Episode 73: The Accountant Entrepreneurs and Business Owners Have Been Searching For: An Interview with Bob Gauvreau

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Ever wonder how one Canadian CPA firm could manage to disrupt the accounting and income tax preparation industry while you’ve been working with what feels like a glorified bookkeeper? 

Join us as we dive deep into the journey of Bob Gauvreau, CEO of Gauvreau Accounting Tax Law Advisory to learn how his firm has quickly evolved into the largest one-owner CPA firm in Canada. Throughout this episode, Bob shares his entrepreneurial journey as he continues to transform the accounting industry and he leaves you with some Canadian Wealth Secrets for incorporated entrepreneurs and business owners to pay less income tax compliantly. 

Get ready as Bob Gauvreau digs in with Kyle Pearce and Jon Orr into the dynamic landscape of Canadian accounting and entrepreneurship, while learning how Bob and his team have transformed traditional services into innovative solutions to make much needed shifts towards prioritizing client corporate taxation education and financial empowerment. From frustration with tax laws to strategies for wealth accumulation, Bob offers invaluable insights for business owners seeking to thrive in the complex world of entrepreneurship and business ownership.

Are you ready to revolutionize your approach to Canadian business and taxation?

Big Takeaways:

  • How Bob Gauvreau was able to build a Canadian bookkeeping and income tax services firm into a full-service offering to assist business owners and entrepreneurs with income tax, legal work and corporate restructuring,
  • Why focusing on client education around corporate structuring, Canadian income tax rules, and accounting complexities is necessary to empower entrepreneurs and incorporated business owners to do the great work they provide their industry.
  • How using Canadian income tax optimization strategies are critical for allowing entrepreneurs, business owners, and investors to reach their financial goals sooner.

Join us with Bob Gauvreau as we navigate the complexities of entrepreneurship, Canadian tax planning, and industry transformation, offering actionable insights for aspiring business owners and seasoned professionals alike.


Calling All Canadian Incorporated Business Owners & Investors:

Consider reaching out to Kyle if you’ve been…

  • …taking a salary with a goal of stuffing RRSPs;
  • …investing inside your corporation without a passive income tax minimization strategy;
  • …letting a large sum of liquid assets sit in low interest earning savings accounts;
  • …investing corporate dollars into GICs, dividend stocks/funds, or other investments attracting corporate passive income taxes at greater than 50%; or,
  • …wondering whether your current corporate wealth management strategy is optimal for your specific situation.

By hopping on a discovery call with Kyle, he will review your specific personal and corporate financial situation in order to determine if there are some quick wins available for you to minimize taxes personally or corporately, provide ideas for how you can increase your personal cash flow, and ensure that the net worth of your estate continues to grow in tandem.

Let’s Connect For A Discovery Call!

For those interested in having a review of your financial wealth plan, learning more about potential joint venture (JV) opportunities, or a mortgage review, book a free discovery call now.

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Detailed Episode Summary 

Evolving Services and Transforming the Industry

Bob discussed the evolution of his company’s services, which began with bookkeeping and tax and expanded to more complex areas like legal work, business valuations, and corporate restructuring. He emphasized the company’s objective to continuously adapt to client needs and disrupted the traditional accounting industry by solving problems that hadn’t been addressed before. Bob identified his mission as transforming the industry and achieving a growth rate higher than the industry average through organic means. He shared that his firm, the largest one owner CPA firm in the country, served small to medium-sized business owners and found unique solutions outside the norm.

Bob Gauvreau’s Experiences and Client Education

Bob Gauvreau shared his experiences of being perceived as disruptive by some traditional Cpas due to his focus on integrity and unconventional approach. He recounted a past instance where a potential acquisition of his company fell through due to significant cultural differences. Kyle praised Bob’s approach to business and discussed the concept of educating clients, emphasizing the importance of providing value to clients and offering more value than anyone else. The conversation also touched on issues related to incorporation for small businesses and entrepreneurs, with Bob expressing frustration over mixed messaging and a lack of clear guidance in this area.

