Wayne Baxter
Hello and welcome to the Three Questions podcast, where we dive deep into the world of wealth management and connect you with industry experts. I'm your host, Wayne Baxter, senior executive manager at One Capital Management. Are you or someone close to you, a Canadian entrepreneur looking to expand your business? If so, stay tuned. We're going to address the three questions entrepreneurs should ask about expanding their business while not compromising the cash flow.

Wayne Baxter
Thank you for taking time to check us out. And if you enjoy this episode of the three Questions podcast, please consider liking this video and subscribing to our podcast and YouTube channels. Being an entrepreneur can be incredibly rewarding. I personally, I love entrepreneurs. Well what? And again, what being an entrepreneur does is it allows you to turn your passion and your ideas into a tangible reality while creating value for others.

Wayne Baxter
And it offers the freedom to chart your own course, solve meaningful problems, and experience personal and financial growth. Like journey, though challenging, brings a profound sense of accomplishment and fulfillment. Today, we're going to focus on one of those challenges as we address the three questions entrepreneurs should ask about expanding their business while not compromising their cash flow. Joining us from Beautiful Vancouver, British Columbia, is missing virus, which is a senior partner with Custom Plan Financial Advisors.

Wayne Baxter
And what she does is specialize in formulating comprehensive cost and tax effective risk mitigation plans. It's a mouthful, but she's an expert with her team of experts machined structures, financial maps, ensuring personal and corporate risk and taxes are relieved. And I'll say this in my opinion. Micheline is one of the preeminent insurance specialists in all of Canada. And I really I know how busy you are.

Wayne Baxter
I really want to thank you for making time to join us today. Great to see you.

Micheline Varas
I just see you, too. And thank you for the kind introduction.

Wayne Baxter
Well, well, you know, I mean, we actually go back about. I hate to say this, I guess some 20 years, almost.

Micheline Varas
Yeah. About that. Yeah.

Wayne Baxter
I'm back in my Ipsy days. You, you know, we on previous street. This is an episode you were on. Obviously, we've highlighted many topics. Canadian entrepreneurs need to consider when you're expanding or doing business in the US. And I included transfer pricing, building good working relationships, protecting their reputations. And our sales also talked about sales tax.

Wayne Baxter
And just for those listening, and I would encourage you to check them out. You can find them, on our website or, on your Apple or Spotify podcast. Tools that you use. Today, what we're going to do is we're going to dig into cash flow strategies that entrepreneurs can use to expand their business.

Wayne Baxter
So we're going to be a little bit technical today. But I mean, just from your perspective, you know, maybe you can just share a little bit on your thoughts in terms of, you know, the strategies that people can use and how and how they can be effective.

Micheline Varas
Now you're talking about expanding a Canadian business and to the US. Yes. Well, many look to doing that. And it actually involves several steps ranging from business structure to tax planning. So I think individuals need to really carefully consider how they set up operations in the US to optimize tax situation. More importantly, to avoid double taxation and to take advantage of tax treaties, which maybe changing with, the new regime, but for the time being.

Micheline Varas
Right. So, when we speak about financing and expansion, you can use capital in your Canadian business to fund that expansion. And there are quite a few different ways of doing that. Now, I'm an insurance geek, so I will speak to that, but that's not the first and foremost answer. You can look to debt financing. So you could loan funds from a Canadian business to a U.S subsidiary.

Micheline Varas
Now that may be beneficial if the U.S subsidiary can deduct interest expenses on the loan. Another consideration could be equity financing. So your Canadian business can provide equity to its U.S subsidiary, by purchasing shares. But then that could also lead to, potential double taxation, of the profits. So you'd have different tax implications other than just debt.

Micheline Varas
And then what I said, I wasn't joking. I am a bit of an insurance, just.

Wayne Baxter
A bit of an insurance geek.

Micheline Varas
Right? I, I.

Wayne Baxter
Recently.

Micheline Varas
And I like to use, insurance. Not necessarily for what it what most people think that it does. Meaning the benefit that it provides upon that. So I, I like to use it for all of the things that you can play with and look into its benefits while you're still walking this planet. So, while there's nothing in life that's free, sometimes costs that are paid into insurance are low relative to the benefits that are incurred.

Micheline Varas
So in this situation, it may actually be prudent to consider a vehicle. Now, this vehicle happens to be and then have an insurance wrapper, in which monies are invested. So in this case it would be corporate retained earnings are invested in this vehicle but then immediately borrowed back. And they're borrowed back by the Canadian operation to be used for its development and its further, investment.

