wealth strategy is to pay yourself first – and put that money into a high growth tfsa! talk to you soon. myles like this: like loading... posted in business , client relations , retirement | tagged business insider , business plan , rrsp , tfsa | leave a comment investment insights published february 16, 2017 | by myles rempel i have been reviewing the financial news, speaking to investment manager and economists, and reviewing the performance of the funds i represent to make sure they are delivering the type of performance expected of them. here is how i see things shaping up, and strategies that need to be used for 2017. economic forecast as has been the case during most of my career the markets continue to climb a “wall of worry.” we can look back at 2016 as a pretty good year for canada and the us and many other markets. but 2016 did not start out that way with sharp market sell-offs of up to 15%. investors who stayed invested ultimately made back those losses and made profits. but investing is never straight forward and there are always worries of what can go wrong. over time the best defense to these gyrations has always been a thoughtful well diversified professionally managed portfolio which takes into account an investor’s unique circumstances and tolerance for risk. united states trump. the current big worry on many people’s mind. the markets have initially welcomed the election of what they see as a business friendly president who is anxious to improve conditions for business to prosper in the united states. he promises to bring in major tax reforms which will be business friendly and to spend large amounts of money on upgrading infrastructure. his major focus is to create jobs in the united states, and he is willing to take jobs away from other countries to do that. he wants to open trade agreements like nafta to re-negotiation. the problem is that president trump is volatile and makes decisions rashly. he seems as likely to strike out to protect his ego and impress his followers, as to make decisions that benefit the united states. on top of this he and his family have huge potential conflicts of interest between their business empire, and running the united states, that trump has shown little willingness to correct. this puts further doubt as to the legitimacy of every decision he makes. the chances of him making a serious mistake seems high. this brings confusion and volatility to the markets. trump can change the value of a corporation with o
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