Frustration With Tax Laws and Entrepreneurship

Bob expressed his frustration with the real estate community’s changing tax laws, which he felt were confusing and sometimes resulted in overpriced accounting fees for his clients. He emphasized that the intent to create a successful business should be a top priority for entrepreneurs, requiring a financial investment and a commitment to oneself. He also stressed the importance of protecting personal assets through incorporation, as a one-time cost that provides a lifetime insurance policy against business risks. Kyle and Jon seemed to agree with Bob’s points, indicating that personal belief and resilience are crucial for successful self-employment.

Incorporating Business for Tax Planning

Bob Gauvreau and Kyle discussed the financial implications of incorporating a business, specifically from a tax perspective. They agreed that it makes financial sense to incorporate when a personal tax rate exceeds 12.2%, highlighting potential savings on Canada Pension plan contributions. They also discussed the nuances around characterizing income as active or passive, and how this can impact tax rates. They suggested that the decision to incorporate should be based on individual circumstances and the advice of a professional.

Real Estate Investing and Tax Optimization Strategies

Bob discussed the complexities of real estate investing and how it differs from traditional tax returns. He suggested a strategy for optimizing tax rates through the creation of a second corporation for property management-related activities. Kyle and Jon found this strategy appealing and expressed interest in learning more about wealth growth and management strategies for business owners. Bob also mentioned the potential of reinvesting profits from successful properties to accumulate significant wealth.

Balancing Resource Allocation for Business Growth

Bob shared his evolving approach to real estate investing and business development. He highlighted the importance of not depleting the resources of a business, as it could harm its growth and eventual saleability. He pointed out that while more than 90% of businesses fail to exit successfully, those that do succeed typically do not have employees. He stressed the need for a solid exit strategy and a balanced approach to resource distribution within a business.

Investment Strategies and Asset Classes

Bob and Kyle discussed their investment strategies and the potential risks and benefits of different asset classes. Bob expressed his preference for passive investments with a decent return, while avoiding becoming a landlord of a residential home due to potential issues. Kyle suggested that business owners could leverage their success as a liquid and available asset, and highlighted the importance of both return and preservation of capital. They also discussed the possibility of using corporate own life insurance as a tool for emergency or scaling purposes. In the end, Bob shared his two wealth secrets, one suitable for most people and another more sophisticated for advanced investors.

Discussing Tax Benefits for Clients

Bob discussed the potential tax benefits of paying children in a business, highlighting that while rules have changed in recent years, it’s still possible to take advantage of this deduction. He also suggested using a corporate line of credit to secure personal assets or pay for personal expenses, which could significantly reduce tax. Kyle agreed with Bob’s strategies, indicating that these could be attractive options for their clients. They both emphasized the importance of ensuring compliance and seeking independent tax advice.

Strategies for Business Owners and Collaboration

Kyle and Bob Gauvreau discussed strategies for business owners and the potential for collaboration between their companies. Bob shared his advanced strategies through his podcast and social platforms, inviting listeners to connect with him. Kyle highlighted their unique strategy for higher net worth clients, proposing a future discussion on this. They agreed to provide more details on their respective strategies and to possibly leverage each other’s networks. They also mentioned a future podcast interview.


00:00:00:04 – 00:00:13:06
Bob Gauvreau
Statistically, 95% of all business owners have zero employees. Right. And in that space, 95% of all business owners are under $100,000 in income.

00:00:13:08 – 00:00:38:24
Jon Orr
I don’t ever wonder how one Canadian CPA firm could manage to disrupt the accounting and income tax preparation issue. Well, you’ve been working with what feels like a glorified bookkeeper. Join us as we dive into the journey of Bob Gauvreau, CEO of Global Accounting Tax Law Advisory, to learn how his firm has quickly evolved into the largest one owner, CPA firm in Canada.

00:00:39:01 – 00:00:53:20
Jon Orr
Throughout this episode, Bob shares his entrepreneurial journey as he continues to transform the accounting industry. And he leaves you with some Canadian wealth secrets. Four Inc. Entrepreneurs and Business Owners to pay Less income Tax Compliantly.

