Financial Planning For Canadian Business Owners

Elevating Financial Planning Standards: An In-Depth Look at FPAC with Julia ChungIn this episode of Financial Planning for Canadian Business Owners, host Jason Pereira delves into the importance of seeking high-quality financial advice. He is joined by Julia Chung, the chairperson of the Financial Planning Association of Canada (FPAC), to discuss the goals and benefits of the organization. Julia elaborates on FPAC's commitment to advancing financial planning as a profession through education, community support, and advocacy for fiduciary standards. They explore membership requirements, the value of a psychologically safe professional community, and FPAC's role in elevating the industry. The episode concludes with guidance on seeking financial planning services and the significance of choosing a true financial planner.00:00 Introduction to Financial Planning for Canadian Business Owners01:05 Meet Julia Chung: Chairperson of FPAC04:18 The Importance of Fiduciary Standards07:12 FPAC's Vision and Membership13:01 The Role of Financial Planners in Clients' Lives19:56 FPAC's Community and Educational Resources25:01 Finding the Right Financial Planner27:12 Conclusion and Call to Action

Unlocking Insights: Expert Tips on Career Growth & InnovationIn this episode, we explore critical insights from industry experts on how to supercharge your career and drive innovation. Key topics include strategies for effective leadership, fostering creativity within your team, and the importance of continuous learning. The discussion also highlights personal anecdotes and practical advice on navigating challenges in professional environments. Listeners will gain valuable lessons to enhance their career trajectory and embrace innovative thinking in their daily work life.

avigating Gray Areas in Insurance and Tax Law In this episode, host Jason Pereira, alongside guest Jason Watt, embarks on an in-depth discussion about the gray areas in insurance and tax law that Canadian business owners need to be aware of. They explore complex issues surrounding the Income Tax Act’s treatment of insurance, the potential risks involved with current sales tactics, and the specifics regarding corporate-owned insurance and individual policies. They discuss critical illness insurance, the implications of using corporate assets for personal loans, the nuances of the Capital Dividend Account (CDA), the mechanics of health spending accounts, and group benefits. They also touch upon the responsibilities and potential liabilities for insurance agents and financial planners. This episode aims to provide clarity and caution on often misunderstood and convoluted topics in the insurance field. 00:00 Introduction to Financial Planning for Canadian Business Owners 00:11 Gray Areas in Insurance and Tax Law 01:04 Historical Context of Insurance in the Income Tax Act 02:01 Critical Illness Insurance and Tax Code Gaps 02:59 Taxation of Corporate-Owned Insurance 05:06 Complexities of Borrowing Against Insurance Policies 10:45 Offshore Insurance Arrangements 13:56 Capital Dividend Account (CDA) Explained 17:05 Critical Illness Insurance with Return of Premium 20:43 Understanding Actuarial Valuation for ROP 21:06 Critical Illness Insurance: Real-Life Scenarios 21:56 Tax Implications and Full Disclosure 24:21 Group Benefits: Tax Outcomes and Gray Areas 29:14 Health Spending Accounts: Rules and Risks 33:43 Shareholder Benefits and Tax Risks 37:49 Agent's Obligations and Client Protection 41:52 CRA's Response and Tax Court Realities 45:11 Conclusion and Final ThoughtsResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – Sponsor

Exploring Defined Contribution Health Plans with Steve McEwenIn this episode of 'Financial Planning for Canadian Business Owners,' host Jason Pereira welcomes Steve McEwen from My HSA to discuss defined contribution benefits programs, specifically Health Spending Accounts (HSAs) in Canada. They delve into the differences between traditional benefits programs and HSAs, the flexibility and advantages of HSAs, and the insurance options that can be layered with these accounts. McEwen provides insights on setup, costs, and the use of technology to manage claims, fraud prevention, and the overall benefits for both employers and employees.00:00 Introduction to Financial Planning for Canadian Business Owners00:25 Understanding Health Spending Accounts (HSAs)01:39 Comparing HSAs to Traditional Benefits Programs04:34 Catastrophic Insurance and Additional Coverage Options07:52 Privacy and Legal Considerations for Employers10:39 Setting Up and Administering HSAs17:14 Cost and Tax Implications of HSAs23:37 Employee Experience and Fraud Prevention28:54 Conclusion and Final Thoughts

In this episode, Jason welcomes back listeners to 'Financial Planning for Canadian Business Owners' after a hiatus, and announces a new video format with guest Dr. Daniel Crosby, a New York Times bestselling author and Chief Behavioral Officer at Orion. Dr. Crosby discusses his latest book, 'The Soul of Wealth: 50 Reflections on Money and Meaning,' exploring the intertwining of wealth with meaning and purpose. They delve into the PERMA model of positive psychology, the importance of naming financial goals, and how psychological and behavioural insights can enhance financial well-being. Dr. Crosby shares personal anecdotes, including his health scare that led to the book's inspiration, and the notion that true wealth transcends mere financial achievement, emphasizing meaningful engagement, relationships, and personal growth.

