Part 3: Financial Planning Business Owners & Farmers

Transcription

1 Financial Planning Fact Finding Sheets ts Part 3: Financial Planning Business Owners & Farmers If you are a shareholder in a private company or own a farm property, additional information is required so that we might incorporate this into your total financial plan. In order that we might complete this aspect of your plan, the following additional information is required: Articles of incorporation Unanimous shareholders agreement Buy/sell agreement Latest balance sheet/financial statements Thank you for your time! The Omell Financial Group, CIBC Wood Gundy Penny Omell, M.Ed, CIMA, FCSI, CIM Vice-President, Investment Advisor Ronald P. Omell, B.Admin, CIMA, CFP, FCSI, CIM First Vice-President, Investment Advisor CIBC Wood Gundy is a division of CIBC World Markets Inc., a subsidiary of CIBC and a Member of the Canadian Investor Protection Fund and Investment Industry Regulatory Organization of Canada. If you are currently a CIBC Wood Gundy client, please contact your Investment Advisor. Clients are advised to seek advice regarding their particular circumstances from their personal tax and legal advisors. Insurance services are available through CIBC Wood Gundy Financial Services Inc. In Quebec, insurance services are available through CIBC Wood Gundy Financial Services (Quebec) Inc.

2 A Financial Planning Business Owners Please complete only if this applies to you. 1. Registered Name and Address of Business: 2. Description of Operations: 3. Fiscal Year End: 4. Organization: Proprietorship q Partnership q Corporation q Date of Incorporation: Partners Date of Birth Relationship Percentage How Active in (dd/mm/yy) to You Ownership Business? Common Preferred Number of Shares Issued: Number of Shares Held by You: Number of Shares Held by Other Shareholders: Other Shareholders Name(s): 5. Valuation: Original Value of Business (Adjusted Cost Base) Current Value of Business Estimated Growth Rate of Company Over Next 10 Years or per year 6. Plans for Disposition of Business While Living: Has any gift or sale of business been made? Yes q No q If yes, to whom and when? Do you intend to retain control until retirement? Yes q No q

3 A Financial Planning Business Owners (cont.) 7. Start-Up Date of Business: 8. Business Premises: Owned q Leased q If owned, in whose name? If leased, in whose name? Location of documents: 9. Plans for Disposition of Business Upon Death a) Is business to be continued after death by: Trustee q Family q Key Person q Business Associates q Other b) Location of Agreements: Partnership Franchise Buy and Sell Agreement Trust Most Recent Financial Statements c) Other Plans or Wishes: 10. Key Personnel: Name Position Date of Birth (dd/mm/yy) Total Income Total Number of Employees in Company: 11. Company Benefits: Group Life Plan q Group Health Plan q Group Disability q Pension Plan q 12. Have you used the 500,000 capital gains exemption on small business shares? Yes q No q

4 B Financial Planning Farm Owners Please complete only if this applies to you. 1. Business Address: 2. Type of Farming Operation: 3. Organization: Proprietorship q Partnership q Corporation q Date of Incorporation: 4. Distribution of Ownership: Name Relationship to You Percentage owned How Active in Business Valuation of Farm Property: Livestock Machinery F arm Buildings Market Quotas Grain Other (please specify) Total Value of Incorporated Farm Assets: Total Value of Non-incorporated Farm Assets: Current Value Valuation Day Incorporated Value of Cost (Yes or No) 6. Business Liabilities: Credit Union Loans Income Taxes Bank Loans Accounts Payable Other Liabilities Total Liabilities

5 B Financial Planning Farm Owners (cont.) 7. a) Business Personnel: Key Personnel Date of Birth (dd/mm/yy) b) Benefits: Yes q No q Group Life Plan Profit Sharing Plan Pension Plan 8. Plans for disposition of farm property while living: Has any gift of farm property been made? Yes q No q If yes, to whom and when? Do you intend to retain control until retirement? Yes q No q 9. Plans for disposition of farm property upon death: a) Is farm to be continued after death by: Trustee q Family q Key Person q Business Associates q If one of the above, please elaborate: If not, what will occur? b) Existing Agreements (please submit if applicable): Partnership q Buy / Sell q Trust q Sharecropping/Leasing q c) Other plans or wishes: 10. Have you used the 500,000 capital gains exemption on qualified farm property? Yes q No q 11. Do you have Business Life Insurance in place?: If yes, explain: