Legal & Financial Planning for Business Owners | Safe Pacific Podcast ft. Steve ParrBook a meeting: https://safepacific.com/discovery-schedule/Read the blog: In this episode of the Safe Pacific Podcast, we’re joined by Steve Parr, lawyer, entrepreneur, and founder of Parr Business Law. We dive deep into the legal and financial strategies that business owners can use to build wealth, protect it, and pass it on effectively.This episode is packed with advanced insights on:Corporate structuring (OpCo–HoldCo–Trust)The Lifetime Capital Gains ExemptionEstate freezesDiscretionary family trustsShareholder agreements... and how all of this ties into tax efficiency and long-term succession planning.If you're a Canadian business owner planning for the future, this episode could save you millions in taxes and years of complexity.⏱ Timestamps00:00 – Intro: Why this topic matters04:40 – How legal + financial planning work together05:11 – Steve Parr’s background as a lawyer and entrepreneur06:14 – What Parr Business Law does: Corporate & estate planning07:18 – Lifetime Capital Gains Exemption (LCGE) explained08:55 – How to qualify for the LCGE (3 tests)10:00 – Structuring for tax efficiency with family members11:08 – Why HoldCos don’t qualify for LCGE11:42 – Using preferred shares & family trusts to multiply exemptions12:45 – How to keep cash flowing through a trust to a HoldCo14:25 – Signs it’s time to set up a HoldCo or trust15:29 – The 2-year LCGE clock & why timing matters16:40 – When retained earnings justify more complex planning17:47 – Real-world tax savings through proper structure18:52 – Why LCGE exists: Incentivizing entrepreneurship19:54 – What goes wrong: Clients waiting too long to plan21:00 – Canadian vs. American trust rules22:07 – Estate freezes explained (Section 86 rollover)28:42 – Using life insurance to cover future tax liabilities29:46 – The value of full disclosure to advisors30:50 – The big 3: Will, Power of Attorney, Representation Agreement34:00 – Why people avoid estate planning (and why that’s dangerous)35:34 – The power of having tough conversations early36:37 – Letting the kids "figure it out" = a bad strategy37:42 – Testamentary trusts for minor children39:51 – Business POA vs. personal POA40:25 – Secondary “business will” to avoid probate41:30 – What probate actually means for your company43:06 – Succession will happen—with or without a plan44:45 – Aligning financial and legal tools46:56 – Insurance: the logical next step in the plan48:28 – Why shareholder agreements are critical (4 Ds: death, disability, divorce, disagreement)53:52 – Valuing private company shares55:25 – Why internet templates don’t work for shareholder agreements56:28 – Key provisions to get right (e.g. Capital Dividend Account)58:24 – Final thoughts: Just get started🧠 You’ll LearnHow to structure your business for tax-efficient growthWhen and why to set up a family trust or holding companyHow to protect your family using estate planning & life insuranceWhat to include in a shareholders’ agreement (and why templates can backfire)How to multiply the Lifetime Capital Gains Exemption across your family🎙️ Guest:Steve Parr, Founder of Parr Business Law🌐 https://www.parrbusinesslaw.com📺 Parr Business Law on YouTube📍 Presented by Safe Pacific FinancialWe help Canadian business owners grow and protect wealth through insurance-based strategies and corporate planning.🌐 https://www.safepacific.com📌 Subscribe for more Canadian wealth & business strategies.👍 Like the episode if it helped you — and leave a comment with your thoughts!GET STARTED NEXT STEPS https://safepacific.com/discovery-schedule/SUBSCRIBE https://www.youtube.com/safepacific?sub_confirmation=1INSTAGRAM https://www.instagram.com/safepacific/LINKEDIN https://www.linkedin.com/company/safe-pacific-financial