The Canadian Small Business Owner's Guide to Financial Independence: A Comprehensive Retirement and Succession Planning Guide for Professionals and Small Business Owners.

Ann Turner is Financial and Budget Manager at the University of British
Columbia Library.

When it comes to planning for retirement it is never too early to start. This is especially true for small business owners and self-employed professionals when their business is a major source of both their current income and the income that will be needed to fund an acceptable retirement lifestyle. Strategies for saving over the working years and decisions around the disposition of the business at retirement time require careful planning to ensure the maximum after-tax benefits for the owner. The starting point is the individual’s vision of what a comfortable and enjoyable retirement would look like. That leads to calculations of what retirement income would be needed to sustain that lifestyle, what the individual’s current financial situation is, and what realistic saving goals need to be set so that the necessary funds will be available when needed. This step-by-step planning guide sets out the process in detail, explores the advantages and disadvantages of alternative strategies, and recommends when the individual should consult financial and legal professionals for assistance. The language is straightforward and practical. It assumes only a basic understanding of finance, and includes an excellent glossary of specialized terms as well as worksheet formats for setting out cash flows, net worth calculations, and business plans for proprietorships and incorporated businesses.