Planning and Investing for Business Owners with Guy Anderson | E026
The basics of planning and investing when you have a business.
In this episode of Financial Planning for Canadian Business Owners, Jason Pereira, award-winning financial planner, university lecturer, and writer, switches roles for this episode. Instead of conducting the interview he gets interviewed by his colleague Guy Anderson, Full-Licensed Investment and Financial Planner with Aligned Capital. They go over some of the fundamentals of investing within your corporate structure.
Episode Highlights:
● 01:14 – What should business owners know before they start investing?
● 03:48 – Passive business tax rates start at 50% for interest and half of that is for capital gains.
● 04:37 – What does it take in order to sell your small business corporation?
● 09:00 – What is the formula for investment returns that is taxable?
● 13:59 – What is the status of corporations and income splitting?
● 14:56 – What are the limits for interest income?
● 18:58 – Jason Pereira explains the tax rates for investment returns?
● 22:25 – What types of advantages does insurance offer?
● 25:25 – Get the right team behind you to keep your accounting solidified.
3 Key Points
1. Only people can qualify for tax saving exemptions, not businesses.
2. Tax rates within a company on the owner's earnings could be between 10%-12%.
3. You are allowed to earn up to $50,000 in investment returns within your corporate structure a year at the normal 50% tax rate.
Tweetable Quotes:
● “One of the key reasons people incorporate is to have creditor protection, protect your assets from creditors, assuming you haven’t signed a personal guarantee.” – Jason Pereira
● “Seek advice on re-organizing your corporation and make sure that it is optimized for protecting assets and for the capital gains exemption.” – Jason Pereira
● “By leaving money in your pirate struction, you actually have more money to invest than if you took it out personally.” – Jason Pereira
Resources Mentioned:
● Facebook – Jason Pereira’s Facebook
● LinkedIn – Jason Pereira’s LinkedIn
● FintechImpact.co – Website for Fintech Impact
● jasonpereira.ca – Website
● Linkedin – Guy Anderson’s Linkedin
● KindWealth.ca – Website for Kind Wealth - Pro-Bono COVID-19 services.
Full Transcript:
Speaker 1: Welcome to the Financial Planning for Canadian Business Owners podcast. You will hear about industry insights with award-winning financial planner and entrepreneur, Jason Pereira. Through the interviews with different experts, with their stories and advice, you will learn how you can navigate the challenges of being an entrepreneur, plan for success and make the most of your business and life. And now your host, Jason Pereira.
Jason Pereira: Hello, and welcome to Financial Planning for Canadian Business Owners. I'm your host, Jason Pereira. Today's show is a little bit different, we are going to go over some of the fundamentals of investing within your corporate structure, and to answer those questions, instead of me interviewing someone, my colleague and friend, Guy Anderson, will be coming on the show to interview me about this very topic matter. And with that, here is Guy's conversation with myself.
Jason Pereira: Hello, Guy.
Guy Anderson: Morning, Jason. How are you?
Jason Pereira: Good. Good. Thanks for taking the time to turn the mic the other way this time.
Guy Anderson: Absolutely. Anything to help.
Jason Pereira: All right. So the topic of the day is investing within your corporate structure and what you need to know. So I'll let you go ahead and start giving me the third degree.
Guy Anderson: Okay. Let's start right there. As a business owner, someone who has a corporation, what should they know before they start investing through their core?
Jason Pereira: A number of things you have to keep into consideration. First off protection, so let's talk about that. One of the key reasons people incorporate is to have creditor protection, or protect your assets from creditors, assuming you haven't signed a personal guarantee, which banks are going to force you to. So basically keeping your assets free from creditors. Now, if you have investments within your operating company where you undertake business, then they're not creditor protected from creditors. So basically the first thing is, don't use your operating company as a vehicle for savings. If you've gotten to the point where you have enough money sitting around that you can start doing some sizeable investing, you really need to have a holding company in place.
Jason Pereira: I would also say that you need to do this carefully, because oftentimes one of the most common corporate structure mistakes I see is that people simply say, okay, I'm just going to put a holding company on top of my operating company. And I'm just going to push all the money to that. I'm going to invest. The problem with that is, is that if the operating company is owned by the holding company, which is then in turn owned by you, if you ever want to sell that business and take advantage of the capital gains exemption, which basically makes your sale of your business tax-free up to a threshold, now you're offside because you can't have a bunch of money sitting on the sidelines. So you have to have a proper corporate structure. I did cover this with [inaudible 00:02:36] in the first episode, have a proper corporate structure that holds that holding company off to the side.
