Kickstart Your Corporation: The Incorporated Professional’s Financial Planning Coach
A detailed look at financial planning strategies surrounding professional corporations for doctors, dentists, lawyers, business owners and other Canadian professionals.
If you’re a doctor, a dentist, a lawyer, or a business owner—virtually any type of professional in Canada—you strongly need to consider how incorporating fits into your financial plan.
A good financial planner should acknowledge they have absolutely no control of the markets. However, taxes are completely controllable, and having a corporation is a powerful tool that allows professionals to control their tax bill. Using a mix of personal observations, real-life examples, and strategy evaluations, this book guides the professional along their path to using their corporation in the most efficient way.
Kickstart Your Corporation: The Incorporated Professional’s Financial Planning Coach is your practical guide to controlling your tax bill and taking advantage of all that a Professional Corporation has to offer. Drawing upon decades of hands-on experience in wealth management, author Andrew Feindel provides clear and accurate advice on making the incorporation decision, setting up and investing inside your corporation, optimizing your salary and dividend compensation mix, valuing permanent insurance on your corporate balance sheet, using prudent leverage, weighing the pros and cons of active or passive investment management, using alternative strategies like a Capital Gains Strip, Individual Pension Plans and Retirement Compensation Arrangements, and much more. This must-have book:
- Provides Canadian professionals with an accurate and straightforward investment and financial planning guide to incorporation
- Covers the basics of incorporating for the professional and business owner, including a review of the process and the costs to incorporate, and the likely benefits
- Analyzes the best financial strategy for various situations
- Offers real-world advice on structuring compensation, risk management, borrowing to invest, and the role of trusts in professionals’ financial plans
- Written by a senior vice president at an independent leading-edge wealth management firm
Kickstart Your Corporation: The Incorporated Professional’s Financial Planning Coach is essential reading for any professional who has incorporated and is looking to maximize benefits, and those wanting to incorporate for the first time with expert guidance.
Cover Table of Contents Acknowledgments About the Author Introduction: The Value of a Coach Chapter 1: Incorporation 101 Why Incorporate? What Does It Cost to Incorporate? What's the Process to Incorporate? When Does It Not Make Sense to Incorporate? How Does Purchasing a Home Fit into My Incorporation Timeline? Can I Purchase My Principal Residence through My Corporation? What about Shareholder Loans? Does a Professional Corporation Give Me Creditor Protection? How Could I “Supercharge” My Charitable Donation? What Is the Lifetime Capital Gains Exemption (LCGE)? Now That I Have Incorporated, Can I Deduct My Golf Membership Fees? What Do I Do with My Corporation When I Retire? Real-Life Case Example of Restructuring Shares Notes Chapter 2: The Compensation Decision: Salary or Dividends? Understanding the Roots of the Compensation Question Salary as Compensation Dividends as Compensation Do You Want to Put Your Savings in an RRSP or in Your Corporation? Do We Want to Participate in the Canadian Pension Plan (CPP)? Do We Have Investments Inside the Corporation? What Are Some Exceptions to these Rules? Notes Chapter 3: Investing Inside Your Corporation Can I Invest through My Corporation? New Passive Income Tax Rules Reminder: Asset Allocation Still Matters What Are Corporate-Class Investments? The Power of Tax-Deferred Compounding Note Chapter 4: Valuing Permanent Insurance on the Holistic Corporate Balance Sheet A Review of the Basics—Permanent Life Insurance as Tax Arbitrage The Benefits of Corporate-Owned Permanent Life Insurance A Real-World Example: My Plan in Action Understanding the Criticisms of Corporate-Held Permanent Life Insurance Chapter 5: Risk Management A Careful Examination The Way We Think About Insurance Wealth Insurance Risk Insurance (Life and Disability Insurance) Critical Illness Insurance Long-Term Care Insurance Chapter 6: Borrowing to Invest What Is Leverage? Who Are Good Candidates for Using Leverage? Enhancing Returns in the Corporation with Leverage Strategic Prudent Leverage: Timing Building a Non-Registered Portfolio Make Your Mortgage Interest Tax-Deductible Investments That Use Leverage When Does Leveraging Go Bad? Note Chapter 7: Investing: Active or Passive? What Is Active Investing and What Is Passive Investing? Understanding Investment Trends A Deep Dive into Passive Management Diving into Active Management Wrapping Up the Debate Notes Chapter 8: The Role of Trusts in Your Financial Plan Speaking the Language of Trusts Trust Concepts Inter Vivos Trusts Discretionary Investment Trust for Grandchildren Bearer Trusts Inter Vivos Cottage Trust Testamentary Trusts Spousal Trust Chapter 9: Alternative Investment Strategies Capital Gains Strip Individual Pension Plans (IPP and PPP) Retirement Compensation Arrangements Investing in Watches: Can I Buy My Rolex through the Corporation? Art: Can I Buy My Pablo Picasso Painting through the Corporation? Private Health Services Plans Health Spending Accounts Notes Chapter 10: Pulling It All Together: Your Financial Plan The Value of a Financial Plan Plan Analysis Synopsis Private Corporation Synopsis Net Worth Statement Net Worth Timeline Net Worth Outlook Cash Flow Outlook Retirement Cash Flow Timeline Retirement Need and Investable Assets Detailed Estate Analysis Utilizing Tax-Efficient Strategies Recommendations Cash Flow Outlook Net Worth Timeline Net Worth Outlook Retirement Cash Flow Timeline Retirement Need and Investable Assets Detailed Estate Analysis Closing Thoughts: Your Next Steps Index End User License Agreement
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