WhiteWater Financial, Author at WhiteWater Financial

Blog, Business Owners, Estate Planning, Family, life insurance

Succession Planning for Business Owners

Business owners deal with a unique set of challenges. One of these challenges includes succession planning. A succession plan is the process of the transfer of ownership, management and interest of a business. When should a business owner have a succession plan? A succession plan is required through the survival, growth and maturity stage of a business. All business owners, partners and shareholders should have a plan in place during these business stages.

November 1, 2021 by WhiteWater Financial

Blog, Coronavirus

“Final Pivot” – COVID-19 Emergency Benefits expire October 23rd, replaced by targeted supports

On Thursday, October 22nd, Deputy Prime Minister and Finance Minister Chrystia Freeland announced the “final pivot in delivering the support needed to deliver a robust recovery.” This “Final Pivot” means several existing pandemic support programs for individuals and businesses will expire on October 23rd, 2021:

– Canada Recovery Benefit (CRB)
– Canada Emergency Rent Subsidy (CERS)
– Canada Emergency Wage Subsidy (CEWS)

October 22, 2021 by WhiteWater Financial

Blog, Business Owners, buy sell, corporate, disability insurance, Group Benefits, health benefits, Insurance, life insurance, travel insurance

Insurance Planning for Business Owners

For business owners, making sure your business is financially protected can be overwhelming. Business owners face a unique set of challenges when it comes to managing risk. Insurance can play an important role.

September 30, 2021 by WhiteWater Financial

Blog, Business Owners, Group Benefits, pension plan

The Key Differences Between a Defined Benefit and Defined Contribution Pension Plan

You may be thinking about offering your employees a pension plan. You have two main choices for pension plans. One is a defined benefit pension plan – this gives your employees a set amount of money when they retire. The other option is a defined contribution pension plan, which offers more flexibility, but no set amount of money during retirement.

There are four key areas you must know about for pension plans:

• Contributions
• Investment Management
• Costs
• Employee Retention

We will walk you through each of these to help give you a better understanding of the differences between the two types of pension plans.

September 1, 2021 by WhiteWater Financial

Blog, Group Benefits, pension plan

Defined Contribution vs. Benefit Pension Plan for Employees

As an employer, you may be thinking about offering your employees a pension plan. If so, you have two main options: a defined benefit pension plan and a defined contribution pension plan. A defined benefit pension plan offers your employees a set amount of money when they retire, whereas a defined contribution pension plan does not.

We walk you through the differences between the two types of pension plans.

August 1, 2021 by WhiteWater Financial

Blog, Estate Planning, Family, life insurance

Estate Planning for Young Families

Having a family is a blessing and can also bring a lot of worry. A lot of this worry can stem from not being prepared for a disaster like if something were to happen to you or your spouse.

We’ve put together an infographic checklist that can help you get started on this. We know this can be a difficult conversation so we’re here to help and provide guidance.

July 7, 2021 by WhiteWater Financial

Blog, Estate Planning, tax

Estate Freeze

An estate freeze can be an integral part of your estate planning strategy. The purpose of an estate freeze is to transfer any future increase in your business’s value (generally shares) that you own to someone else.

June 2, 2021 by WhiteWater Financial

Blog, Estate Planning, Family, Retirees

Estate Planning for Retirees and Mature Families

What happens when the children grow up and they are no longer dependent on their parents? Estate planning for mature families and retirees can bring up a number of issues including family dynamics and harmony.

May 1, 2021 by WhiteWater Financial

2021, Blog, tax

British Columbia 2021 Budget Highlights

On April 20, 2021, the B.C. Minister of Finance announced the 2021 budget. We have highlighted the most important things you need to know, including:

• Changes in the requirement to repay the B.C. Emergency Benefit for Workers
• Home Owner Grant threshold change
• PST exemption for electric bikes
• Elimination of PST rebate for certain vehicle sales
• Delay in the carbon tax increase
• Tobacco tax increases
• Changes to the speculation and vacancy tax

April 26, 2021 by WhiteWater Financial

2021, Blog, Coronavirus, Coronavirus - Associates, Coronavirus - Practice Owners, Coronavirus - Students, corporate, Debt, Family, financial advice, Financial Planning, incorporated professionals, individuals, personal finances, Professional Corporations, tax

Federal Budget 2021 Highlights

On April 19, 2021, the Federal Government released their 2021 budget. Our article contains highlights of the various financial measures in this budget, divided into three different sections:

• Business Highlights, including an extension to COVID-19 Emergency Business Supports, new programs to support job creation, and a change in interest deductibility limits.

• Individual Highlights, including details on the tax treatment and repayment of personal COVID-19 benefits (such as CERB), eligibility changes to the Disability Tax Credit, an increase in OAS for those 75 and up, and support for job skills retraining.

• Additional Highlights, including a proposed federal minimum wage of $15, changes to the GST New Housing Rebate conditions, and new or increased taxes in areas such as luxury goods, tobacco, and Canadian housing owned by non-resident foreign owners.

April 22, 2021 by WhiteWater Financial

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