Company finances


 

• I'll consult an expert for help developing market research and creating a business plan and a cash-flow forecast.
  
  
• To finance my company or for start-up funding, I can contact the following organizations:
   
  • Desjardins Business Centres
  • Desjardins Venture Capital
  • Business Development Bank of Canada
  • Investissement Québec – Québec
  • Business Service Centre - Ontario
    
     
• I'll find out from my representatives at each level of government (federal, provincial and municipal) whether I qualify for special business start-up programs or grants.
  
  
• To find out about the appropriate tax measures for my company, I can consult the Canada Revenue Agency and, as needed, fiscal measures of Quebec or the Ontario taxation info-guide. I may be eligible for tax credits. 
  
   

Personal finances


 

• Am I financially capable of starting up my own business without risking my family's financial security? In addition to a business plan, I'll draw up a personal balance sheet and personal budget and talk to my financial institution and my accountant.
  
  
• To ensure my family's financial security until my business becomes profitable, I can refer to the savings and investment products section to learn about making sufficient investments for my reserve fund.
  
  
• To avoid risking future projects and minimize my tax bill, I'll contribute to an RRSP. I'll use the simulator to calculate how much tax I'll save with my RRSP contribution.
  
  
   

Protecting and maintaining my standard of living


 

• I'd like to take out insurance for myself, my family and my employees that offers comparable coverage to group insurance plans. I'll learn more about the products available through Desjardins Financial Security:
   
  • Group insurance coverage and group insurance plans for self-employed workers and small businesses. Whether I'm a self-employed worker, a contractor or the owner or a well-established company, these products are the ideal choice if I don't have a lot of employees.
  • Even better, in some cases, premiums payable are deductible from the company's income!
    
     
• To fund the buyout of shares in the event of the death, disability or critical illness of a partner and minimize the tax bill without putting the company at risk, I'll ask a representative about universal life insurance. Universal life insurance is a product designed for business people. It can be used as a business succession planning tool and allows me to create a reserve fund to manage situations that may arise.
  
  
• A buy and sell agreement will protect my company should I become disabled or critically ill. But how can I offer the same protection to my family under these circumstances?
  
  
• If I am unable to perform my duties at the company due to a disability or a critical illness, a replacement must be found. Will my company be in a position to pay a new employee? I'll protect my income by taking out disability or critical illness insurance.
  
  
• In the event of my premature death or the premature death of one of my loved ones, I'd like to protect my family from financial hardship and maintain their quality of life. To do so, I could add to my insurance portfolio:
   
  • Life insurance
  • Health insurance
  • Disability insurance
    
     

Other related sections


 

• I consult the section I need advice tailored to my situation to see examples of similar situations and obtain practical advice.
  
  
• I use the simulators to decide what types of life and health insurance would be best for me.