Jason Pereira: So the first thing is seek advice on reorganizing your corporation and make sure it's optimized for protecting assets and for the capital gains exemption. The second piece that people need to know is that people often ask, should I invest personally or in my corporation? Some people even say, maybe I should move my non-registered assets into a corporation, and the answer is don't do that. There's very little to no reason to do that.
Jason Pereira: So when you invest in a corporation, the only advantage to investing money in a corp is that if it comes from the after tax proceeds of your operations, that means that you're going to pay tax of 10 to 12% on your earnings and whatever's left over you could invest. Now, that's at the small business rate, or 26% at the normal business rate, so you're going to be left with anywhere between 76 to 84 cents on the dollar. That money can be invested. So the reason why there's a benefit here is that if you were to take out money to invest, you would pay personal taxes on that. And you'd be left with, at best, roughly about 47 to 50 cents on a dollar, depending what province you're in, at top bracket.
Jason Pereira: So the key I'm trying to get to here is that by leaving money in your corporate structure, you actually have more money to invest than if you took it out personally. So that's the advantage right. Now, once you start investing, there's a misconception. You're not going to be paying 10 to 26%. You're going to be paying passive business tax rates. And that rate starts at 50%, or is 50% for interest. And half of that for capital gains and dividends are somewhere between by the time you factor in credits. So you are not going to be growing that money at a much faster rate than if you would have the equivalent number of dollars personally. But the key benefit is that you're going to have more dollars corporately than you would personally start.
Guy Anderson: Right, so based on your retained earnings, et cetera, you have more money to invest, but you are being taxed at the passive rates now. So you raised something there a moment ago about the tax savings when you sell your company. You want to touch on that a little bit before we move on to some of the other questions I have for you?
Jason Pereira: Yeah. So let's go back to that. So in order to sell your Canadian controlled small business corporation, assuming somebody qualifies as one, tax-free up to 868,000-ish right now, and going up to a million over time, you need to pass a couple sniff tests. Those sniff tests specifically have to do with the assets within the business being employed in operations. So what that means is, is that if you've got a factory or whatever, with a couple of million dollars in hard assets, basically selling equipment and inventory, whatever it is, but you've also got the equivalent amount of money sitting in investments, you don't qualify because they don't want you using this exemption for an investment business. They want you to use it for an operating business. So it's really important that when you reorganize, in order to qualify for that exemption, only people can qualify for that exemption, not corporations.
Jason Pereira: So if my holding company owns shares with the operating company, then the holding company can't sell it. I have to sell that holding company as well. So first off, if I have too much money in the business, it's a problem. Secondly, if I have money in a holding company that owns the operating company, then I have to sell that holding company in order to qualify. Well, if that holding company has a ton of cash in it, then it doesn't qualify. So you want, like I said, you want to structure that puts it in a holding company that's kind of off to the side. So you still have a direct channel of ownership of the operating company, but you can money off into this side corporation.
Guy Anderson: Right, and to your point, though, at the end of the day, those who do have these Canadian controlled companies, they do benefit from an $867,000 capital gain exemption, in which, based on these rights, they save $150,000 in tax roughly, or so.
Jason Pereira: Yeah, until up until a post COVID capital gains rates come in, and then we'll see what happens.
Guy Anderson: That's another podcast, for sure.
Jason Pereira: Yeah. Well, I'm not looking forward to that budget. It'll be a painful one.
Guy Anderson: Moving on with some of the questions. You had also mentioned that your tax rates within the company on your earnings would be in the 10 to 12% range, but the investments themselves would attract different rates of tax. So based on, I think you're getting into pass with tax rates, et cetera, can you speak to the tax rates that corporations would incur on interest and then speak to potentially on dividends and also on capital gains? Can you speak to the differences businesses attract there?
Jason Pereira: Yeah. So we covered the tax code pretty heavily with Kim Moody in a previous episode. And that's really, if you want the masterclass, that's where you go. So the key thing to know here is that the Canadian tax code, when it comes to corporation, is based on something called integration. Integration means that if you earn a dollar in a corporation versus a dollar personally, take a step back on that one, give that part up.
Jason Pereira: So integration means that if you earn a dollar personally, versus earn a dollar in the corporation and then end up paying it out as income or dividends, you will end up paying the exact same amount of tax. Now, in order to make that happen, there are a couple of mechanisms in place to make that happen. So just to walk you through this. So for example, if you earn interest in a corporation, you will pay 50 cents on the dollar on that interest, but then you will also receive a credit for what's known as RDTOH, refundable dividend tax on hand.