In this episode, Jason talks to Jon Shell about the advent of employee ownership trusts in Canada, a game-changing legislation that addresses previous concerns and paves the way for a more inclusive and equitable business ownership structure. Through a deep dive into the intricacies of this model, listeners are offered a comprehensive understanding of its benefits, implications, and transformative potential for both business owners and employees alike.Episode Highlights:00:51: Jon shares his enthusiasm for being back on the podcast, reinforcing the collaborative nature of the conversation and evidencing the ongoing dialogue within the financial community on employee ownership.00:57: Jon Shell discusses the context of the budget that introduced employee ownership trusts, identifying it as a standout positive in a predominantly negative financial announcement. His perspective sets the stage for an exploration of how this model can change the future of business ownership in Canada.01:12: Shell provides a background on his role at Social Capital Partners, highlighting the organization's mission to democratize asset ownership and its focused efforts on advancing employee ownership as a vehicle for social and economic equity.05:46: Tax incentives associated with employee ownership trusts are explored, providing clarity on the fiscal advantages for selling business owners, including significant capital gains tax exemptions.06:11: The conversation shifts to the legislative nuances of employee ownership trusts and the substantial economic and societal benefits these structures offer, fostering job creation, economic resilience, and employee welfare.08:18: Details on the specific rights and benefits that employees gain through participating in an employee ownership trust are outlined, offering insights into how this model promotes financial inclusion and workplace democracy.12:12: The episode concludes with a forward-looking discussion on the potential expansion and long-term impact of employee ownership trusts in Canada, indicating a bright future for this innovative business model.Key Takeaways:Employee ownership trusts offer a transformative model for business succession, aligning economic incentives with social benefits. - Tax incentives for business owners, including a substantial capital gains tax exemption, make this an attractive option for ensuring legacy and employee welfare.Employees gain not just from financial participation in the success of their company but also from having a voice in its governance, promoting a more democratic and equitable workplace.The introduction of employee ownership trusts represents a significant shift towards more inclusive capitalism, with potential long-term benefits for the Canadian economy and society.Tweetable Quotes:"Employee ownership trusts redefine business legacy and inclusivity.""The transformative power of employee ownership trusts aligns profit with purpose.""Economic resilience is built on the foundation of employee ownership." Resources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorPodcast Editinghttps://www.socialcapitalpartners.ca/ https://www.linkedin.com/in/jon-shell-8952491/ 

In this episode, Jason Pereira discusses the world of virtual assistants for financial advisors, featuring insights from Andrew Evans, Founder of ROffice. Through their conversation, listeners gain valuable knowledge on how virtual assistants can revolutionize the way financial advisors operate, ensuring efficiency and effective client service. This episode is a deep dive into outsourcing certain business operations to optimize service delivery and business growth. Episode Highlights:00:37 - Introduction of Andrew Evans and the background to the discussion on virtual assistants. Jason outlines the problem of operational efficiency and how virtual assistants could be the solution for financial advisors, facing staffing issues due to fluctuating workloads or regulatory demands. 01:24 - Andrew Evans discusses the founding principles behind ROffice, emphasizing the common staffing challenges within regulated firms and how virtual assistants can help right-size personnel needs. This segment highlights the innovative approach ROffice takes, likening their service to an "Airbnb" for professional capacity, allowing flexibility for businesses to scale up or down as needed.04:16 - Andrew explains how advisors can identify the right time to engage a virtual assistant, using an example involving annual client outreach. This moment in the podcast emphasizes the operational pain points that could be alleviated by outsourcing specific tasks. 06:16 - The discussion delves into how businesses often overlook the potential of virtual assistants in optimizing workload management, focusing on the flexibility and cost-effectiveness of such arrangements. 11:01 - Andrew and Jason discuss how ROffice functions as a marketplace to connect advisors with virtual assistants, including how they manage security and compliance concerns. This part of the conversation is crucial for understanding the operational and security framework that encapsulates the virtual assistant offering.Key Takeaways:Virtual assistants can significantly enhance operational efficiency for financial advisors, allowing them to focus on core activities and client engagement.Identifying tasks that do not require physical presence in the office is the first step toward integrating virtual assistants into your business operations. Working with a service like ROffice offers flexibility and cost-effectiveness, providing a scalable solution to staffing challenges while ensuring compliance and security.The decision to employ a virtual assistant should be preceded by a careful analysis of business needs and potential tasks for outsourcing, ensuring a strategic approach to capacity management. Tweetable Quotes: "Leverage virtual assistants to right-size your personnel needs and focus on what truly matters in your business." - Andrew"Virtual assistants are the middle ground that allows advisors to scale up efficiently without the commitment of full-time hires." - JasonResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorPodcast Editinghttps://app.roffice.team/ https://www.linkedin.com/in/andrew-j-evans-218a16265/ 

