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Family-Owned Business
The YPM Difference
Many of our clients are or have been family-owned businesses, as are many of our team members. Also, as an independent, southern Alberta-based firm, we know local business.
Most importantly, the YPM team realizes the sensitivity required when dealing with families. We understand that personal details are as significant as business issues.
Always taking the personal into consideration, there are four main areas in which we help our family-owned business clients:
1) Compliance and Financial Reporting
With unlimited phone support available, we help you stay on top of the seemingly endless list of regulatory matters necessary to run your business, such as:
• Appropriate computer use, accounting and record-keeping
• Federal and provincial taxes
• T4 (salary) and T5 (dividend) forms
• Corporate financial statements for your bank
• Annual reports
• RSP, salary and dividend decisions
2) Planning
YPM can help you structure your business for tax minimization. This includes such areas as decisions regarding share ownership, using RSPs applicably and salary vs. dividend payments.
3) Success
Our main priority is to see your business grow and prosper. In regular meetings, your family and your advisory team look at the what-ifs, your critical success factors and your key performance indicators. We develop an action plan together and, with continuous support, we help you stay on track.
4) Succession Planning
Often a very tender area.
Firstly, we take into account the critical non-financial details. Together, we come up with effective ways to transfer to the next generation. Or, should your family decide that selling is the preferable route, we help you make selling decisions, such as shares vs. asset sales. Always, we take every advantage of the Canada Tax Act, a document we know inside and out, to make certain that care is taken of you and your family upon sale or transfer of the family business. |
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For
more information on Family-Owned Business, please contact:
Bryce Bennett at (403) 223-0056 (Taber)
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To accomplish great things, we must
not only act, but also dream, not
only plan, but also believe.