00:00:54:01 – 00:01:32:23
Kyle Pearce
Get ready as Bob digs in with us into the dynamic landscape of Canadian accounting and entrepreneurship. While learning how Bob and his team have transformed traditional services into innovative solutions to make much needed shifts towards prioritizing client corporate taxation, education and financial empowerment. From frustration with tax laws to strategies for wealth accumulation, Bob offers invaluable insights for business owners seeking to thrive in the complex world of entrepreneurship and business ownership.

00:01:33:00 – 00:01:53:02
Kyle Pearce
Are you ready to revolutionize your approach to Canadian business and taxation? Let’s go.

00:01:53:04 – 00:01:58:08
Kyle Pearce
Welcome to the Canadian Wealth Secrets Podcast with Kyle Pearce and Jon Orr.

00:01:58:08 – 00:02:11:07
Jon Orr
We are recovering high school mathematics teachers and education consultants whose entrepreneurial spirit led us to begin multiple businesses in real estate investing, digital courses and coaching and consulting. After the bell rang at dismissal time.

00:02:11:10 – 00:02:40:07
Kyle Pearce
Fast forward a decade later where we’ve grown our portfolios and our time freedom to the point where we can now help entrepreneurs, business owners and investors grow their wealth into a legacy that lasts generations through hidden investment and tax secrets your financial advisors won’t believe are true. And today, my friends, we’re going to dig in with Bob and we’re going to go down the wonderful, wonderful accounting, bookkeeping and tax.

00:02:40:09 – 00:02:43:16
Kyle Pearce
Rabbit hole. Here we go.

00:02:43:18 – 00:02:56:08
Jon Orr
Hey there. Welcome, Bob, to the Canadian Wealth Secrets podcast. We’re excited to have you on here today. Do us a favor. Fill our audience in, tell them a little bit about yourself, where you’re coming from and how you got into what you’re doing.

00:02:56:10 – 00:03:27:00
Bob Gauvreau
How much time do we have on this topic? I’ll give you the short version. I’m actually coming from Peterborough, Ontario, born and raised. To a certain extent, wasn’t necessarily born, but was raised here. Spent my entire life in Peterborough. My wife’s family is from Peterborough, went to university at Trent University for Business Administration, which is where I really found my passion for entrepreneurship, but also the fact that I had this secret skill that maybe differentiated me, which was on the accounting side of things.

00:03:27:00 – 00:03:57:17
Bob Gauvreau
So kind of paired those two things out, built a business in Peterborough and started it in 2008 with just myself and one other employee were now 98. As of the time of this podcast, serving essentially the business market with CPA services, accounting, tax bookkeeping. We have a law firm that we’ve started as well to help support with the professional services side of things and business advisory CFO services to entrepreneurs, small businesses all across North America.

00:03:57:19 – 00:04:12:13
Bob Gauvreau
So we have Canadian tax and U.S. tax, but predominantly our clients are in Canada, one of the fastest growing companies in the country, according to the Globe and Mail for the last four years. Lots of exciting things on the go. So that’s a little bit about me.

00:04:12:15 – 00:04:33:06
Kyle Pearce
That is fantastic and actually very succinct because you went through a very long, large range of time. However, I must say, you certainly didn’t seem like an accountant the first time I heard you on your podcast or in a webinar because you were super interesting to listen to now. Any accountants listening? I’m just kidding with you.

00:04:33:11 – 00:04:35:21
Bob Gauvreau
I’ll take that as a compliment. Yeah.

00:04:35:23 – 00:04:54:04
Kyle Pearce
Yeah. There you go. It’s awesome to have you on the show. I must say, I’ve seen and watched from afar a lot of the work that you’re doing, and I must say a lot of things we’re seeing and things we read, the things we try to do. John and I are not at 98 people yet, but we are working, we are growing and we are scaling.