Micheline Varas
So in this example it would be to start up a US subsidiary. So it not only allows for life insurance to be purchased without reducing any available cash flow, but particularly in corporate situations, it gives access to retained earnings, can be that can be reinvested appropriately.

Wayne Baxter
You know, we were talking before we went on the air and and you just basically reaffirmed by comment and as you know, I'm going to use the home cheap a Home Depot analogy again, if you don't mind. So, you know, friend of mine told me many years ago, he said, you know, I didn't go to Home Depot because I wanted to shovel.

Wayne Baxter
I went to Home Depot because I wanted to dig a hole. And I think we could basically say the same analogy with insurance. You know, most nobody really wants to own insurance for the sake of one's insurance. They own insurance because it solves a problem. And what you've just did is articulated perfectly the reason why somebody would want to own insurance.

Wayne Baxter
And in this case, interestingly enough, while obviously there needs to be a need for life insurance, at the end of the day, we're also solving another problem that has nothing to do with someone passing away.

Micheline Varas
Yeah, exactly. The strategy actually that we're using in this situation is referred to as an if a, an immediate financing arrangement. And that's where an insurance policy is purchased. It's a permanent policy and a permanent policy because it's it has built within it an investment component. And that investment grows on a tax sheltered basis. So you invest monies that are more than the pure cost of the insurance.

Micheline Varas
Those monies grow on a tax sheltered basis. But then you use that policy immediately as collateral for a line of credit, in this case with a Canadian financial institution. Now that line of credit, as all are, is tax free. So first and foremost, you've just allowed access to retained earnings on a tax free basis. So now the loan is used corporately by the business to produce income or in this case to fund its U.S subsidiary.

Wayne Baxter
Beautiful. Okay. Well we're going to be discussing the three questions entrepreneurs should ask about expanding their business while not compromising their cash. And we're going to again focus on Canadian entrepreneurs looking into the U.S. So let's get right to it. First question again, these are the questions from the lens and the view of the entrepreneur. So question number one, I have an opportunity to expand my business into the U.S and want to utilize the capital in my business.

Wayne Baxter
How do I do this while minimizing my tax bill? McLean take it away.

Micheline Varas
The first first thing I would say with respect to using capital in a Canadian business, debt financing. So you could loan from funds from your Canadian business to the US subsidiary. So that's one way of doing it, for sure. It could be beneficial again, if the U.S subsidiary, can deduct the interest expenses on the loan.

Micheline Varas
So that's number one. Number two would be equity financing. So your Canadian business could then provide equity to its U.S subsidiary by purchasing shares. But as I said before, could lead to potential double taxation of profits. So you've got to balance out those tax implications, right. Well, which is the lesser of two evils and you could certainly use an insurance wrapper.

Micheline Varas
So as we were speaking earlier, that EFA concept, that immediate financing arrangement whereby insurance can be purchased, the corporation can contribute monies over and above the pure cost of insurance into this plan, into the solution. Those moneys grow tax sheltered, but they are leveraged immediately with a Canadian financial institution. So in leveraging that, the corporation that receives a loan that can be used by the business to either produce income or to fund its U.S subsidiary, now every year interest is going to have to be paid on the line of credit, using the collateral insurance deduction.

Micheline Varas
But the interest expenses are 100% deductible from current income. So there are tax savings obtained from deductions, both from the pure insurance side as well as from the interest payment.

Wayne Baxter
So I guess that leads to another question. And it's you know, for some business owners, this is going to be the the first question. They're going to say, okay, this sounds like a great idea, but is there any benefit to me to expediting, paying off that that saved my business does really well, and I don't like the idea of carrying this debt.

Wayne Baxter
Is there any benefit to paying it off sooner, as opposed to letting it to continue to sort of accumulate and grow over the duration of the year?

Micheline Varas
You could absolutely. People choose to do things. And there is enough flexibility within these plans where you can actually pay back the debt. So, the way that the insurance companies and the lenders look at it is a, has a direct correlation between the cash value within the policies and the loan amount. Now, you have to remember that those cash values are growing with interest or dividend interest in a tax sheltered basis.

Micheline Varas
So the amount of the gross is a net amount. So you will always have more cash value than you will loan. So at the end of the day you can actually take out cash value and repay the loan.

Wayne Baxter
Or even from outside of the policy where just say, I don't want to have this debt, I just want to pay it down.

