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Told through a series of increasingly frantic e-mails, E-Mails from the Edge traces the circuitous career of Constance Beaman, a middling middle manager at a multi-national corporation. She is bounced among a kaleidoscopic assortment of bosses, squeezed through the merger ringer, shaken by excruciating exercises in team building, and forced to exude passion against her will. Constance veers off her career path and into a series of outrageous acts that mock the corporation’s will to power.
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The Canadian Small Business Owner's Guide to Financial Independence
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The Canadian Small Business Owner's Guide to Financial Independence A comprehensive retirement and succession planning guide for professionals and small business owners
Barry and Mark McNulty
INSOMNIAC PRESS
Copyright © 2006 by Barry and Mark McNulty All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, without the prior written permission of the publisher or, in case of photocopying or other reprographic copying, a license from Access Copyright, 1 Yonge Street, Suite 1900, Toronto, Ontario, Canada, M5E 1E5. Library and Archives Canada Cataloguing in Publication McNulty, Barry, 1974The Canadian small business owner's guide to financial independence : a comprehensive retirement and succession planning guide for professionals and small business owners / Barry McNulty. Includes index. ISBN 1-897178-20-4 1. Retirement income—Canada—Planning. 2. Businesspeople— Canada-Finance, Personal. I. Title. HG179.M3667 2006
332.024'014'0971
C2005-907631-3
The publisher gratefully acknowledges the support of the Canada Council, the Ontario Arts Council and the Department of Canadian Heritage through the Book Publishing Industry Development Program. Printed and bound in Canada Insomniac Press, 192 Spadina Avenue, Suite 403 Toronto, Ontario, Canada, M5T 2C2 www.insomniacpress.com
Canada
We would like to take this opportunity to thank the team of people we work with for their support and understanding while we prepared this book. Their contribution was invaluable!
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We would also like to acknowledge the input of Ms. Susan Megson for her assistance in converting our experience and philosophical approach into this book.
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Table of Contents Introduction Chapter One: Goal Setting Chapter Two: Establishing Your Starting Point - Cash Flow Chapter Three: Establishing Your Starting Point - Net Worth Chapter Four: Introduction to Financial Independence and Transition Strategies Chapter Five: Financial Independence and Transition Strategies - Wealth Management Chapter Six: Financial Independence and Transition Strategies - Wealth Creation Chapter Seven: Financial Independence and Transition Strategies - Wealth Creation The Resource Gap Chapter Eight: Tax Strategies for Financial Independence and Transition Chapter Nine: Investment Strategies for Financial Independence and Transition Chapter Ten: Risk Management Summary Glossary of Terms Appendix Index
11 21 41 51 65
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185 211 217 246 264
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Introduction When I was young, I used to think money was important. Now that I am older, I know that it is. -Oscar Wilde In the course of your lifetime, you'll go through many types of transitions. They're a fact of life. Some happen naturally, such as the progression from childhood to adolescence to adulthood; others require decision making and appropriate follow through. When it comes to your business and your financial independence, taking the time and actions necessary