Jason Pereira: And what happens there is that when you want to take that 50 cents that's left over from of interest out of the corporation into your personal income, you're going to have to take that out as a dividend from your corporation. So you're going to take that out as a dividend from your corporation, and you've got to pay personal tax. Well, if you pay personal tax, now suddenly the corporate tax at 50% plus the personal tax is going to basically leave you with only like 70 cents on the dollar.
Jason Pereira: What happens is, is that that refundable dividend tax on hand credit, a part of that gets refunded to the corporation, such that it ends up being that the net tax rate ends up being the same thing as if you had earned the interest personally, which in Ontario is a maximum of 53.53%. So what happens is you pay tax corporately, you take the money out, you pay tax personally, but then the corporation gets a refund and it ends up being 50 cents on the dollar. So you end up being in the exact same position as if you had earned money personally. Now that being said, when I say exact same position, given that we have one federal government, 10 provinces and three territories, it's never perfect. There's always a little bit of wiggle room. I think there's like a half percent difference in some cases right now, but in Ontario, it's pretty close to 100% accurate. So that's interest.
Guy Anderson: Before move on though, isn't the RDTOH based on dollars of dividend, you get $1 credit. Is that the ...
Jason Pereira: Yeah, that's the general formula. The general formula is for investment return that's taxable. Basically you get a credit of about, I think it's 28, it was 26.66, I think it becomes 28. You get that credit. Now that RDTOH does not show up anywhere on your balance sheet. It is what's known as a notional account that is basically recorded by your accountants and kept on record with CRA. And what happens is, is that when you take $3 out in dividends, you get $1 back from the feds on that RDTOH. And there's now two different types of RDTOH, qualified and not qualified, I believe, I can't remember were restricted, and others, there's actually two different types RDTOH, eligible and noneligible RDTOH. Go back to the Ken Moody conversation, the final details of that. But for arguments sake, simplicity's sake, we'll just look at it from the description I gave you. So that's the first piece.
Jason Pereira: The second piece is what happens when you receive the dividend. Now there's two types of dividends, and really three or four really that you can receive in a corporation. One is dividends from small businesses. So if you receive a dividend from a related, from your company within the chain, you can basically receive see that dividend on a tax free transfer basis. So it's called an inter corporate transfer. So if money comes from the operating company to the holding company there's no tax there, because you already paid corporate tax on it. If you receive it from a private company that you've invested in, then it's different. It's not a tax free transfer. It's an investment. So therefore, if you have a minority stake, you could end up paying tax on depending on the situation.
Jason Pereira: So then you have qualified dividends in Canada. So these are dividends that come from Canadian listed corporations that pay tax in Canada. Now, they pay a lower tax rate in Canada. Why? Because essentially the similar to what happened with your business, where you pay corporate tax first, and eventually you've got to pay personal tax. The corporation that pays this dividend paid it out of the after tax earnings. So the reason that we pay less tax, "on dividends" in Canada is because, again, integration. It's factoring in the fact that the corporation already paid money. So you basically receive that dividend. It is then basically added to the income. There's a tax credit that comes into play. And end of the day, basically you get taxed with the marginal tax rate of 50% again, but you're going to receive RDTOH credits and whatnot. So you don't pay as much. You pay less because of the qualified, because of the credits you get, and you also get an RDTOH credit. And then when that money flows out, it flows out of your business. And essentially the RDTOH get a supply that gets cashed in again.
Jason Pereira: So it will all come, by time this is all said and done, you're going to pay tax on it personally as if it was a small business dividend, but the corporation pay tax on it as if it was a public company qualifying dividend. And by the time you do the math, it equals whatever the dividend tax rate would have been on you personally, roughly.
Guy Anderson: Right, and dividends and interest sound really complicated. I think capital gains is turning whole lot more simply, is it not?
Jason Pereira: They are. Before we finish, are there other forms of dividends to be aware of?
Guy Anderson: Oh, right.
Jason Pereira: Dividends from foreign companies that basically do have a tax treaty with Canada , in which case, any taxes withheld in that country, you get a credit for here. So those will be taxed at 50% off the bat, but you'll receive a credit that reduces that. And then there's ones that don't have a tax treaty, in which case you're actually paying more than 50 cents on the dollar between both countries.
