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

Wealth Multiplier Podcast | "How Smart Canadian Business Owners Invest" with our guest Suzi Park of Harness Investment ManagementIn this episode of the Wealth Multiplier Podcast, we’re joined by Suzi Park, CFA Certified Financial Analyst and Portfolio Manager at Harness Investment Management, to explore what Canada’s top-performing business owners are doing to grow and protect their wealth.We dive deep into how Harness helps incorporated business owners, families, and professionals manage their investments with a strong focus on tax efficiency, private market access, and custom portfolio construction - all built on a modern, digital-first platform.Whether you're sitting on retained earnings in your corporation, looking for access to private investments, or want a better investing experience backed by top-tier expertise - this episode is for you.---Want to start investing with us?Schedule a call at https://safepacific.com/discovery-schedule/---What you’ll learn in this episode:- Why Safe Pacific works with Harness and how the partnership benefits our clients- How to invest retained earnings from your corporation with purpose and precision- What “private investments” really are - and why they matter- How tax efficiency can dramatically boost long-term wealth- What to expect when you open an account with a modern portfolio manager- The difference between core and focus strategies (yes, there’s a cake analogy)- How the investment process works from onboarding to long-term management- What Canadian business owners should look for in a portfolio managerSchedule a Discovery meeting here: https://safepacific.com/discovery-schedule/Full article here: https://safepacific.com/podcast/portfolio-manager-from-harness-investment-management-the-wealth-multiplier-podcast/Wealth Multiplier Book: https://safepacific.com/wealth-multiplier-book/LinkedIn: https://www.linkedin.com/company/safe-pacific-financialInstagram: https://www.instagram.com/safepacific/

Ever wondered how the wealthy use life insurance as a tool for financial security, tax planning, and wealth transfer? In this episode of the Wealth Multiplier Podcast, we sit down with Vince Cardella, a financial industry legend with 35+ years of experience in high-level insurance and estate planning.

What You'll Learn in This Episode:

✅ The History of Insurance & Risk Management – From ancient Babylon to modern financial planning.

✅ How Business Owners & High-Net-Worth Individuals Use Life Insurance – Beyond just a death benefit.

✅ Estate Planning & Tax-Efficient Wealth Transfer – The power of life insurance in minimizing tax liabilities.

✅ Corporate-Owned Life Insurance & Capital Dividend Accounts – How businesses can leverage life insurance for tax-free distributions.

✅ Mistakes to Avoid When Structuring Life Insurance for Wealth Planning – What many advisors get wrong and how to do it right.

✅ Defensive vs. Offensive Insurance Strategies – How to use insurance not just for protection, but for growth.

✅ Using Insurance as a Wealth-Building Tool – Leveraging policy cash values for financing, retirement, and succession planning.

About Our Guest: Vince CardellaVince has had an illustrious career in the financial industry, helping shape Canada's insurance landscape. He was part of Standard Life’s original Universal Life product design team, served as an estate planning specialist at RBC Dominion Securities, and has advised some of the largest tax and wealth preservation strategies in Canada. Today, he works with accountants, lawyers, and family offices at Promerita Strategic Wealth, guiding business owners and high-net-worth clients through complex financial structures.

Key Takeaways:

The biggest financial risks business owners face & how to mitigate them.

How buy-sell agreements & business succession planning work with life insurance.

Why Canada has some of the best insurance structures in the world (and how to take advantage of them).

How to use permanent insurance strategically instead of just buying term policies.

The common financial planning mistakes even successful entrepreneurs make.

Want to take control of your wealth strategy?

Connect with us at [SafePacific.com/contact] to book a call with our team.

In this episode we talk to Gagan Sivia, a CFP, CGA, accounting teacher at BCIT and director of finance & analytics at Azure Properties Group. Join us as we sit down and discuss and Gagan shares her expert insights on setting students up for lifelong financial success, guiding you through the critical stages of property development. In this episode, we cover: **Stages of Property Development**: Learn the step-by-step process and timeline for developing a property. Development Costs Breakdown: Discover why over 30% of development costs go to fees and the reasons behind these charges. **Impact of Capital Gains Changes**: Understand how recent changes in capital gains are affecting property development and affordability. **CFP's Perspective on Capital Gains**: Hear from a Certified Financial Planner about the implications of these changes. **Financial Literacy**: Discuss the importance of teaching financial literacy and how it can transform communities. Rising Interest Rates: Analyze the effects of rising interest rates and explore potential solutions for lowering them. **Life Insurance and Capital Gains**: Learn why new capital gains changes might make life insurance a smart investment. **Investing with Azure Properties**: Get insights into how investing with Azure Properties works and meet the dedicated Azure Team. Don't miss this comprehensive discussion that blends expert advice, practical tips, and strategic insights to help you navigate the financial landscape and drive positive change in your community. Whether you're a seasoned investor or just starting, this episode is packed with valuable information you won't want to miss. Subscribe for more episodes that empower you with knowledge to grow financially and make a lasting impact. Leave a comment with your thoughts and questions!

In this episode we talk to Krista Simon, a 20 year lawyer and Partner at Hammer Co. Lawyers. She leads the team in Estate Litigation Division.

Join us as we sit down and discuss some of the mistakes people make when setting up their estate that can lead to disputes but also the fact that even with no mistakes there can still be disputes and we cover some really interesting cases that happened right here in Canada.

In this episode we talk to Damon Steele, a Partner, the Director of Partnerships, and Mortgage Broker at Pilot Mortgage Group. With the rising rates of interest, we talk about what’s on a lot of people’s mind… how is that going to affect their mortgage? Join us as we sit down and discuss the realities of mortgages and how soon you should get one as an incorporated business owner.

In this episode we talk to Chris Thompson - Advanced Case Consultant from Equitable Life of Canada.

We talk about topics like how to pass down a business to your children, policy loans and how Jim Pattison used a policy loan from his life insurance to start his business, we talked about how to get money out of your business and not pay the 50% in taxes, all that and much more on this month’s episode of the Wealth Multiplier Podcast.

We had the wonderful opportunity to interview Equitable Life’s tax and estate planning consultant, Bryan McNulty. Bryan is on the national estate and tax planning team at Equitable. Please enjoy and let us know what you think.