Business Succession Planning
As Canada celebrates Small Business Week, it's an opportunity to remind business owners of the benefits of tax, retirement, and estate planning.
The successful transition of small businesses is crucial to the Canadian economy, with small and medium-sized businesses making up 48% of Canada's GDP and providing 63.7% of private sector jobs.
- 98% of Canada's 1.1 million businesses have less than 100 employees.
- A 2022 national survey by the Canadian Federation of Independent Business (CFIB) found that 76% of Canada's business owners plan to exit their business within the next decade.
This highlights the importance of planning for business succession.
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Author's summary: Business succession planning is crucial for Canada's economy.