Jason Pereira: So let's go back to capital gains. Capital gains is almost as easy as interest. So capital gains, what happens is only half of it is taxable currently in Canada, with a big asterisk next to currently. And what happens is that 50% of it gets taxed at 50%. So you pay 25 cents on the dollar, on a dollar of capital gains. Then what happens is that, yeah, you do get RDTOH credit, but the 50% that was non-taxable gives you something known as a CDA or capital dividend account credit. Then when you want to take the money out of the corporation, that non taxable 50% can flow out of the corporation by way of what's known as a capital dividend account, it's capital dividend [inaudible 00:12:37]. That flows out by what's known as a capital dividend. So what that means is, is that you are receiving this dividend and that dividend is tax free. So that tax free portion to the corporation in the first place eventually flows to you tax free as well. And that's nice. Now, when you want the non-taxable portion to come out, we get back into the money comes out, you pay tax, corporation gets RDTOH, then it equals, guess what? 25, 26 cents on the dollar in Ontario for the capital gains. So it's exactly the same as if you earned it person.
Jason Pereira: So the message here really is, it doesn't matter what form of income you earn. By the time it hits you personally, it's the same as if you would earned that return personally. But the advantage is you have more money invested faster within the corp to a point.
Guy Anderson: Right. And I guess the one thing I've encountered here before is notwithstanding the fact that people get caught up with the CDA, the accountant has to make an election prior to actually paying it out. So there are some steps you have to go through to qual.
Jason Pereira: Yeah, there are mechanics. You can't just basically take money out before year end and then go to the accountant 180 days later and say, oh yeah, by the way, this was a capital dividend account. Like, no, it wasn't, no, it wasn't. You may have to pay some taxes on that.
Guy Anderson: So moving on to, there's a lot of talk about using a corporation and paying employee or family members and employees. A lot of that's been curtailed or cut back. So can you speak to any income tax splitting opportunities within corporations nowadays.
Jason Pereira: So yes, there was a massive overhaul of the tax code when it came to corporations and income splitting. Income splitting seemed to be the thing that the Trudeau government thought was the most egregious form of tax evasion. When frankly, just go back and listen to Tim Moody interview, it is absolutely not. Anyway, we're not going to go into the politics of how misguided this was. But the point is, is that most income splitting opportunities using a corporation have been shut down unless there is some sort of tangible work being done. The exception is on income splitting of returns on investments within a corporation. So if I have a holding company and I have basically I earned capital gains, dividends, interest, whatever it is, there is the opportunity to pay that to another shareholder who does not work in the business, a spouse, a child, an adult child, whatever it is, and have it taxed in their hands.
Jason Pereira: So remember how I said with integration, you pay corporate tax and you pay personal tax. And by the time the credit is all worked out it equals the same thing as you had earned it personally? Well, that still holds true. The differences though, is that if it's a stay at home spouse or a lower income spouse and you are at top tax bracket, they get taxed at the lower tax bracket. So there is an income splitting opportunity when it comes to investment returns in a corporation, not operating returns. So it's very important to be very careful about this because you need to keep very, very accurate records of this, because if they see dividends getting paid to a non-income earning spouse or adult child, they may start asking why and asking how this was feasible. So you have to be able to back it up.
Guy Anderson: Good stuff. So not so much now on the employment side or otherwise, but on the investment income, there are income splitting opportunities. That's great. All right. A few moments ago, you also, you did talk about passive business income and the tax rates around that. Can you speak to the limits available on interest income, for example, how much can you earn in interest income before passive rates hit in?
Jason Pereira: Well, it all basically changes thanks to this new passive business tax and they proposed. So here's the thing, you are allowed to earn up to $50,000 in investment returns within your corporate structure. Doesn't matter if it's your operating company or your holding company, they're going to look through it everything. You're able to earn up to $50,000 per year at the normal 50% tax rate, with the normal RDTOH and CDA credit supplying. Once you exceed $50,000, they start reducing your access to the small business deduction. So what that means is, depending on the province, but specifically I'll talk about Ontario where I'm located, the first $500,000 of active business income earned by your corporation is taxed at a lower threshold. As I mentioned earlier, it's around 10 to 12%, depending on what province you're in. Anything beyond that as taxed at the general rate, which is 26.
Jason Pereira: So they look at this as, we've granted you an exemption on this $500,000 or credit. What happens is, is that if you start earning too much income passively, they start saying, okay, now deal is off. You're going to start exceeding. So what happens is, is that for every dollar you are over on the 50,000, you lose $5 of credit on the passive rate. So what that means is, that at a $150,000 of passive income, you have given up the entire $500,000 credit. And now the entire corporate income is being taxed at 26. So the truly perverse incentive here, believe it or not, is that Canadian business owners actually face a marshal tax rule within their corporate structure that is an excess of almost depending on the province, anywhere between 75 to 120%.
