Your focus has been on running a successful business. Now you’ve made the decision to slow down; it’s time to put your time, energy and your hard-earned money, into the next phase of your life.
So, how do you make the transition to retirement with your business?
A thoughtful financial strategy should be an essential part of your planning process. Especially if you’ve already ceased operating “as usual” and are looking for the best approach to deal with the existing investments, cash, and retained income within your corporation.
We at Brander Professional Corporation have assisted a number of clients develop a strategy to coordinate getting money out of their businesses while avoiding excessively high taxes and situations like OAS claw back.
Winding up a business is a legal process regulated by corporate laws and your company’s articles of incorporation. It can be confusing and complicated. Brander has helped many of our clients wind down their businesses – the right way. We care about providing you with prudent accounting advice to create the best possible financial situation for you and your family.
We can help you:
- Whether your goal is to dissolve within the next couple of years or maintain the investments, we can help provide the most efficient financial options for those investments.
- Minimize tax implications by offering strategic advice and guidance on what’s next for your company’s future
- Balance personal income received from your corporation with income from other sources (for instance: any company pension, RIF, OAS, CPP).
- Determine what other retirement planning, corporate tax, and other services are needed, depending on the type and amount of assets held within the company.
- File required information forms with Canada Revenue Agency.
- Counsel for tax implications in the unexpected situation where someone dies with a large number of investments, and therefore a lot of financial assets, within a company.