Credit Union 2017 Budget Summary
March 22, 2017
Marc-Andre Pigeon, AVP, Government Relations, Canadian Credit Union Association
The 2017 federal budget is perhaps most remarkable for what it does not say. For example, the budget does not advance any proposals in relation to postal banking, an idea floated early in the Liberal government mandate and which CCUA put considerable effort into challenging. Similarly, as discussed below, the budget does not propose any major new changes to tax policy despite considerable speculation to that effect in the lead up to the budget.
Q: As a business owner, why is it important to plan for business succession?
A: Most entrepreneurs are passionate about their business and get so caught up in day-to-day operations, they don’t think about what needs to be done if they ever had to stop working unexpectedly.
Many business owners have no plans to deal with contingencies in the case of an illness or a sudden death. A prudent exit strategy focuses not only on planning for the owners’ retirement, but also on making provisions for business continuation in the event the owner can no longer work or passes away.