Patrick Barrette, CFP, CIM, FMA

Investment Advisor & Financial Planner

Tel: 250-277-1076
Fax: 250-614-4256
Toll Free: 888-880-3380


BMO Nesbitt Burns
1445 West Central Street
Prince George, BC
V2M 5S5

Contact Me

For Business Owners & Incorporated Professionals

The value of a wealth plan for a business owner

Business owners need to integrate their personal goals with the needs of their business as they journey through the various stages of their personal and business life cycles. With so much time and effort invested in the business, there is often little time left to address personal and family issues. A well-thought out wealth plan will help to identify a business owner’s personal and business needs and priorities.

Reducing risk to you and your family as a business owner

Unforeseen events, such as illness, disability or death, can have a devastating effect on a business owner and their family. Insurance is an important part of a comprehensive wealth management plan, and helps to provide financial protection for individuals, their families and their businesses against the unexpected. It is also a risk management tool that provides a business owner or incorporated professional multiple benefits, including the potential for significant tax savings.

Understanding Personal Holding Companies

Many individuals hold investment portfolios in a personal holding company. It`s important for these investors to understand the various tax implications of earning investment income through a holding company; particularly in light of the recent tax changes affecting private corporations. Tax implications can be quite different from owning investments personally, because a corporate structure introduces a number of other considerations.

Transferring your business to the next generation

Entrepreneurs who have built successful companies often want to see their business passed on effectively to the next generation. However, a sale or transfer of ownership of the business will generally trigger capital gains tax. If the value of the shares of your business has increased, you or your estate may be burdened with a substantial tax bill. The business may even have to be sold to cover the liability

Succession Planning Process

As a business owner, you’ve worked hard to build a successful business, and may envision your children eventually taking ownership and control when you retire. Having a succession plan in place will help to ensure a smooth transition to the next generation, and the continued success of your business. This article explores several considerations when planning a transition to the next generation.

For Medical Professionals

Estate Planning for Physicians

You’ve been devoted to establishing your medical practice, providing for your family and saving for a comfortable retirement. As busy professionals, doctors may overlook the potential impact on their family and practice if they were to become critically ill, incapacitated or pass away unexpectedly. That’s why it’s important for physicians to prioritize estate planning within their wealth management planning.

Because Your Financial Health Matters

(Wealth Management for Physicians) - Because your financial well being is as important as our health & security. Let us help you with your financial health, allowing you to focus on your practice and care for our community.

Tax Planning for Physicians - Professional Corporations

Many physicians incorporate their practices to enjoy the same benefits as other self-employed incorporated professionals. However, recent tax changes affecting Canadian private corporations can have significant implications to physicians with a professional corporation or those physicians considering incorporation.

Estate & Succession Planning

Insurance Considerations for Business Owners and Incorporated Professionals

Insurance is generally thought of as a risk management tool; however, as a business owner or incorporated professional, insurance can provide multiple benefits, including the potential for significant tax savings. This article looks at three insurance strategies that can be implemented into your financial plan to supplement your retirement savings, help protect your business, and help you maximize the value of your estate.

Philanthropy and Giving Back - Your Giving Strategy

Your charitable giving may include cash donations made in response to a specific request, a donation of your time or ongoing financial support through a pre-authorized donation plan. However, if you’d like to be more strategic with your gifting, consider incorporating charitable giving into your wealth management plan. A formalized giving strategy can be much more fulfilling, provides an opportunity to leave a legacy and offers some very attractive tax incentives.

Estate planning for complex family dynamics

Today, the modern family comes in many different shapes and sizes; this diversity is having an impact on family relationships and the way families interact when addressing estate planning.