Bridging the gap between your business and personal needs
As an entrepreneur, I understand the complexities of running a business and the importance of maximizing synergies between your personal and corporate finances.
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.
Astute strategies for all stages of your business lifecycle
BMO Private Wealth has a very strong offering for entrepreneurial clients. With breadth and depth of financial options, specialists and resources, I am well positioned to invest your corporate reserve funds or retained earnings and make them a powerful component of your overall wealth plan.
Before I invest your assets or make any recommendations, I will get to know you and your business or practice very well. I will learn 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 also help you:
Tax considerations
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 will 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) to save you from locating receipts. If your accountants have questions, they can ask me first. 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.
Succession planning discussions can involve:
Personal and commercial banking – under one roof
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. Our professional credit solutions 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 family’s mortgage and line of credit.
When you wish to borrow money or source venture capital, we will liaise with our network of Private Bankers, lending specialists and corporate finance specialists. We have deep relationships with BMO Private Wealth partners and will connect you to the right financing opportunities according to your level of need:
We will safeguard valuable information to preserve the value and transferability of your company or practice and provide access to the convenience and financial advantages of customized BMO Private Banking, BMO Business Banking, BMO Commercial Banking and BMO Trust Company services.
Individual Pension Plans (IPPs)
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: