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, especially as the population ages and business owners retire.
- Small and medium-sized businesses make up 48% of Canada's GDP.
- They provide 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.
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Author's summary: Business succession planning is crucial for Canada's economy.