What to do after selling your business
The contract is signed. The cheque is cashed. Your business has been sold or you’ve been given a golden handshake. Now what?
It’s a question many former company owners have a tough time answering. Whether you’re looking to sail around the world, start a new enterprise, or spend time with your family, you must now figure out what to do with your money—and with your life.
Here are 13 things business owners should do after leaving.
- Relax
Shifting gears in a rush increases the likelihood of missteps, financial and otherwise. Take some time to reflect on what’s happened, and what’s to come. You don’t need to accomplish everything at once.
- Define your goals
Do you want to spend time with family? Travel? Get involved in a charity or a community cause? Start a new business? Write it down.
Twelve key documents you need to gather
By Brenda Spiering, Editor,BrighterLife.ca
Can you imagine what would happen if you died and your beneficiaries didn’t know where to find your will? Or your money?
It happens all the time according to Jim Yih, author of the personal finance blog, retirehappyblog.ca: “When someone dies, there are a whole bunch of questions that need answers but the only person with the answers is not here anymore.” You really love your family and friends, says Yih, so take the time to get your estate organized so you don’t leave them with a big mess to sort through during such an emotional time. Read more 
What dual citizenship can mean for your taxes
It comes with perks such as job mobility and voting rights, but dual Canadian-American citizenship is double the work when tax time rolls around.
There are approximately one million U.S. citizens living in Canada, according to Statistics Canada. They face extra financial planning considerations — especially during tax season in both countries. The United States imposes taxes on its citizens based on worldwide income, not just income earned in the U.S. With a few exceptions, a Canadian tax bill is generally higher than a U.S. one — which typically means no additional tax is owed south of the border, thanks to a tax treaty between Canada and the U.S. Read more
Four mortgage rules you need to know
There’s a lot to consider when applying for a new mortgage. Just because you can afford the price tag doesn’t mean you’re home safe.
It is to state the obvious to say that buying a home is among the most important financial moves you will ever make. Still, too many of us make these decisions (sometimes more than once in our lives) without the benefit of professional advice and careful research. “The excitement of buying a home is sometimes overwhelming,” said Kirk Bacon, chairman of the Mortgage Broker Regulators’ Council of Canada (MBRCC) in an interview with me this week. His organization has published a useful new pamphlet titled Know Your Mortgage Risks & Responsibilities. Read more
