Tre Bynoe

10/05/2023

Your ability with personal finance does not define your intelligence. 🎓
It's a skill. For some, it comes naturally; for others, you must learn it. Some people have to deal with social pressure from family, and others expect more from their income than is reasonable. For all the planning I can do, tax efficiency means nothing if you spend more than you earn. 💸
Unfortunately for corporation owners, this is an even greater trap! Your company had a million dollars of sales? Great, 200k of that is profit. Once that comes to you personally, 70k goes to tax, and thats before you save a penny for anything else. Save 20% of your income for basic retirement? You have $100,000 left. Don't get me wrong, thats still a great income. But not when you spend your days writing checks for 50k in the business.
On top of learning the basics of personal finance as a corporation owner, you must learn to separate yourself from the business. ⭐
What's best for the business may not be what's best for you, and vice versa.

09/22/2023

🌟 Clearing the Fog: Your Questions Answered about the New FHSA Plan! 🌟

📢 I've received many questions about the new First Home Savings Account (FHSA) plan. So, let's dive straight into the main points to shed some light on this💼🔍

🏡✅ Qualification: To participate, you must be a "First Time Home Buyer."
💰 Savings Potential: Save up to $40,000 in an FHSA.
⏰ Contribution Limit: You can contribute up to $8,000 per year. Any unused room carries forward.
💼 Tax Benefits: FHSA contributions reduce taxable income, just like RRSPs.
🕒 Timeframe: Utilize the FHSA within 15 years.
🔄 Flexible Options: Unused FHSA savings can be transferred to an RRSP or withdrawn as taxable income.

🌟 Contribution room starts to accumulate only once the plan has been opened 🌟

💡 Still have questions? Don't hesitate to reach out! The CRA has a good resource, as does getsmarteraboutmoney.ca

https://www.getsmarteraboutmoney.ca/invest/savings-plans/how-the-first-home-savings-account-fhsa-works/

09/14/2023

People tend to have defining traits that make them who they are. For some, it's a sport they love.⚽
For others, it might be the garden they tend to. 🌷
For me, it's my love of learning. If you are passionate about something and willing to teach me, I am willing to learn.
I'm always learning new things, even in subjects im extremely familiar with. I was talking to an accountant the other day and learned something new.
Did you know if you have a corporation on death, the corporation may be able to give you $10,000 tax-exempt? 💰
I didn't know that. I learned something new that day; I went home and researched it —a successful day, in my opinion.

09/05/2023

In business, unexpected turns can be brutal. ⛈ The consequences of not planning ahead are profound:

📉 Lost Revenue: Failing to prepare for the unexpected can result in substantial revenue loss, derailing your progress.

📢 Reputation Damage: Your reputation could take a hit, tarnishing the trust you've built with customers and stakeholders.

🔄 Recovery Roadblocks: Without a plan, recovering from setbacks can be an uphill battle, delaying your return to normalcy.

Choose foresight over uncertainty. Planning for contingencies with emergency funds, insurance, and business continuity strategies ensures you're equipped to handle the unforeseen with resilience. 🛡

09/04/2023

🔮 Future-Proofing Your Business: Strategies for Navigating the Unexpected

In the realm of business, the unexpected is a certainty. 🌀 The key is to be prepared. Here's where you start:

🌪 Contingency Planning: Craft a roadmap to navigate through unexpected events like storms, market shifts, or economic downturns. Yes, plan for actual natural disasters.

🌐 Emergency Fund: Build a financial cushion to weather unexpected storms, ensuring operational continuity during tough times.

🛡 Insurance Coverage: Shield your business from risks by investing in the right insurance policies tailored to your industry and needs.

Be ready for whatever comes your way. By planning for the unexpected, you empower your business to thrive even amidst uncertainty. 🚀

08/29/2023

Starting a business requires 100s of choices; some are easier than others.
One of those choices is the corporate structure. An easier way to think about it is, "How does the law see my business?"
Ive tried to simplify it a little. Let me know if you think ive missed something that should be part of a two-sentence explanation!

Partnership: The business is like a group project in school - Sometimes, the workload is equal; sometimes, you are the smart kid who does most of it, and sometimes, you are just trying to recover from the night before. Responsibility is shared, but sometimes not equally. If the project fails, it is everyone's fault to some degree.

Sole Proprietorship: It's you. You are 100% responsible. If the project fails, it's on your shoulders.