00:04:54:04 – 00:05:21:11
Kyle Pearce
But what I can say is that I really, really appreciate how you are really serving and aiming to serve those business owners, those investors who is primarily who we tend to serve here at Canadian Wealth Secret. So let’s keep digging here. What inspired you to go from, say, Business administration and you had a passion for entrepreneurship, and how did you reveal this secret skill?

00:05:21:13 – 00:05:46:24
Kyle Pearce
This accounting thing? Because I would argue that those three things often don’t kind of jive. Oftentimes you have accountants are like, I just like dealing with the numbers. I want to put them together and I want to sort of give them back. But you also have this passion for growing. So tell us a little bit about that. What has inspired you to do this work and I guess in your business model, how are you able to provide all of these services?

00:05:46:24 – 00:05:54:17
Kyle Pearce
Is this like a fee based service? How does that look like and sound like for someone who’s listening who might say, you know what, this is exactly what I’ve been looking for?

00:05:54:18 – 00:05:56:01
Jon Orr
Which question you want him to answer?

00:05:56:06 – 00:06:18:01
Bob Gauvreau
Yeah, you a great. This is great. And you know what I would say? Five years ago, this would have been a really challenging sort of requests to follow all of those questions. And then circle back and answer them. But I’m going to do my best to hit them all because I think they’re all really valuable. So starting back at university, actually when I graduated high school, my plan was to be a teacher.

00:06:18:01 – 00:06:43:08
Bob Gauvreau
And in fact, in high school I got the Teacher award, the one that said the most likely to be a successful leader teacher. So circling back to my career now, I am doing a lot of teaching, which maybe was the intent of that to begin with. But when I got to trends, I actually had one specific faculty member who maybe changed my perspective, and it was in a small business sort of enterprise global leadership course.

00:06:43:12 – 00:07:21:23
Bob Gauvreau
The faculty member was Ray Dart, and he started talking about shifting perspectives and looking at entrepreneurship and the opportunities that were available there and to make sure that you’re not always just thinking the status quo, that you’re always trying to challenge that and think in a different way and appreciate other people’s perspectives. And that’s where I really started to think, man, this entrepreneurship space seems really interesting and a little bit of the fire inside me and maybe identified a little bit of the purpose of what I was intended to do and at the same token, still going through the traditional courses in high school, I was really good at accounting.

00:07:21:23 – 00:07:47:09
Bob Gauvreau
It just came natural. But also looking at the thousands of graduates who are coming out of that exact same program as me in Peterborough, Ontario. How do I differentiate myself from this group of people so that when I graduate, I’ve got another skill set that they don’t necessarily have? And so that’s where accounting kind of came in, where I thought, Oh, people are paying me along the way to help support them with accounting and tutoring and and whatnot.

00:07:47:09 – 00:08:17:15
Bob Gauvreau
And I thought, what a boring industry to maybe enter into where that’s very stale. But how could we enter personality relationships, client centered approach to an industry that’s so dry and boring and traditional. So look at that as a major opportunity and thought, Well, if I could just focus on differentiating myself now, we can then use that skill set to continue to differentiate myself as we evolved through university.

00:08:17:15 – 00:08:37:22
Bob Gauvreau
So so that’s part of answering that question. Then we get into some of the services that we’re offering and we didn’t necessarily start out by having all of the services that we offer in. Back in 2008, I was doing some bookkeeping, I was doing some tax and I was doing some year end filing and one thing that I found sounds fun.

00:08:37:22 – 00:09:03:10
Bob Gauvreau
Yeah, you know what? Honestly, I’ll tell you, when you’re dealing with essentially a problem, right? What I consider ourselves to be here is professional problem solvers. And you have a problem that only a unique sort of skill set or educational background can identify opportunities and even read some of the jargon that’s in some of these legal frameworks like the Income Tax Act.

00:09:03:12 – 00:09:29:13
Bob Gauvreau
And I definitely and this is with respect, have a lot of people in my office that I refer to as nerds because they are the technical interpretation or understanding. Well beyond most people. And we definitely have those people in certain areas like income tax where there’s certain elements of legislation that’s coming through a court, cases that they’re constantly following to always find the next opportunity to save people money.

