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Thinking about incorporating your small business in Canada? Hold on! This video breaks down why staying a sole proprietorship could save you thousands of dollars and even let you deduct your mortgage interest. We'll cover what a sole proprietorship is, its advantages and disadvantages, and reveal two tax planning strategies that are exclusive to sole proprietors. Discover how to deduct business losses and utilize the cashflow-damming strategy to maximize your tax savings. Start smart and learn why sole proprietorship might be the right choice for you.

*FPCBO 131 - Is Your Share Structure Making Your Business Sale Taxable?

https://youtu.be/hjLmFJAV-CU

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Wondering if selling your Canadian business will incur significant taxes? Learn about the Lifetime Capital Gains Exemption (LCGE) and how it can save you up to $1.25 million in tax-free capital gains as of 2025. Jason Pereira, senior partner and financial planner at Woodgate Financial, breaks down the eligibility criteria and tests your business “must meet” to qualify, and how improper planning can lead to costly tax liabilities. Discover actionable steps for structuring your business to maximize tax savings and multiply exemptions across family members.

Tune in to ensure your hard-earned success isn't overshadowed by unexpected tax surprises. 

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Choosing Qualified Financial Planners: Insights from Aaron Hector, President of the IAFP

In this episode of Financial Planning for Canadian Business Owners, host Jason speaks with Aaron Hector, president of the Institute of Advanced Financial Planners (IAFP), about the importance of finding qualified financial advisors in Canada. They discuss the Registered Financial Planner (RFP) designation, the IAFP's role in credentialing and supporting financial planners, and the rigorous process required to become an RFP. The conversation also covers the benefits of working with an RFP, the IAFP's symposiums, ongoing discussions among member financial planners, and tips for selecting the right financial planner. The episode aims to guide business owners and other individuals seeking reliable financial advice.

00:00 Introduction to Financial Planning for Canadian Business Owners

00:22 Overview of the Institute of Advanced Financial Planners (IFP)

00:45 Understanding the Registered Financial Planner (RFP) Designation

02:15 Qualifications and Process to Become an RFP

03:50 The Importance of Peer Review and Feedback

05:57 The Role of the IFP in Supporting RFPs

08:43 Benefits of Working with an RFP

13:21 Tips for Selecting the Right Financial Planner

19:14 Conclusion and Final Thoughts

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Navigating Financial Planning in Canada with FP Canada

In this episode of 'Financial Planning for Canadian Business Owners,' the focus is on finding credible financial advice. Special guest Tasha Batstone, President and CEO of FP Canada, discusses the role of FP Canada as a certifying body, emphasizing their mission to advance professional financial planning. The conversation delves into the standards and importance of the CFP designation and introduces the QAFP designation tailored for less complex financial needs. The discussion also highlights the education, certification, and ethical requirements involved in becoming a financial planner in Canada, and the stringent processes FP Canada employs to ensure public protection and professional accountability.

00:00 Introduction to Financial Planning for Canadian Business Owners

00:39 Finding Credible Financial Planners

00:50 Profile of FP Canada

02:15 Importance of the CFP Standard

06:37 Path to Becoming a CFP

14:28 The QAFP Designation

22:01 Accountability and Enforcement in Financial Planning

28:46 Why Work with a CFP Professional?

30:05 Conclusion and Final Thoughts

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