Corporation: You have created life! The company is its own person. You can direct the company, you can own the company, you can control the company. But you are not the company. If the project fails, it's on the company.

Oh, and did I mention that a corporation can be owned by another corporation that can be held by a trust while also being owned by another corporation owned by a person? No? Haha, you get the point. It can get complicated quickly, so before you decide, look at where you want to go and choose accordingly.

08/29/2023

🏢 Choosing the Right Business Structure: Navigating Liability, Taxation, and Ownership

When setting up your business, selecting the proper legal structure is a crucial decision that can shape your path to success. The structure you choose impacts factors like liability, taxation, and ownership.

🤝 Partnership: Partnerships offer flexibility and shared responsibilities. Liability can be limited or unlimited, depending on the type.

🔍 Sole Proprietorship: Simple to establish but exposes you to unlimited personal liability. Your personal assets are at risk.

🏦 Corporation: Can offer liability protection, shielding your personal assets. However, it might face double taxation due to corporate and personal taxes.

Remember, your choice should align with your business goals, risk tolerance, and tax situation. A well-informed decision can pave the way for a secure and prosperous future. 🌟

04/06/2022

"Hey Google, how much does it cost to see a financial advisor?"

I never fault anyone for asking this question. It seems ridiculous that a financial planner might expect less since we're helping you manage and make the most out of your money.

In this blog, I broke down three ways a financial planner or advisor will get paid for their services:

» Commission based
» Fee-based
» Fee-for-service based

Each advisor will charge a different amount, but this should give you an idea of the structure. I'm very transparent about my fees and how much I charge, so feel free to reach out if you have questions or go to my website's "Services" page to learn more.

If you’re searching this, you’ve likely done your research and understand anyone can call themselves an advisor, but there are qualifications you should be looking for if you’re in a place where you have generated wealth. The next obvious question is, “how much is it going to cost me?”

03/25/2022

According to FP Canada, money is still the #1 source of stress for Canadians. 😣
I want to open the floor for discussion—are you stressed about money/your finances?

If you aren't, what tips do you have to share that helped you alleviate your stress? Here are a few things that have helped my wife and I and clients I've worked with over the years:

• Budget. 💳 I'll say it 100 times. It doesn't have to be a daily struggle to keep a budget. Once you know your numbers, you can set it in one hour for the entire year.

• Plan. 📝 No one wants to think about the worst-case scenario, but we all do it and know the inevitable will happen. Plan for it to give yourself peace of mind.

• Be accountable. ✅ Find someone—a friend, family member, or your advisor to help keep you accountable with your finances.

I'd love to hear your thoughts and feelings on this topic! Do you feel stressed over money, or do you feel confident in your finances?

03/15/2022

Can you invest just $200 a month?

Yes, maybe I'm a little nerdy, but compound interest is awesome. 🤓 The ability for time to create wealth can't be understated! 📈

This infographic touches on why investing early can be so critical. If you look at Investor A, who I'm going to refer to as Samantha, you'll see they invested $200 per month from ages 25-35 and then stopped investing.

Investor B, who I'll refer to as Frank, starts at age 35 and invests TRIPLE the amount Samantha has done over 30 years. The result? Samantha's portfolio value is worth more than Frank's by age 65. 😲

It's never too early to start. Even if you think the amount you're investing isn't enough, it can still make a massive impact over time.



https://advisor.visualcapitalist.com/the-top-investment-quotes-every-investor-should-know/

03/08/2022

With all the attention on the achievements of women today, I wanted to stress the importance of both partners having a part in the family's finances.

I've met many couples who have a "designated financial person." Here are a few reasons why including both parties is so important:

1. While it's typical to have one person lead the family finances, it can be added stress on an already difficult situation if the spouse who took care of finances passes away.

2. It can cause marital strife when both parties don't discuss or agree on goals.

3. The spouse who doesn't fully understand the family's financial situation can feel insecure and unsure about the future. It can also lead to anxiety over where money is going, the end goals, and what they would do if the other spouse passed.

I'm sure it won't come as a surprise that I take the lead in our family's finances, but I ensure Seese has a complete understanding and is part of the decision-making process. At first, she wanted to run every time I said the word "budget," 😂 but now finances are something she feels very comfortable with and even takes the lead in some aspects of it. My next goal is to get Seika to contribute. 🐶

I hope this post inspires you to make finances an open conversation between you and your spouse today!