Financial Planning For Canadian Business Owners

In this episode of Financial Planning for Canadian Business Owners, host Jason welcomes John Pelley, Co-founder and CEO of Colibri Financial Services Agents. John explains how Colibri offers fractional treasury manager services, diving into the intricacies of optimizing banking fees, loan structures, and merchant services for small businesses. They discuss why typical banking relationships are suboptimal and how Colibri provides a tailored review to unlock potential savings. John shares insights on how often businesses should revisit their financial structures and provides advice for small businesses on working effectively with banks. Tune in to understand the importance of competitive banking and the benefits of outsourcing treasury services.

Choosing Qualified Financial Planners: Insights from Aaron Hector, President of the IAFPIn 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 Owners00:22 Overview of the Institute of Advanced Financial Planners (IFP)00:45 Understanding the Registered Financial Planner (RFP) Designation02:15 Qualifications and Process to Become an RFP03:50 The Importance of Peer Review and Feedback05:57 The Role of the IFP in Supporting RFPs08:43 Benefits of Working with an RFP13:21 Tips for Selecting the Right Financial Planner19:14 Conclusion and Final Thoughts

Navigating Financial Planning in Canada with FP CanadaIn 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 Owners00:39 Finding Credible Financial Planners00:50 Profile of FP Canada02:15 Importance of the CFP Standard06:37 Path to Becoming a CFP14:28 The QAFP Designation22:01 Accountability and Enforcement in Financial Planning28:46 Why Work with a CFP Professional?30:05 Conclusion and Final Thoughts

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/