00:09:29:13 – 00:09:55:09
Bob Gauvreau
So really back to the it’s sounds fun. It really is enjoyable finding a problem, solving it and adding value to someone’s life. And from our company perspective, we’re on a mission to empower entrepreneurs with good financial information so they can change the world because entrepreneurs, small business owners, investors are really the largest group of people making the most positive change.

00:09:55:11 – 00:10:20:08
Bob Gauvreau
And if we can empower people to make confident strategic choices that make a positive impact on the world, we feel like we’re doing a lot in that space to open up investments, savings and empower them to make this positive change in the world. So that’s really what has been exciting for us. So the evolution of our service is is just kind of followed with the we have about 1400 business owners that we work with at this point.

00:10:20:08 – 00:10:54:20
Bob Gauvreau
And again, it started with bookkeeping tax and then it’s evolved into more complicated, sophisticated tax work, legal work, business valuations, which is a new launch for us. Now, when you’re coming to corporate restructuring or buying and selling a business, so we’ve really evolved that service line as our clients needs have continued to evolve along our journey and that’s our plan, right, is to continue to fill that void with any of the clients needs that we have, that if we can make it a scalable sort of viable solution to bring in, the best experts will do that.

00:10:55:01 – 00:11:21:13
Jon Orr
Yeah, sounds great. That natural progression is perfect for the way most I think most businesses evolve. And you know, if I rewind just a sec, you had talked about teaching. Kyle and I are both past math teachers moved into this world and, well, it sounds like you never had those golden handcuffs that we had where we thought about our identity for a long time, was wrapped up in has been is still is wrapped up in being a teacher and being leading first in terms of education first.

00:11:21:15 – 00:11:46:06
Jon Orr
And it sounds like you felt and maybe you can shed some light on this is like, did you always think of yourself as an entrepreneur or was there a moment where you’re like, Oh shit, I’m an entrepreneur? Because that was it for us. We didn’t think of ourselves that way until later on, and it was like, already the business is rolling and we’re doing business type things and we’re and we never really occurred to identify that way.

00:11:46:08 – 00:12:01:24
Jon Orr
Our listeners right now are, are some of our listeners are in that process of like, I’m an investor, but am I really a business owner? I’m not sure. Like there’s often these self-doubts of like who we are and what our roles are or how I identify. And I don’t know. Did you always view yourself as coming out? You’re like, I got to.

00:12:01:24 – 00:12:07:21
Jon Orr
I’m a business owner or I’m an entrepreneur. It was just that’s just natural. Or was there like a moment where it said, I’m an entrepreneur?

00:12:07:23 – 00:12:34:03
Bob Gauvreau
Yeah, I actually just recently did a podcast that talked about the differentiation of my opinion of what a small business owner and an entrepreneur is, because statistically, 95% of all business owners have zero employees, right? And in that space, you know, 95% of all business owners are under $100,000 in income. I don’t necessarily feel like that is let me go back to my definition.

00:12:34:06 – 00:13:03:19
Bob Gauvreau
So small business owner, I feel, is something where people are employing themselves to do something that earns them a living and they do the same thing over and over again because it generates a sustainable sort of income in their family. But they’re not looking at changing or creating something new. And that’s where I believe the entrepreneur comes in, someone who’s looking at transforming a space, creating a product, creating something that doesn’t exist, solving a problem that hasn’t been solved.

00:13:03:21 – 00:13:25:17
Bob Gauvreau
When I look at an entrepreneur, they’re doing something that hasn’t been done before. So when I go back to your question, you know, did I always identify as a business owner or an entrepreneur? For me, it was always an entrepreneur because I identified that I wanted to solve something that hadn’t been done before. And you might say, Well, Bob, you’re an accountant in a CPA firm.

00:13:25:19 – 00:13:28:07
Bob Gauvreau
That that sounds like something that’s been I’ve heard of.

00:13:28:07 – 00:13:29:06
Jon Orr
That job before.