Jason Pereira: So it is possible, believe it or not that your corporation earns a dollar and that dollar results in 120 cents, 120 cents or $1 and 20 cents in taxation, which is lunacy. Now that said, if you pay out the proceeds and factor in all the RDTOH, CDA and with something else that's known as a GRIP credit, so general rate income pool credit, which lowers the tax rate on your dividends, it all equals out again under integration. So basically what they're trying to make you say is that anything beyond that threshold, you better be paying it out, if not kiss your deduction goodbye. And we're actually going to make you, depending on the province, worse off from a cashflow standpoint.
Jason Pereira: So really it makes no sense to keep those investment returns in the corp, because if you do, you're actually worse off from a cashflow basis. This is far less draconian than what they were going to do previously, which was far worse. But when tax code does weird things like this, it basically creates weird perverse incentives and all kinds of different tax planning opportunities. So I'm not a fan of it, but it is the reality we are living in. So yeah, $50,000 of income, a $100,000 of capital gains, dividends are somewhere in between, but be careful about that and make sure you're getting the proper tax planning once you get to that level of wealth.
Guy Anderson: I'm glad you went through that, because have you come across where someone has run a company for a long time, they've accumulated some retained earnings in their corp and they're about to retire, or maybe they have retired, but they keep all the investments there. But the company thus fails to be an active operating company. And all the returns generated in the company are now investment returns. So let's say someone has got a sizeable portfolio, it's all passive. What are the tax rates to applicable there? So there's no business anymore.
Jason Pereira: Yeah, so now that million dollar, if you don't have the small business deduction credit, then you can't lose it. That's just the reality of it. So what happens is, is that, yeah, the passive tax rates still apply and integration still applies, but you're not going to see that 70 plus to 120% cashflow claw back of these amounts. So yeah, you're in a less worse shape. The other opportunity exists too, is there are various tax planning opportunities around not being a Canadian controlled private corporation. If you get to a certain level of scale, you might just simply say, between my investments and the amount of business I do, I don't care about the small business deduction anymore. I've already basically done an estate freeze to take advantage of the capital gains exemption. My taxes are actually better off from the situation if I am not a Canadian controlled private corporation, I am just basically a general corp, because then what happens is, is that the investment returns no longer face that 50% threshold.
Jason Pereira: So there are some tax planning opportunities there is work that needs to be done there. But overall, here's what it comes down to, utilizing your holding company as a accumulation vehicle for wealth is still a sound strategy. It's just far more complex since they basically put things in place. It was complex in the first place to make sure you've managed all these taxes properly, but it was beneficial. It is more complex now that that $50,000 threshold is in place, but yet to be getting, again, as usual as we say in the show, it's getting the right advice, because if nothing else, this show should prove just how complex some of these things are and how you need to get the right advice when the time comes.
Guy Anderson: And without getting too much in the weeds, would you recommend in some cases corporate class structures to minimize tax within the corp?
Jason Pereira: So I would say that ... So corporate class structures, for those of you who are unaware, are a type of mutual fund product that basically will convert income to capital gains. I have some concerns about their efficacy going forward and I'm planning on writing a paper on that. But I would say that there is definitely an advantage there to focusing on capital gains if you're near that $50,000 threshold. But you get to the point where $50,000 is going to be a very easy threshold to exceed, you can increase the amount you have coming in by way of shifting to capital gains. So if you have fixed income and dividend paying stocks or investments, VTS, whatever it is within the corporation, and you've also got a large non- registered account, it could make sense to shift the dividend paying stocks and the bonds to your personal account while keeping the capital, the non dividend paying stocks in the corporate account. So just doing what's known as asset location, asset location can have mixed results in this case, because it all flows through at the end to the same thing. It might be a good idea.
Guy Anderson: Right. Very good. But to your point as well, let's say you had fixed income. Say you had a pool of bonds that are paying nothing but interest and you easily hit that 50,000, maybe even a $100,000 of interest. Not withstanding the viability of corporate costs going forward, if you converted that interest into capital gains using a corporate class structure, you've now boosted that $50,000 to $100,000 threshold. Have you not?
Jason Pereira: Yep, you have.
Guy Anderson: Very good.
Jason Pereira: Well, here's the thing, as long as the capital gains inclusion rate stays at 50%, should they raise it to 75 as been speculated, then that number drops from a hundred to 75.
