Does the corporate structure meet your current needs?

I do not know why my corporation is set up this way

It is possible I am not maximizing all benefits of a proper set up

I am fairly confident it is structured properly but should probably check

My corporation is fully optimized for tax, income splitting, and wealth

How effectively are you using personal tax planning strategies, such as the lifetime capital gains exemption?

I am not aware of the lifetime capital gains exemption

I have heard of it but haven’t taken steps to use it

I used it already

I am using some tax planning strategies, but guidance would help

I am fully maximizing all available tax benefits

Are you using income splitting with family members?

I don’t know if I can income split

I am not using any income splitting strategies

I have considered income splitting but need to optimize it

I am using income splitting, but not to its full advantage

I am effectively maximizing income splitting opportunities

Do you understand the impact of US taxation if you do business cross-border or hold US tax ID?

This does not apply to me.

I have a US taxpayer ID but do not file with the IRS

I am unsure if I need to file or how it impacts me

I file, but I may be overpaying

My corporation is meant to protect me but may not be structured right

I am confident my business is fully structured to minimize US tax issues

If a family member is a US taxpayer (spouse or children), how prepared are you for tax implications in the event of a wealth transfer or taxable event?

I was not aware this could be an issue

I have family members who are US taxpayers, but I have no plan

I have considered the impact but need further planning

I have started structuring my finances to minimize tax issues

I am confident that I have fully optimized for US tax implications

Do you know how to best use corporate surplus for both wealth building and risk mitigation?

I don’t know if I have surplus or what to do with it

I have surplus but just keep it in the bank

I know I need to do something with my surplus

I have a plan but I don't know if it is good

I fully understand and optimize the use of corporate surplus

How well does your partnership agreement with shareholders protect you and your business

I own 100% of the shares of my corporation

We have a shareholders agreement but haven't reviewed it in years

We have an agreement, but need to update or clarify it

Our agreement covers most important business aspects, I believe

Our shareholder agreement is clear, current, and legal

If your family is involved in your business, are there agreements in place to protect you, your family members and any other shareholders?

My family is not involved in my business

The family's roles are not defined and/or no agreement is in place

There an informal plan for family, but no written plan or legal structure

The structure includes family but no formal agreements exist

Planning involves family; legal agreements ensure proper wealth transfer

Does your estate plan align with your business agreements and succession plan?

I do not have a will and/or estate plan

I have done no planning for the business separate from my personal will

My personal will and business shareholders agreement may conflict

I am pretty sure my will and shareholder agreement are mostly aligned

My will is up to date and management/shareholders have a succession plan

How prepared are you to transition your business in preparation for retirement and retirement income?

I have no plan for succession or retirement income

I have thought about it but have no concrete strategy

I have a rough plan for succession but no plan for retirement income

My plan covers both succession & income but need to mitigate tax risk

A well-structured and actionable transition plan is already underway

Is your business prepared in the event of a sale or a business transition?

I have not considered selling my business

I may want to sell but have no preparations in place

I have started preparing but it still needs work

My business is mostly ready for sale I think

My business is structured for smooth transition; my own tax structure is too

Have you removed all personal assets from the corporation in preparation for a transition?

I have not actually thought about that

Some personal assets are still tied to my business

I have started the process but need adjustments

Most personal assets are removed, but I need a final review

All personal assets are fully separated from the business

How well prepared are you with a financial plan designed for a business owner?

I do not have a financial plan

I have a basic plan but need a better strategy

My plan is in place but needs regular updates

I have a strong plan with some areas for improvement

My financial plan is comprehensive and regularly updated

How effectively do you communicate your business vision and goals to employees?

My business goals are personal; I do not share those with employees

I share some goals, but communication is inconsistent

I communicate goals but need more clarity and structure

My employees understand the business goals well

My employees are fully aligned with and engaged in our business vision

How well do you recognize and address business growth opportunities?

I don’t actively seek growth opportunities

I see opportunities but rarely act on them

I sometimes capitalize on opportunities but inconsistently

I actively seek and take advantage of opportunities

I identify opportunities and maintain financial capacity to leverage them

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