For any business owner, succession planning is vital. A well-thought-out succession plan allows a business or company to continue to thrive even after the owners, and other key personnel have left, retired, or passed away.
When a coveted employee or high-level executive leaves a business, it can have many adverse effects, especially if a succession plan is not in place.
A talent vacuum can be created, because of which, important roles and functions are not carried out.
For owners of small businesses or for that matter family businesses, succession planning is of critical importance. The earlier one can start on a succession plan the more smoothly it can be implemented when the time comes for a change of ownership.
Check out this great read from our partners at Belliveau Veinotte on how the CERS is open to property owners and not just tenants.
Discussion Topic – Passive Income Rules in a small corporation in Canada. Strategy – Tax savings and integration for small business owners using life insurance. In the fall of 2017 and into the 2018 budget Canada Revenue Agency (CRA) enacted a tax policy which changed how Active Business Income is taxed in a corporation relative to the amount of Passive Income earned by the same corporation.
Eastport Financial Group is a small local business just like many of our clients. Like our clients we live and are raising our families in Nova Scotia. We work in Nova Scotia, and we are "Nova Scotia Strong" just like you. We are open and working hard for our clients and the communities they live and work in.