Jason talks to Richard Parker, owner of the Diomo Corporation. They delve into the critical aspects of buying and selling businesses, focusing on the complexities around what sellers might not disclose and how buyers can navigate these challenges for a successful acquisition. The conversation offers a wealth of insights, drawing from Parker's extensive experience in helping individuals acquire businesses in the lower market.Episode Highlights:00:07: Jason Pereira introduces the episode, setting the stage for an in-depth discussion on the intricacies of selling and buying businesses, with insights from award-winning financial planner and entrepreneur Jason Pereira and Richard Parker.02:11: Richard embarks on a discussion about the critical aspects buyers must consider, including the significance of understanding the future of a business from the seller's perspective, the potential for customer concentration issues, and the overarching theme of whether stability or growth presents a more valuable proposition for the buyer.10:06: Important aspects like key employees and their potential impact on the business after acquisition are discussed. Richard sheds light on the necessity of identifying truly key employees and devising strategies to retain them post-acquisition.12:22: The dialogue transitions to the operational challenges and pitfalls that might not be disclosed by sellers, emphasizing the importance of aligning the business's needs with the buyer's skill set and avoiding the trap of falling in love with the product rather than focusing on the profit.15:48: Richard and Jason discuss the negotiation phase, debunking myths about deal-making and stressing the importance of approaching negotiations with a balanced perspective, focused on constructive outcomes rather than winning every point.18:01: The conversation culminates in a discussion about realistic expectations regarding deal terms, the imperfection of businesses, and the potential for sellers to adjust their expectations based on real market feedback.Key Points:Understanding the future of the business and uncovering hidden challenges are paramount for buyers.Key employees and supplier relationships significantly influence the stability of the acquired business.Effective negotiation requires a balance between strategic firmness and flexibility, focusing on establishing a mutual understanding rather than winning outright.Tweetable Quotes"Growth is very sexy, but stability provides value." - Richard Parker"Fall in love with the profit, not the product." - Richard Parker"Deal-making is not about winning every point but achieving a balanced outcome that benefits the buyer while keeping the seller reasonably happy." - Jason PereiraResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorRichard ParkerDiomo 

Jason Pereira interviews Tim Hewson, CEO of LegalWills, an online platform providing millions of users with a simple and accessible solution for creating legal and compliant wills. Tim discusses the importance of having a will, the challenges of estate planning, and how Legal Wills aims to demystify the process.Episode Highlights:03:00: Recognizing the inadequacies of existing will templates, Tim and his co-founder envisioned an online platform, drawing inspiration from Microsoft Office's user interface to guide users through the will preparation process.08:39: Tim talks about additional estate planning documents, including a Financial Power of Attorney and Living Will, designed for situations where an individual loses capacity, and decisions need to be made on their behalf.11:32: Tim discusses the expansion of LegalWills to multiple countries and the challenges of adapting services for different jurisdictions. He introduces the concept of expatriate wills, allowing users to cover assets in different countries with complementary wills.16:57: Jason reflects on the binary decision people face when choosing between affordable online services like LegalWills and more expensive options for complex legal matters.22:31: Tim acknowledges the challenge of changing the perception that creating a will is only necessary when someone is about to die. He discusses the battle to disassociate the act of writing a will from thoughts of death, emphasizing that estate planning should be a standard part of financial planning.24:28: Jason and Tim emphasize the emotional impact on families left to deal with disorganized estates and stress the importance of creating a will to prevent conflicts and contempt among family members.Key Points:LegalWills aims to simplify estate planning, catering to diverse needs, including those of blended families.Tim discusses the challenge of balancing growth and service quality as Legal Wills has steadily expanded without external funding.The platform has made a positive impact on users and charities, emphasizing the importance of organized estate planning for individuals and Tweetable Quotes:"Writing a will shouldn't be about dying; it's part of financial planning. Organize your affairs while you're well; it's a gift to your loved ones.”"We're on a mission to demystify wills. Losing the legalese can make the process more accessible. It's about clear instructions, not complex language.”"Every person who used our service is better off—over a million users and counting. Helping families and charities with organized estate planning is what keeps us going.”Resource Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorLinkedIn – Jason Pereira's LinkedInhttps://legalwills.company/https://www.linkedin.com/in/timhewson/?originalSubdomain=caPodcast Editing