Micheline Varas
You can do that as well. You absolutely could do that as well.

Wayne Baxter
I just know that there's going to be a segment of the the listening audience that when they hear that, they all the alarm bells go off. And even so, just to give them sort of a sense of ease and comfort that if they felt they wanted to pay down that debt, they're not.

Micheline Varas
Saying, well, it can be paid, in several ways. So, in time, as cash flow increases or upon the passing of the individual, if they want to wait until they've passed, then basically what's going to happen is that the insurance proceeds, together with the cash value, will be paid to the corporation.

Wayne Baxter
Which is the most common method. Right?

Micheline Varas
That's the most common method because that's done with, again, insurance proceeds, which are tax free. They come into the corporation, they flow through the capital dividend account of the corporation. And first and foremost, there will be that amount that's owed to the bank. So the loan amount will be paid by the proceeds of that. But the cash value basically, and then the balance, any amount in excess of the loan would be distributed to the, the beneficiaries.

Micheline Varas
Now. So should the loan proceeds be reinvested into the business, and taxed at a marginal rate, a portion of that interest is going to be deducted anyway.

Wayne Baxter
So again, these are these are not sort of boilerplate strategies that every case is so unique unto themselves. So this is something where you want to work with an expert like machine. And obviously having a really savvy tax advisor as well will be really helpful. Michelin various joins us from Vancouver, British Columbia. And she is a she calls herself an insurance geek.

Wayne Baxter
And, she, she wears it in good in a good way. And I really appreciate her joining us today. We're asking the three questions that entrepreneurs should ask about how to expand their business without, impacting their cash flow. And we're going to get into question number two. Again, from the entrepreneur's perspective, I am looking to diversify business assets and take advantage of a business development opportunities in the U.S.

Wayne Baxter
How can I access my retained earnings efficiently? Rich lean.

Micheline Varas
Oh, okay. Well, I think choosing the right business structure in the U.S should be the first decision. So I'm going to give you the non-insurance answer or consideration. And then again I'm going to go back to an insurance solution because admittedly that's what I look to. But as you said, Wayne, first and foremost, I think every business owner who's operating on both sides of the border should surround themselves with people who are savvy.

Wayne Baxter
Want to be you yourself for here at all. Yes.

Micheline Varas
So, yeah, do yourself, the courtesy of consulting those who know and are knowledgeable and tax venues on both sides of the arena that's inclusive of lawyer, accountant, financial advisor, because there are structures which work in one country and are not necessarily favorable in the other, and vice versa. And some if well position can really do well, but by the business owner.

Micheline Varas
So I would say first and foremost, choose the right business structure and the, the U.S. so you could consider a branch office. And that's when your Canadian business directly operates in the U.S without having to set up, separate legal entity. Now U.S tax authorities would treat that U.S branch as part of the Canadian company, which could potentially expose you to U.S taxes on income earned in the U.S but again, it's one consideration, right?

Micheline Varas
So it it's very dependent. You could look to a U.S subsidiary. So often setting up a separate U.S. corporation allows for you to isolate out the Canadian business from the US operations. So you'd pay US corporate tax on income generated in the US and dividends then paid from the U.S subsidiary to the Canadian parent company could be subject to withholding taxes.

Micheline Varas
Again, you need, accountant and lawyer involved, limited liability companies a little bit more flexible a structure, because they're treated as a pass through entity for tax purposes, purposes. But then again, it it's very, very difficult to say which is the best solution. And we have to take into consideration tax treaties between Canada and the US.

Micheline Varas
So right now, our respective countries have a tax treaty that helps to avoid double taxation on income earned in both countries. So, if it's dividends paid from the US subsidiary, then there is a certain rate. There are business profits that are generally only taxable in the country where the business is located. There are corporate tax considerations.

Micheline Varas
And the U.S., both from a federal and state tax perspective. So you have to sort of take all of those things into consideration. And it would be very difficult to give counsel from a broad base without knowing, in which state, etc., etc.. Some states, like Texas and Florida, don't even have state level income taxes, so that could be beneficial for an expansion as well.

Micheline Varas
But it would be very, very difficult to comment. You can repatriate profits, to Canada. So you, if your U.S subsidiary generates profits and you want to bring those back into Canada, you would need to plan for dividend repatriation. So under the current US, Canada tax treaty, the US would withhold taxes on dividends to the Canadian parent.

Micheline Varas
But that tax can be reduced if you own a substantial percentage of that U.S subsidiary. So again, a lot of things to take into consideration.

