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Blog Organization Creates Opportunity

March 04, 2020

Are you getting ready to do your 2019 taxes and wondering if there  are ways to reduce your taxes and put more money in your own pocket? If so, the time you spend with Three60 Wealth to get organized is one of the best investments you’ll ever make. 

We believe there are a several ways you can look at “organization:” 

First, organization will identify blind spots so you can take advantage of opportunities. How you organize your business ownership has an enormous impact on your taxes. It’s important to efficiently move money between your various businesses to take advantage of new business ideas, investments and creditor proofing. It’s also important to be ready for a  business sale if one comes along. If you put off this planning until you have an offer from a buyer, it might be too late to take advantage of some tax-saving opportunities. We’ve found that being proactive in this area can easily save you hundreds of thousands of dollars!   

Second, organization helps simplify all aspects of your financial life, making tax time a less stressful time for you and your accountant. Organization helps to ensure you are taking advantage of all the tax-planning  opportunities available to you. Wouldn’t it feel great to pay CRA less?    

Finally, organization provides peace of mind. We’ve  seen situations in which families don’t stay on top of their finances  due to being busy, or it not being their area of interest. We’ve also  seen it where only one spouse manages the family’s finances, and the other spouse doesn’t know what’s going on. This lack of organization will create problems (e.g. when a family member passes away). How will the survivors settle the estate or assume the role of managing the finances?  Who will help guide them through the transition?  Knowing your  financial affairs are organized and well-structured is priceless in this situation. Being organized means understanding where your assets are, what you’re invested in and how your survivors will be able to move forward if you’re not around. 

Organization is best done  throughout the year. We meet regularly with our client families to stay  on top of planning opportunities as they come up, and to prepare for opportunities months before tax time comes along. If you’re missing that kind of personalized service and peace of mind for your family and business, contact our office online or at (403) 640-4414 to schedule an introduction meeting. 

At Three60 Wealth & Estate Solutions, we are experts in financial planning for relationship-driven  business families. In our experience, we see many business families  losing money on missed planning opportunities and on additional taxes that otherwise could have been avoided. So we have developed the Three60 Wealth Plan to better understand the goals of you, your family  and your business, and then apply our knowledge to put more money back  into your pocket. Our relationship-driven financial planning process helps business families realize their legacy.  

Authored by: Wayne De Boer, Wealth & Estate Planner at Three60 Wealth & Estate Solutions Inc.