Podcasts

Selling a business can trigger unexpected tax consequences, especially for business owners with significant deductions or exemptions. One particular tax calculation might leave you with a larger-than-expected bill. The good news? There’s a way to recover some of that tax over time, but it requires careful planning and strategy.

Have you considered how your income streams after the sale could impact your long-term tax situation? The choices you make now could have a big effect down the road.

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A real-life example shows how a business owner without a trust missed out on major tax savings. Because he planned to sell too soon, there wasn’t enough time for a trust to own and grow the company’s shares, costing him roughly $900,000 in extra tax.

Plan ahead to structure your assets properly and avoid paying more to the CRA than necessary.

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A wealthy widow is seeking guidance on how to manage her assets and eventually benefit her son and grandchildren. Her son, however, struggles with money management, has no savings, and tends to overspend. To avoid the pitfalls of suddenly inheriting a large sum, a gradual financial education plan is recommended. This involves setting up and funding a Tax-Free Savings Account (TFSA) for him, meeting annually with financial professionals, and teaching him about investing, income types, and market behavior. Over time, as he becomes more financially responsible, additional funds can be added. If he shows little interest or progress, alternative estate planning strategies—such as setting up trusts—can be implemented to protect his long-term well-being and preserve the family wealth.
Check us out at: Three60wealth.ca

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At Three60 Wealth, our wheelhouse is working with business owners and physicians on their holistic planning. Our approach to planning is far from traditional. Taking a holistic view of our clients financial situation allows us to create plans that will allow our clients to achieve their goals and objectives. If you are tired of the traditional approach to planning, and would like to see if we are a fit, please connect with us. We’d be happy to have a conversation with you.
https://three60wealth.ca/family-office/

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Imagine you’re about to climb Mount Everest , would you rather go alone with just a map, or have an experienced Sherpa guiding you every step of the way?

That’s the difference between getting financial advice and having a true financial plan. One gives you directions, the other ensures you actually reach the summit. If your goal is a successful retirement, business sale, or legacy plan, which approach would you trust to get you there?

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Take a moment to ask yourself a powerful question: If you were an investor, would you buy your own business? If the answer is no, it’s time to rethink how your business operates. Many owners are so focused on daily tasks that they neglect to make their business truly profitable and saleable. If you're planning to exit within 5 to 10 years, consider bringing in outside expertise to streamline operations and boost value. A well-run business is not only easier to sell—it’s more enjoyable to own in the meantime.

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In many families, one spouse handles most of the financial decisions while the other stays in the background but what happens if that spouse is no longer around? This episode explores why it’s critical for both partners to be informed and involved in the family’s financial life. From organizing documents to attending key meetings and having open conversations, a few simple steps can prevent confusion, stress, and costly mistakes down the road.

Visit: Three60Wealth.ca

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Do you have a financial plan that protects your future ?

From retirement projections to tax-smart corporate structures, holistic planning can make a major difference in your outcome.

Download a free planning guide: Three60Wealth.ca/planning

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Are you tired of getting conflicting advice from all your advisors?

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