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Business Matters August 2019
Aug 05, 2019
Common Financial Guidelines for Planning Your Retirement
Preparing for retirement can be a very stressful experience, with so many factors that you need to consider. How much money will I need to maintain my standard of living? How much will I want to travel? How long will I live? What if I outlive my money? There’s so much uncertainty, that financial rules of thumb for planning your retirement have become very popular – following them relieves at least some of that uncertainty. It is important to understand the assumptions, and the limitations of these guidelines, so that you understand whether they are relevant for your particular situation.
Whether you prepare the return yourself or have them prepared by Towler & Associates, CPAs, it’s time for all Canadians to be gathering their paperwork together for their 2018 personal tax returns. So, what changes for 2018 might affect your business? And, what other tax changes are coming into effect in 2019?
Automating an owner-managed business entails more than purchasing a new piece of equipment. The most successful transition requires a careful analysis of the existing production process, an understanding of where and when change is required, staged rather than wholesale transition, targeting repetitive employee tasks that can be automated, integration of production changes with business systems, involvement of employees and outside experts, and owner metamorphosis from micromanager to business manager.
In 2018, many owner-managers across Canada chose to adjust staff levels, wages and prices when the minimum wage was increased. For many, it is still too early to determine the final impact on the corporate bottom line as a full fiscal year has not been completed.
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I referred a client, a small business owner nearing retirement, to Warren Towler for some tax work. When I spoke to her afterwards she said to me, "OMG, thank you, Warren was fantastic!" She was so impressed with Warren's service that she immediately referred her father to him. I got a great big thank you and for that I give Warren a great big thank you. I would recommend Warren for your accounting needs without hesitation!