BUSINESS AND INVESTMENT ADVICE FOR A WEALTHY VANCOUVER COUPLE

ADVISOR.CA – By Dean DiSpalatro

CLIENT PROFILE
Vancouver-based couple owns multiple businesses and holding companies but needs advice on restructuring, as well as guidance on long-term estate and financial planning.

THE SITUATION
Vancouverites Teresa Lin and Lyla Wong* (45 and 47, respectively) have started a series of businesses in the 20 years they’ve been together. And, because they’re not always related businesses (their empire spans everything from import/export to software development and specialty retail), they have a series of holding and operating companies grouping business lines that are, at least, similar.

THE EXPERTS
IAN BLACK
RFP, TEP, Financial Advisor, Macdonald, Shymko & Co. Ltd., Vancouver, B.C…

INVESTING FOR RETIREMENT
IB: For retirement, I like to have multiple sources of income for clients, rather than just saying everything is going to be saved in the holdco.

There still should be an RRSP, a TFSA, and other investment accounts that are completely removed from their business operations in case there’s a scorched-earth-type scenario with the business. Say one of them gets a disability and her involvement in the business was required to maintain its value: I would want to have some of their wealth removed from the business beforehand.

Still, given most of their revenue is generated within companies, it wouldn’t make sense to be drawing $1 million in salary a year. They would probably keep it within the corporate structure to maintain tax deferral. Click here to read the rest of the article.

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