Plan for the business, and for yourself
Owner compensation, key-person and shareholder protection, and a plan for what happens if you can't work.
Is this for you?
- You're incorporated, or about to be
- You have business partners or shareholders
- The business depends heavily on you or a few key people
- You're beginning to think about succession
What business and entrepreneur planning is
For many owners, personal and business finances are closely tied, and the business is often their largest asset. Planning for business owners brings the two together: how you pay yourself, how the business and your family are protected, and what happens to the business if you cannot work or decide to leave.
Who it can help
Incorporated professionals, founders, family businesses and partners in a business. It is useful at any stage, from incorporating to preparing for a sale or handover.
Questions it helps answer
- How should I pay myself, and how does that affect my retirement savings?
- What would happen to the business if a partner died or became disabled?
- How would the business cope without me for six months?
- How do I start planning for succession or a sale?
What to consider
Decisions about compensation, shareholder agreements and corporate structure have legal and tax consequences. They should be made with your accountant and lawyer. Agreements between partners are far easier to put in place while everyone is healthy and on good terms.
Limits and risks
We do not provide legal, tax or accounting advice. Corporate tax rules and the right structure depend on your province, your business and your personal situation. Insurance used in business planning is subject to the insurer’s underwriting and terms.
How Neyos helps
We look at your personal and business finances together, identify the risks that would hurt most, and set out options in writing. We coordinate with your accountant and lawyer so that compensation, insurance and agreements support each other, and we review the plan as the business grows.
Common questions
Should I pay myself salary or dividends?
It depends on your tax position, retirement plans and need for RRSP room and CPP. We model the options with you, and the final decision should be confirmed with your accountant.
What is key-person insurance?
Insurance owned by the business on someone whose loss would seriously affect it. The payout can cover lost revenue, debt or the cost of finding a replacement.
Related
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Insurance & protection
Life, critical illness and disability insurance, sized to what your family would need.
Learn more about Insurance & protection -
Wealth & investment planning
A long-term strategy matched to your timeline and comfort with risk.
Learn more about Wealth & investment planning
Talk it through with an advisor.
We’ll start with your situation and tell you plainly what, if anything, you need.
We do not provide legal or tax advice. We work alongside the professionals who do. This page is general information, not advice for your situation. Speak with a qualified professional before acting on it.