Wayne Baxter
And you didn't even mention the other thing. That's now a new one, which is the Corporate Transparency Act here in the US where now you have to make sure that you report any changes within the structure of that business. First of all, if you're starting a new business, you have to register, with FinCEN within 90 days. And I believe starting in 2025, it's going to be 30 days.

Wayne Baxter
And then when you make any change to the corporate infrastructure of that business, you have to update that Corporate Transparency Act document that you have to complete. So that's another layer of complexity that I'm going to add to what you just, brought to the table. So again, you definitely want to have CPAs in both countries are very knowledgeable cross-border CPA knows both US and Canadian personal and corporate tax.

Wayne Baxter
And also again, you're going to want to have representation from an attorney, a lawyer, probably again in both countries as well. So this is very complex. And that's why we're having this discussion, just to make sure everybody is aware of what is involved.

Micheline Varas
Yeah. There are also other U.S taxes. And of course we need to know that better than than I do. But you've got sales tax. So if your U.S subsidiary sells goods or services it may be required to collect sales tax. You've got employment taxes. So if you hire employees in the U.S you would be subject to U.S. payroll taxes, Social Security, Medicare, all of the unemployment taxes and compliance.

Micheline Varas
Our favorite world word. So you've got tax filing and and the U.S, the corporate income tax return, which I believe is form 1120. So you'd have the Canadian parent company that also has to report it to U.S subsidiaries, income on its Canadian tax return, and then you have to adhere to U.S compliance and state compliance.

Micheline Varas
So we're back to the consult your your professionals.

Wayne Baxter
100%. So now let's talk about insurance. How does insurance play a role here.

Micheline Varas
Now insurance plays a huge role. And we're back to the same type of structure that we used before. We can look at again one of those leveraging arrangements, because that allows a corporation to access retained earnings on a tax free basis to then invest in the U.S. So since we've talked about that, I don't want to get into that.

Micheline Varas
Again, just from that perspective, but there are other insurances also to consider critical illness cover, which is more popular here in Canada than it is in, in the U.S. And. I say with pardonable pride that Canada had has actually the best critical illness cover that's available worldwide, and that's because of the guarantees that we have built into our product.

Micheline Varas
So the Canadian product actually has or offers level coverage, whether it's, to your age, 65, 75 or to age 100. And it also can have built within a return of premiums, assuming that nobody claims, which is a great, great thing to, to have,

Wayne Baxter
I would say from the policy for 15 years. Right. Is that the minimum?

Micheline Varas
Depending on of the companies, it could be anywhere between 10 and 20 years. Usually 15 is a sweet spot. And it's much like wearing a Superman cape, because none of us want to even consider the possibility of being diagnosed with one of these critical illnesses. So cover.

Wayne Baxter
Condition. So write.

Micheline Varas
That exactly. So basically, if these plans are set up properly and I like to call them, split dollar arrangements whereby the corporation is paying for one portion and the individual shareholder or key employee whatever. In this case, shareholder is paying for the, the benefit of having that return of premium paid back to them. So there actually, T4 for that amount.

Micheline Varas
So how is that beneficial? Because basically your corporation is paying for these costs using retained earnings. And after a 15 year time factor, let's use the 15 year example. Assuming nothing has happened to me as a shareholder, I can cancel my policy and I will receive back personally tax free and a lump sum amount all of the premiums and costs that have been attributed to that.

Micheline Varas
So that's just one more way of accessing retained earnings from a corporation that is quite important to consider. And many don't. Many say that they focus on business owners and on business entities, but they forget to put in all of the little pieces of the puzzle that can actually benefit a business, a business owner. In today's regime and today's environment, Canadian tax has gone a little bit crazy.

Micheline Varas
So it used to be that dividend tax was only 10%, which was great. So most business owners would pay themselves in dividends, thereby saving a significant amount of tax. The world has changed significantly. Our world has changed significantly. And now dividend tax is almost the same as personal. So you're looking for, high income earners. Close to 50% is going to be, is what they're looking to pay in tax.

Micheline Varas
So if we can use some of these strategies to help that business owner access the retained earnings for whatever use that they want to do with them, whether it's to use personally to grow their corporation across the border to, fund their future retirement, whatever it happens to be, there's another piece of that, and that's incorporating disability coverage or income replacement coverage again, in Canada, if the plans are structured properly, then they can actually be paid for by the corporation.