00:13:29:10 – 00:13:47:12
Bob Gauvreau
Yeah, I’ve heard of it. But looking at it and saying, Well, I want to actually transform how this industry operates, so I want to do something completely different. And it’s not just that I want to do the same thing over and over again, like the retail store that’s down the road that has the same whatever products solutions in there.

00:13:47:12 – 00:14:07:12
Bob Gauvreau
It never changes because it just works. That’s a small business. But if you’re looking at it and saying, I want to be the retail store that’s innovating new products solutions, adapting to the demands and changes of the market needs and finding new solutions and bringing that to market. Like that’s more of the entrepreneur who’s just trying to disrupt the status quo, right?

00:14:07:14 – 00:14:26:24
Bob Gauvreau
So for me it was always how do I continue to disrupt this? And one thing that I’m pretty proud of, because we’ve done some research on it, is that, yeah, we have come in to a very traditional industry, an industry that does not have growth. You look at the traditional growth rates, it’s right around zero in the public accounting space, right?

00:14:26:24 – 00:14:55:08
Bob Gauvreau
There’s a few firms that are acquisition that are larger, like an MMP, for example, and they they’re usually around a 15% growth rate all through acquisition of acquiring a zero growth firm from someone else. We are consistently on a 40 plus percent growth rate, not through acquisition, through organic, and we are the largest one owner CPA firm in the country at this point.

00:14:55:08 – 00:15:24:01
Bob Gauvreau
So so doing things a little bit different, not buying into the consolidation of the large players that are just standardizing and making it boring. But how do we create something that’s different? It’s unique. We’re very focused on the market that we serve, which is that small to medium sized business owner, and we’re focused on things like marketing and teaching and educating and finding solutions that are outside of the status quo.

00:15:24:03 – 00:15:45:22
Bob Gauvreau
So looking at that and saying this is the entrepreneurial side of me that comes out now, I have had a few different conversations over the years with other CPAs who are in more of the traditional model, and apparently I’m not well liked and it’s kind of disrupting because, yeah, I’m kind of a nice guy. I feel like that’s an.

00:15:45:22 – 00:15:47:03
Kyle Pearce
All people say, Yeah.

00:15:47:06 – 00:16:21:00
Bob Gauvreau
Yeah, exactly. It’s a mysterious one. But integrity is a huge, huge focus for me and it has been since I was five or six years old because I wanted to build something that I would be proud of. And then I could look at myself in the mirror and say, I did everything the right way, even though I’ve had failures, I did everything the right way with the right intentions and it’s interesting, had a meeting with a fairly large local firm to look at acquiring them a few years back, and they said we just couldn’t do it because we don’t like you or know what you’re doing that’s so different than what we’re doing that we

00:16:21:00 – 00:16:42:18
Bob Gauvreau
just couldn’t do it. And ultimately that was a really good indication that culture clashes would have happened. It probably would have been a real huge disaster to begin with. But that mindset of that and also they said, we’re not business owners, we’re accountants. So I was like, what do you mean? They said, Well, we just do people’s taxes and do their financial reporting.

00:16:42:18 – 00:16:43:15
Bob Gauvreau
That’s what we like.

00:16:43:15 – 00:16:44:14
Kyle Pearce
Everybody, right?

00:16:44:19 – 00:16:57:12
Bob Gauvreau
Yeah, Yeah. And I’m like, Can you not just think outside of that for a minute? And they’re like, I know it’s so uncomfortable. Even talking with me was uncomfortable for them. And I was shocked by this because I thought everybody thought the way I did.

00:16:57:16 – 00:16:58:11
Kyle Pearce
Right, Right.

00:16:58:11 – 00:16:59:01
Bob Gauvreau

00:16:59:01 – 00:17:20:11
Kyle Pearce
Well, that’s where you just slowly walk away. You know, you just kind of slowly walk away and just run as fast as you can. But I think what you’ve done is you’ve done a good job and sort of unpacking the difference between what a typical business owner, small business owner is, which is essentially creating your own job and technically doing it on your own terms.

