100 Year Company Blog
George stirred his coffee idly, “This time last year I was in Florida” he said. The business owner was sitting in front of me as we concluded our lunch meeting. “I remember we were having terrible weather, rain and cold…I recall thinking ‘I gave up a week at the office for this’”
I was distressed this summer by the federal government’s announced plans to change the income tax rules to eliminate the “unfair tax advantages” received by business owners. Distressed enough to write to the Minister of Finance and ask him how the government defined fairness; (I have not received a response yet). Was there a formula known in Ottawa that had escaped my attention? How did indexed defined benefit pensions enjoyed by the bureaucrats developing this “tax fairness” legislation weigh in the formula?
The value of regular savings was illustrated some years ago when an elderly gentleman came into my office and told me how he turned a bad habit into a small fortune.
For many years I have been volunteering at a program called Summer Company. This program, sponsored by the Province of Ontario and managed by the City of Niagara Falls, allows students the opportunity to run their own business for a summer. One stipulation is that the “entrepreneur” must be returning to school in September, either high school, college or university.
Last week I sat in our mentor meeting with the eight students from this years Summer Company. I was struck by a few things:
Increasingly in client meetings, the discussion of plans for parents comes to the surface. It usually centres on how to factor needs and finances of the parents into the financial plans of the baby boomers who are now approaching retirement themselves.
It’s an emotional subject and, sadly, often avoided until a crisis occurs. That is a shame and can be expensive. The key is communication. Someone must start the dialogue, either the parents or the children.