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Wealth Management for Business

When discussing Wealth Management with business owners, we understand that the needs and concerns of business owners are unique, and require tailored solutions. We ensure that you are invested in the right products based on your tolerance for risk, your time horizon for investing, and your individual needs in regard to tax, business and estate planning. The following strategies and products are particularly useful for businesses and business owners.

Individual Pension Plans

 

Individual Pension Plans, or "IPP's" are defined benefit pension plans, for one person. Similar to an RRSP, an IPP allows the plan member to accrue tax-deferred retirement income inside an investment vehicle.

 

What are the advantages of an IPP?

 

  • Greater deposits than to regular RRSPs, which increase with age
  • Contributions are fully tax-deductible to the company
  • Allow for significant past contributions
  • Investment income grows on a tax-deferred basis
  • Opportunity for spouse to participate in certain cases
  • Funds are safeguarded against creditors
  • Opportunity to make a deductible, lump sum contribution at time of retirement

IPP's are ideal for business owners and key executives who are earning six figures of T4 income from an active, incorporated company. IPPs are registered with the Ministry of Revenue for tax purposes, meaning like an RRSP, the income is taxed when withdrawn.

 

For business owners, IPP's offer significant advantages that might not otherwise be possible under a standard retirement savings plan.

 

 

Segregated Investment Funds

 

Segregated funds are an ideal investment vehicle for business owners. A segregated fund is simply a mutual fund that is issued through an insurance carrier.

 

Segregated funds offer the following valuable benefits for business owners:

  • Creditor protection
  • Maturity and death benefit guarantees
  • The ability to bypass probate

Many business owners are concerned with ensuring their personal assets are protected from creditors; a segregated fund offers this as a built-in benefit. Segregated funds have built-in maturity and death benefit guarantees, which means if the markets experience a downturn, you are guaranteed at your maturity date to receive 75%-100% of your initial deposit, regardless of the market value. At death, your investment transfers directly to your beneficiary, at the higher of the market value or 100% of your deposit.

 

The ability to bypass probate means that at death, the assets transfer directly to the named beneficiary, and do not form part of your estate. This ensures the privacy and confidentiality of the beneficiary, as well as the avoidance of estate taxes and probate fees on the assets transferred.

 

 

Virtual Banks

Virtual bank accounts are online, high-interest chequing/ savings accounts that are perfect for business owners who wish to get a little bit of extra return on their money, but who do not wish to lock-in their funds for any period of time. Virtual bank accounts allow for withdrawals and deposits without any conditions, while providing a high interest rate. These accounts can be accessed online, anytime, and can even be used for employee payroll.

 

 

Group Pension and RRSP's

As business owners know, extending the opportunity to save for retirement to employees is a great way to attract, retain and reward quality employees. At Ciccone McKay, we help businesses to implement and manage groups saving and retirement plans, such as pensions and group RRSPs.

 

We work with you to ensure the appropriate plan design, investment carrier, and investment funds for your particular company. It is especially important to us that your employees are provided the opportunity to learn about their plan through an employee meeting and ongoing access to qualified financial planners.

 

Please call us at 604.688.5262 for more information on how we can help you determine the wealth management strategy that will work for you.

 

Testimonials

  • I am now on the right path to achieving these goals…

    “As a business owner, Anthony has been my trusted advisor for the past 12 years, helping me make clearer, and more strategic and tactical decisions. He is one of the last people I talk to before I make any major decision regarding my personal or business finances.

    When I started working with Anthony, my long term goals included achieving financial freedom, accumulating wealth and preparing for retirement. With Anthony’s help, I am now on the right path to achieving these goals.

    The “Building a Balanced Financial Portfolio” approach that the Ciccone/McKay team uses is really a common sense approach to your financial life. If you apply these concepts, in 10 years I guarantee you will see results. It is this model, which can be applied to anyone, that helps you stay on track and keeps you disciplined to achieve your goals. I am confident that by working with Anthony and the Ciccone/McKay team, I will ultimately achieve my goals.” 

       - Anthony Kuschak - Vancouver, BC


  • They are always generous with their advice...

    “What sets Ciccone/McKay (Immix Group) apart from the others is their ability to understand the unique aspects of my business. They are so good at customizing programs that I am confident I have the best fit for my company. On top of that, they actively manage the program so that adjustments can be made along the way.

    The team at Ciccone/McKay (Immix Group) has great problem-solving skills and they always come up with creative options and solutions to problems. They’re just smarter than the rest!

    Their service is extremely good, they have great relationships with their suppliers, they offer competitive pricing and they are always generous with their advice.

    You couldn’t pay me to switch!”

       - Kelly Maxwell - Line 21 Media Services Ltd., Vancouver, BC
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We understand that the needs and concerns of business owners are unique, and require tailored solutions.

 

 

Contact Us Today

Email us at info@ciccone-mckay.com or call us: 604-688-5262

About Ciccone/Mckay

Ciccone/McKay Financial Group is an independent financial services firm with over 75 years of combined experience in the areas of risk management, wealth management and employee benefits.

 

We specialize in providing insurance and investment solutions for our clients, helping businesses, individuals and families grow, manage, protect and transfer their wealth.


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Contact Us

  • Ciccone/McKay Financial Group
    Suite 360 - 1095 West Pender Street
    Vancouver, British Columbia
    V6E 2M6

    604-688-5262