Missing Piece for Most Businesses & Giving Back in York Region

May 2017

Financial Tip of the Month:

Owning a Business is a great way to build wealth.
Isn't that what they told you?

Why is it, you sometimes feel that you're spending 100% of your time focusing on the business, and 0% on your life. Yet, who has time to manage all the pieces. Over the next few months, I will be sharing some key ideas that can be critical to ensuring you can live your life, and have the protection and planning you need, even as an aspiring, or thriving business owner.

I will touch on the most over-looked items for Business Owners. Most important, my tips will share ideas that can be easily put in place, and ensure that you are better set up, no matter what might be thrown at you on a personal or business level.

TIP #1:

As a business owner, most feel comfortable always building the business, and understanding the growth in the business. That is great when things go well, but doesn't protect you from issues within the business or the industry. When all your family income is dependent on the success of your business, it's critical for you to have some protection in case things happen outside of your control.

What if something goes wrong, or a family member has some healthcare needs. You need a benefits plan.

With the increase in Self-employment over the past few decades, the need for benefits is ignored and often considered a luxury.
However, ensuring you have some coverage first can be a critical step to not having to worry about things every time your child gets hurt, or there is any healthcare incident.

There are different types of benefits available. It's important that you get the coverage you need, and identify the most cost effective way to get that.

Here are the steps you should take:

1) Determine what healthcare costs you have incurred, and what is standard for you.

2) Identify the structure of your business, and who you wish to cover. For example, if you are incorporated, do you want to provide benefits to your staff, or just to management.

3) Is this a critical piece of the employment offering that helps you to remain competitive, or is this something you just want for your family.

4) Determine if you have extensive needs, and pre-existing conditions. Identify the budget.

Once you've answered these questions, it's time to review the different types of benefits plans. The standard "benefits coverage" we all understand, where you contribute monthly to a plan that provides coverage, and some cost recovery for regular appointments for items, like dental works, or glasses.

The 2nd type of plan is a Health Spending Account. This type of plan provides a pre-set amount that is allocated to an account for you (and your staff) that allows you to spend it on healthcare. This plan can be very effective for keeping costs down, and helps to provide a customize approach to those that have specific or unique needs.

If it's time to ensure you have the proper protection to the most overlooked insurance in the Self-employed world today, give me a call. I can offer different types of plans, and find the fit that's best for you.

Business Owners:

Are you Established? Trying to figure out how to freeze the growth of your business, and pay less tax?

An Estate Freeze might be the strategy that you're looking for. To learn more, listen to the Assante Webcast, featuring a Regional Wealth Planner that helps business owners across Canada achieve tax efficient structures.

Wealth Matters Webcast

Click Here to listen to the Second quarter webcast Wealth Matters featuring:

The Estate Freeze: Who Should Use It and Why

U.S Equity Markets

Ontario Budget

Learn more about the Ontario budget, and it's impact on your finances.

2017 Ontario Budget Summary

Highlights from the budget

No changes to personal income tax rates
Ontario caregiver tax credit
15% non-resident speculation tax on foreign entities or taxable trustees purchasing a residential property in the Greater Golden Horseshoe region of Southern Ontario

Trustee Fees Reminder: Please note that Trustee fees for RRSP, LRSP, RRIF, LIF will be charged in early June.

Markets:

Portfolio Construction:

Different Data Can Tell Different Stories

Following a powerful 11% rally from November 1, 2016 through February 28, 2017, the S&P 500 Total Return Index turned in a humble 0.1% in U.S. dollar terms in March. However how much does data factor into the information being reported? Continue Reading

Giving Back:

The past few months have been busy with some special events where I received 2 awards for my contributions to the community. While I feel there are many others that are far more worthy than I, it was an honour to be recognized by other business professionals for contributing to Improved Financial Literacy, and also to contributing over $250,000 to the Mackenzie Heath Foundation through my participation on The Joy of Aging.

Portraits of Giving 2017

This unique exhibit celebrates dedicated people who use giving back to make a difference in our community of York Region. The event uses photography and personal stories to honour these special people.

The Exhibition travels around York Region, and will be in Richmond Hill in September. For more information on the tour, please check the website- http://merkphotography.com/#/pog-tour

Business Women Network of York Region

A special night at the Business Women's Networking of York Region Gala Awards. I was honoured to be chosen as the Literacy award winner, recognizing my efforts to improve financial literacy through my many efforts to educate.

EVENTS TO ATTEND:

2nd Annual Life After High School Panel The Life After High School 101 Panel is dedicated to providing insight to graduating high school students from York Region. Students will have an opportunity to listen and network with our expert group of panelists - also from York Region. This year, my assistant, Andrek will be a part of the panel sharing his experience in working in the Financial Services industry. Know a high school student, or recent graduate, join us June 2nd. Tickets available here. Only $3 before May 26th

The Richmond Hill Center For The Performing Arts 2017-18 season has officially launched. Tickets to great shows and concert series are available now. Enjoy a night out.

Click Here

TESTIMONIAL:

Thanks to a few special clients who participated in a recent video. Check it out here.

REFERRALS: Thank you for your referrals. We really appreciate you passing along our name. If you know somebody who needs a 2nd opinion on their portfolio, or who really needs to focus on planning for the future and setting some objectives, I can help. Ensuring you have the retirement income you need and paying the least amount of tax along the way is how I enable you to meet your personal financial objectives.

Quote of the Month:

Great things in business are never done by one person. They're done by a team of people.

Steve Jobs

Thanks for allowing me to be a part of your team.

Sincerely,

Janine Purves, CFP, CPCA, CCS

This material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources however no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please make sure to see me for individual financial advice based on your personal circumstances. The opinions expressed are those of the author and not necessarily those of Assante Capital Management Ltd.

Insurance products and services are provided through Assante Estate and Insurance Services Inc. Assante Capital Management Ltd. is a member of the Canadian Investor Protection Fund and is registered with the Investment Industry Regulatory Organization of Canada.

Assante is an indirect, wholly-owned subsidiary of CI Financial Corp. ("CI"). The principal business of CI is the management, marketing, distribution and administration of mutual funds, segregated funds and other fee-earning investment products for Canadian investors through its wholly-owned subsidiary CI Investments Inc. If you invest in CI products, CI will, through its ownership of subsidiaries, earn ongoing asset management fees in accordance with applicable prospectus or other offering documents.

Commissions, trailing commissions, management fees and expenses, may all be associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Please read the prospectus and consult your Assante Advisor before investing.