How do wealthy families plan for the future? In this week's episode, the last in our series on redefining family wealth, we'll explore the steps they take, and how their process is different from typical tax and estate planning. We'll discuss the foundational values and guiding principles they use to create their family culture and mission statement. The most successful business families surround themselves with a trusted team who will work together to address both the technical and emotional sides of estate and legacy planning.
How does your family define wealth? In this week's episode, we look at aspects of family wealth that are often overlooked. We continue our conversation with Vincent Valeri of Vedaera, and take a deeper look at the various types of capital that are embedded in a family business. Defining the culture of a family business is an integral part of transition and continuity planning.
In July of this year, the Liberal government proposed a number of tax reform changes that would have significant impact on the small business community in Canada. During the 75 day consultation period, we hosted a panel discussion regarding these changes on our podcast. In this episode, I've invited one of our panelists, Bryan Walters of MNP to join me for a review and update regarding these changes.
It takes an idea and a lot of courage to enter the world of small business. Melissa Hyslop of Malarkey Kids, creator of the Munch Mitt, sits down with us to tell her story. She shares both the challenges and triumphs of being an entrepreneur, and what the future holds for her.
We're going to continue exploring the impending tsunami of family business wealth transfer in Canada, focusing this week's episode on starting the conversation surrounding transition and continuity.
Over the last few months, small business has been thrust into the spotlight. Many of the tax changes that are being proposed by the federal government will have a direct impact on how family businesses plan for the future, and the eventual transition of their business. Globally, we are on the cusp of the largest intergenerational wealth transfer that has ever taken place. Over the next 15 years, the Boomers are set to enter retirement. This event will have a tremendous impact on the scope of business, both financially as well as the emotional factors that will come into play.
This week's episode deals with the proposed changes to income tax that will directly affect small business in Canada. The Finance Minister unveiled these changes at a press conference on July 18, 2017. There is currently a 75 day review period in place where submissions can be made. At IWM, our focus is on helping business owners protect the wealth their business creates. We've invited experts from both the legal and accounting sector, and the Federal Director of the Canadian Taxpayers Federation to weigh in on how these changes will directly impact business and incorporated professionals.
A building's foundation is the insfrastructure, although possibly invisible to the eye, that determines how stable and steadfast it will be.
Different construction projects require their own unique foundation, specific to the structure constructed. Privately owned and operated businesses need their own unique underpinnings to keep the enterprise strong and viable for the long term. Join our conversation this week with a local constractor who explains the basis of foundations, and Phil compares the framework to a variety of businesses.
As businesses mature and succeed, decisions need to be made regarding the most effective way to grow the wealth that is accumulating in the corporation. This week Phil discusses the difference between active and passive business income, and how they are impacted by corporate and personal tax rates.