Guy Anderson: Yeah. So I have one more question for you. I don't know if there's anything else you wanted to chat you about, but there's a lot of strategies that involve using insurance within a corporation and accumulating wealth that way. Can you speak to some of the advantages that insurance provides?
Jason Pereira: We've talked about insurance on several occasions with Zach Goldman, and with Trevor Perry in the past. And just to go over the basic calls, notes of that. So an insurance policy, a permanent life insurance policy, universal life or whole life, you got to think of them as being two parts. There's an insurance component, but there's also a, call it a side account or an investment component. And in that investment component, you can accumulate cash and wealth. So this is valuable because that money compounds and grows tax sheltered.
Jason Pereira: Now, if you're in a corporation dealing within a corporation, it is a very positive strategy, because on death, it creates very large CDA credits that basically will let you take out a lot of corporate money tax free. Again, I'm not going to go over that in great detail, go back and listen to Zach Goldman episode if you want to hear that. But from the standpoint of investing in a corporation, if you are looking at that $50,000 threshold as a concern, any money invested within an insurance policy does not count towards that threshold because it is tax sheltered. So basically is it possible to have multiple millions of dollars invested within an insurance policy owned by your corporation while simultaneously still keeping your small business deduction? Absolutely it is, because this is separate and not counted as income.
Jason Pereira: So there are opportunities there From multiple standpoints. Of course there's the obvious insurance opportunity to protection and ensuring businesses transfer with as little friction as possible, having as much money as possible to make sure that they can facilitate buy, sells, whatever it is. Of course there is the tax planning opportunities surrounding your estate, and also there's tax planning opportunities while alive surrounding the small business deduction and maintaining that while you are amassing wealth. So it's definitely a strategy to look at, especially if you have need for protection, continuation, tax planning for the estate. This is kind of just the icing on the cake quite honestly.
Guy Anderson: Right. Just to bring in the CDA again, as the insurance gets triggered, someone passes away and that insurance gets triggered, the insurance also passes through that capital dividend account that you spoke of before, right?
Jason Pereira: Yeah. There's a calculation where they subtract out what's known as adjusted cost base, but over time that adjusted cost base can ratchet down to zero. And actually you can play this even smarter by utilizing an insurance share strategy, which I covered in great depth with Jonah Miles previously. And I think part of the reason why I'm referencing some of these other podcasts is that we go into greater depth on all these strategies with all these people. And it also, these things are not solutions that stand in isolation. They have to be taken the consideration with everything else you're doing. So having someone who coordinates this effort is invaluable, but also part of the reason for doing this podcast was that we had talked about a lot of complex things. I wanted to bring it back down to the basics of types of return and what the impact is. That's what we've largely tried to accomplish today.
Guy Anderson: Yeah. I think you've done a great job. I think we've covered off all the questions I had. Is there anything that you wanted to share before we say goodbye?
Jason Pereira: No. I think as always, I basically will say that the show is not only about educating business owners as to what planning opportunities exist out there, but helping them understand that this is a complex world and it's probably not a good idea to try to handle this yourself. And it's probably not a good idea to just think your accountant is going to handle it all. What you really need, as we've said on countless occasions, is the right team behind you. So this is part of the overall mosaic, the accounting, the tax planning, the insurance planning, the investment planning. This is all a big, large strategy that needs to be properly massaged and handled from various angles.
Jason Pereira: So Guy, thank you very much for taking the time. Before we sign off, tell people a little bit about yourself, give you that opportunity as the guest star, as the guests host, that is.
Guy Anderson: Oh, thanks very much, Jason. I'm a licensed financial planner here in Toronto. I work with a lot of business owners like yourself, but I work with a lot of people with disabilities and lower income as well. At the end of the day, my platform, my digital tools, a lot of technology involved. So if someone needs help, I don't look at asset thresholds to dissuade or turn them away. If someone needs help, I tend to get involved and help out if I can. So that's who I am.
Jason Pereira: Guy, thank you very much for taking the time to be the guest host.
Guy Anderson: It's been a pleasure. Thanks, Jason.
Jason Pereira: So that was this week's episode of Financial Planning for Canadian Business Owners. I hope you enjoyed that. And again, as you saw, complexity. It is both your friend and your enemy. You can master it and have your professionals master it and it's a great benefit, but at the same time, doing it yourself, there's lots of places to go wrong. So as always, if you enjoyed this podcast, please leave a review wherever it is you get your podcasts. Until next time, take care.
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