Micheline Varas
So that would be that they are now referred to as a wage loss replacement plan. There's certain criteria to adhere to, to fall under section 428 of the the Income Tax Act. So you need to adhere to certain criteria, having certain individual is protected under this plan, having certain structures put effectively under the plan. So you need a board resolution and so on.

Micheline Varas
But again, if you're dealing with a savvy planner, a savvy advisor, then they're going to take all of these things into consideration before.

Wayne Baxter
Well, you covered that incredibly well, which means I knew you would. Okay, we have one more question to go. And basically it starts with, where where we're setting ourselves up for that. We're setting ourselves up, for our business going forward. And what I want to be able to. Here's the question, sir. I'll repeat myself. Which is the best way of setting myself up so I can access the capital in my operating company if I decide to sell the business.

Wayne Baxter
So what we've been talking about all along here is business formation. But now let's try to turn the tables. It's now time to sell the business. So if you could share a little bit, just briefly on what your thoughts are on that.

Micheline Varas
I mean, I love that question and I hate that question. At the same time, I would hope that the business owner has a planner who understands from the get go what the business owner wants to accomplish. So when I'm sitting with potential clients, I guess most financial advisors say, oh, you need to do a financial needs analysis, and I'll you need to do that.

Micheline Varas
But I like to start with what I refer to as a financial wants analysis.

Wayne Baxter
Yeah. So well.

Micheline Varas
I would say to you, when it's awesome, I see that you've set up your business. We're sitting down together to, to plan what's going to happen in the future. So my first question to you is, if you were to close your eyes today and look to the future, what do you want to accomplish? Do you want to grow this business to a certain size so that when somebody comes to you in the future with a magical check, and the amount of X dollars you will then sell to them, is that what you wish to do?

Micheline Varas
Or do you close your eyes and say, I have two children, and in my perfect world, I'd like to transition my business to my children. So I'm going to be here and I'm going to keep going until I can't go anymore. Or is it? I'm going to basically die with my boots on. I haven't thought of the eventual sale of my business.

Micheline Varas
I guess that will come if I don't go first. So I want to know what the individual foresees for themselves and their business and their baby going forward. So in this scenario, I'm going to assume a bad word, but I'm going to assume that this individual is communicating with their advisor looking forward. So the advisor has actually said, what do you want to do?

Micheline Varas
And they're saying, I want to build this to a point where I can then sell. Awesome. So I would say first and foremost, if you're planning to sell your Canadian operating company, you want to start to structure things so that you can efficiently access the capital, your retained earnings or your accumulate wealth from the company in the most tax effective way.

Micheline Varas
So I would say, first and foremost, set up a holding company. So ensure that you have a Holdco structure whereby the Holdco, can own the business, can only operating company. And that's, that allows you to separate the operational business from the personal, wealth and assets so you can transfer the ownership of the operating company to a holding company.

Micheline Varas
The holding company would own the shares of the operating company, and the profits from the operating company can be paid to the Holdco as dividends, which are usually taxed deferred in Canada, when it's done within the same corporate group. Now, when you sell the operating company, the proceeds from the sale will then flow to the holding company, and Holdco can then distribute the funds to you, the shareholder, and a really tax efficient manner.

Micheline Varas
Typically as dividends or through, tax advantaged mechanism like, lifetime capital gains exempt exemption. So looking at that and going back to my geeky insurance vehicle, I would then set up, that same type of leveraging plan. However, the holding company would be the owner and the beneficiary of that policy, while the payer would be the operating company.

Micheline Varas
And so the operating company could deduct all of the expenses which it would want to do. But once the sale is made, then there is no taxable disposition on the transfer of ownership of that insurance contract. And all of the assets would then be held within the holding company so you can have a clean sale of your operating company, having already transferred all the money to the Holdco.

Micheline Varas
So you're not paying taxes and you're not at a loss for having sold it. The operating company.

Wayne Baxter
I am going to throw a curveball at you on this one. I've been waiting for this. I've been waiting for this. Okay, so let's assume that this business owner, where we're talking about has a has a problem. Their health is not the greatest. In fact, they may be challenged to even get coverage. So in that instance, in that instance let's assume this individual, you talk married two kids, you know, cars, two cars in the garage, all the trappings.

Wayne Baxter
Can they actually add their spouse onto the policy in order to get coverage? Would that work? And with that spouse have to be an officer in that business in order for this structure to work?

