As an entrepreneur myself, I understand the challenge and complexities of running a business and the importance of maximizing synergies between your personal and corporate finances.
Most of my clients own family businesses or incorporated practices. I have great respect for entrepreneurs who have spent time, faced risks and worked hard to build a business. I bring you customized advice and a comprehensive suite of strategies to help you preserve and grow your wealth and reap the rewards of your efforts.
BMO Private Wealth has a very strong offering for entrepreneurial and professional clients. With breadth and depth of financial options, specialists and resources, you'll be well positioned to invest your corporate reserve funds or retained earnings and make them a powerful component of your overall wealth plan.
I advise:
Before investing your assets or making any recommendations, I will get to know you and your business or practice very well; learning what drives you and your company or practice, your vision of the ideal retirement, your personal and professional goals, and your lifestyle priorities.
I can bring you access to banking, lending and point-of-sale payment solutions such as debit, credit, and automatic bill payments, plus a full holistic solution for all your wealth needs – under one roof.
I can help you:
When you are incorporated, you can pay yourself through your corporation, which is taxed at lower rates than personal income tax rates. As well, your corporation enables you to own stocks directly rather than owning them through a mutual fund or pooled fund. This brings you much greater tax efficiency. As an incorporated individual, you can opt to receive your income through dividends, which are taxed at a much lower rate than income or capital gains.
I will work in collaboration with your accountant to:
I will streamline the liaison between you, our team, your other advisors and BMO Private Wealth specialists. To save you time, I'll be involved in calls from a consultation standpoint. At your business year-end, I will send out tax packages to you and your accountant(s) documenting all income, dividends, and capital gains. And I will consult with legal and tax advisors to look at your business or practice from all angles and manage your money in the best way possible.
BMO Private Wealth can serve multiple financial needs under one roof to save you time and money and guide you through all the red tape. We offer professional credit solutions to help you enjoy the convenience of managing your family and business or practice banking at the same firm. For example, we can finance your business and the building in which it operates as well as provide your personal mortgage and line of credit.
When you wish to borrow money or source venture capital, I will liaise with my network of Private Bankers, lending specialists and corporate finance professionals. I have deep relationships with BMO Private Wealth partners and will connect you to the right financing opportunities according to your level of need:
If you are a professional who owns and operates your own practice, an IPP is a beneficial strategy to provide financial security in retirement.
An IPP allows you to:
An IPP’s funding commitments can be onerous and the nuances can be challenging. Let’s discuss if an IPP is right for you.
Our team specializes in advising physicians, surgeons, specialists and residents at every stage of their medical careers. With long hours, busy schedules and the other extreme demands of your profession, you need a dedicated team to manage your complex financial affairs and keep your wealth experience streamlined and simplified.
We provide much more than experienced, disciplined wealth management advice. What sets us apart is the collaborative way in which we approach your full-circle wealth considerations. We bring all the experts you need to the table who have extensive experience working together to serve the needs of affluent clients:
Through our culture of close collaboration and forward thinking that unites a network of experts, with your interests top of mind, we can help you to:
To keep things streamlined for you, we deliver this tremendous breadth of offerings through one relationship with our team. We will integrate everyone’s advice in the context of your overall Wealth Plan.
Unlike a registered charity which relies on donations from the public to support its endeavours, a private foundation is set up by an individual or family and makes donations, or grants, to registered charities. Another example of how a private foundation can make an impact is to fund a scholarship through a grant to a university or school. A private foundation often doesn’t conduct its own charitable operations but can make grants either to fund a charitable organization’s general operating expenses or fund a specific program.
Getting involved in philanthropy via a private foundation can be an exciting endeavour and a rewarding way to express your deepest values and aspirations, while also benefiting your community. It is also an ideal way to teach children about the role of philanthropy and their responsibility to their community. It all begins with identifying the values and charitable goals you want to express through your giving and translating these into a plan for action.
It’s based on what you want out of life and how you want to spend your time. One thing that eases this significant transition is having a plan in place well before you expect to retire.
For many Canadians, retirement is a time to look forward to – a time to enjoy the benefits of your life’s work and spend time doing what you love. For some, it is also a period of uncertainty – one of life’s most significant transition points.
We can help you create a plan that considers your ideal vision of retirement and the lifestyle you want to enjoy in the years leading up to it. We will plan for your goals, expected changes that typically occur throughout retirement, as well as the potential for unforeseen events.
A key part of creating your retirement plan is managing your finances. You’ll see how retirement fits in with your other goals including transitioning your business or reducing the number of hours you work. You’ll be able to see when it is feasible for you to retire in the way that you want.
Many Canadians spend the winter months in a warmer location, often in the U.S. BMO has financial products to meet your cross-border needs. Your BMO Private Wealth professional can advise how you can meet your financial needs on both sides of the border.
Making a living in agriculture has never been more challenging. Profit margins have never been thinner and today, many members of the younger generation do not want to take over the family farm.
We can help you to reap the rewards of your hard work, and retire comfortably, while ensuring you transfer your farm tax-effectively.
Before advising you and designing strategies that help you preserve and grow your wealth, we will get to know you, your family and your business. We'll take the time to discover your needs, goals, financial situation, time horizon, risk profile, and liabilities.
From here, our team can help you to structure a plan based on important details, including the size of your operation, your livestock count, estimated production, quotas and growth objectives.
Our targeted conversations can provide guidance on:
Our team will prepare a complete, customized financial roadmap uniquely designed for your family and farm. We will revisit this wealth plan and provide updated solutions to help you address major life events.