Micheline Varas
Okay. So, in Canada, it would be prudent in this case to make the spouse a shareholder of the holding company. And you can even, class B shares fine. Nonvoting shares is fine. As long as they're a shareholder, they would have to be a shareholder to be, used as one of the insured individuals. Within that context, you would then, you would then put together a structure whereby, the insurance was set up on a joint and loss to die basis as opposed to just being on the, on the spouse.

Micheline Varas
It would be on both of them. Right? Because even if one of the individuals is considered to be uninsurable, a word that I don't really like very much, but, it happens every once in a while, even if one of the individuals is deemed to be uninsurable using a joint and loss to die scenario can actually bring down the pure cost of insurance.

Micheline Varas
Exactly. So the.

Wayne Baxter
Purpose.

Micheline Varas
We want to pay as little as possible for the cost of the insurance, because we want to take full advantage of what that wrapper, that vehicle called insurance does, which is tax shelter, investment money's for future access.

Wayne Baxter
Well, you know what, McLean? You have scored an A-plus. In terms of making the case that life insurance can be a very effective tool. For business owners. Before we wrap up here, can you outline, just the I guess just as a simple explanation, life insurance. You've you've outlined some great strategies for life insurance.

Wayne Baxter
Is there any other I mean, you talked about critical illness. You talked about long term disability. Can you think of any other way that in the context of business ownership, insurance can be applied or be useful?

Micheline Varas
Sure. Insurance can be applied or useful when you're looking for funding mechanisms of a buy sell agreement. So, that's life critical illness and disability insurance. Now I would caution individuals who are using disability insurance, in the realm of funding a buy sell agreement, that the definitions of disability, in the insurance contract marry those within the funding agreement.

Micheline Varas
You don't want, two different definitions of disability. You want the funding methods and the triggering methods to be to coincide with one another. So definitely for buy sell, you can look to key person coverage. So if there's a key individual in the business, again you want to protect your business from the financial loss that it can incur.

Micheline Varas
Should something happen to that key person, should.

Wayne Baxter
They still call a key manager or keeper.

Micheline Varas
Person? Yes. It's more politically correct to call a key person. So key person coverage for sure. A business owner can look at business overhead coverage. So again, if something should happen to them, should they become ill or injured as opposed to relying solely on their personal income replacement policy to take care of all of the costs attributed to their business, they can look at business overhead coverage.

Micheline Varas
Now, the beauty of business overhead coverage is that it's 100% deductible as a business expense. If business owners have to take out loans, there is also, loan coverage. That is explicitly attributed, to those individuals. And again, the premiums are the cost for that type of coverage. 100% deductible to the business.

Wayne Baxter
You know, we have listeners all across the United States and Canada, and we have folks watching on our website. And for those folks that are on, watching on, we have your contact information on the screen. But for those listening, you know, on either Apple, Spotify or however they're listening, you could you share with us the best way for them to contact you, I just imagine, is going to be people are definitely going to want to reach out to Magellan, and I'd love to give them that opportunity.

Wayne Baxter
So what's the best way for them to contact you?

Micheline Varas
I would say the easiest way to contact me is via email. I my furniture is in Vancouver, but I seem to live on Air Canada, so, I'm never I'm never detached. So email is usually the easiest way to contact me.

Wayne Baxter
And that's, Michelin V, custom planning, financial.com or.

Micheline Varas
That's correct.

Wayne Baxter
Michelin V custom plan financial.com.

Micheline Varas
Make sure it's Michelin V a custom plan financial.com. Yes.

Wayne Baxter
Michelin, I want to thank you so much for joining us. That was a real education insurance. And again you you, made the case that I made that, you know, life insurance is a far more, bigger tool or far more important tool than just a simple, basic death benefit. And you, got an A-plus for that?

Wayne Baxter
I want to thank you for joining us today. Michelin joins us from Vancouver, British Columbia, and she is a senior partner with Custom Plan Financial. And she specializes as you so aptly demonstrate, formulating comprehensive cost and tax effective risk mitigation plans. Michelin, thank you very much for joining us today.

Micheline Varas
Thanks, Graeme.

Wayne Baxter
I look forward to bringing you the Three Questions podcast and I hope you find them educational and informative. Please consider liking this video and subscribing to our podcast and YouTube channels. And to receive a notification of our latest episodes have been posted, please click on the notifications bell. Lastly, to schedule an online zoom consultation with me to discuss your wealth management needs, please click on the link in the description box below.

Wayne Baxter
www.onecapital.com/meetwithWayne. Thank you and we'll see you soon.