00:17:20:11 – 00:17:54:03
Kyle Pearce
But if you don’t actually follow those terms that you set for yourself, you stop making money because it’s just you versus that entrepreneurial side. So what you just described is, I think what the accounting industry in general sort of looks and sounds like for most people, which some might even call it, like glorified bookkeeping. Again, I’m not saying it as a judgment, I’m saying it that it’s become so volume based that a lot of times people, business owners in particular, just feel like they’re looking for a little bit of support.

00:17:54:05 – 00:18:18:04
Kyle Pearce
And what you’re doing is you’re doing what entrepreneurs do, which is how do I create a unique offering that’s going to differentiate us from the rest? And that to me was very clear when I came across your work in your podcast and again I hopped on that webinar I was super curious to see and essentially you’re offering information and you’re doing it in such a way.

00:18:18:04 – 00:18:38:07
Kyle Pearce
It’s it’s very Gary Vee ask or it’s very. Alex Hermosa ask for those who are listening in terms of the style, not saying that you’ve got a Band-Aid on your nose like Alex or Mosey or big burly beard, but what you are doing is you’re giving people as much as you possibly can in order to help educate them.

00:18:38:11 – 00:18:54:15
Kyle Pearce
And I think that’s where we saw a lot of synergy between what you’re doing in your space and what we’re trying to accomplish as well. Because when I hop on a call with a potential client, we hop on for a discovery call, we have a conversation, and they right away, I want to get it out of the way to say like, we’re not fee based.

00:18:54:15 – 00:19:11:22
Kyle Pearce
We’re not going to take a percentage of your asset. We’re not going to do any of that. The only way that we are ever compensated is if there’s a tool in which you require down the road that we can help you to set up. And then otherwise we just work with you for free. And they’re kind of like shocked.

00:19:11:22 – 00:19:43:12
Kyle Pearce
They’re like, What is this? That is our model. The beauty is I’ve been on sometimes as a client, we’ve been on for, say, ten calls and we’re just helping them along the journey. Guess what? They send the best referrals. And that’s been a model that we’ve been doing in our world. So I definitely can see that there’s a lot of this thinking, like the educating part is not only great for just helping and doing good, and I love your goal is really just trying to help financially arm and empower business owners so they can do the great things that they’re intended to do.

00:19:43:14 – 00:20:04:21
Kyle Pearce
But it also, I mean, really just comes back to you. The universe just sends positive things back your way as well. So I’m wondering, when you think about your clients, I’m curious. We’ve got people listening. Many are business owners. Many are investors who are maybe thinking, do I incorporate, do I not incorporate what’s the right time for me?

00:20:04:23 – 00:20:29:05
Kyle Pearce
What would it look like for someone who’s starting, say, the customer journey? If they were curious about whether your firm could offer them some sort of value, I’m going to guess that you can offer them some sort of value, be it just education or otherwise. What does that look like for someone when they sort of enter into your world that maybe looks and sounds different than what might happen in another accounting firm?

00:20:29:05 – 00:20:30:22
Kyle Pearce
Typical accounting firm.

00:20:30:24 – 00:20:54:09
Bob Gauvreau
First thing before I even jump into that, I want to just talk on the offering value. And I spent quite a few years, I think as four or five years working with Tony Robbins and his team. And part of that was we were Tony’s Global Accounting Advisors, Partners for Canada, which meant we went to his business Mastery events three times a year and they recommended us.

00:20:54:13 – 00:21:16:14
Bob Gauvreau
Tony said, If you want to deal with the best tax experts and accountants in Canada, go talk to Bob and his team. Great. What a fantastic resource made from one of the world’s leaders. But based on spending time with him, I learned so much from him, even just from his business mastery events. And not that it was life changing information.

00:21:16:14 – 00:21:37:09
Bob Gauvreau
It was just like hit you with it. Yes, you just need to do it. And, you know, one of the things he talked about was offering giving more value than anyone else and leading with value and helping people achieve something first before asking for something in return. And that’s really the secret weapon to business success. And you guys sound like you’re doing exactly that.

00:21:37:11 – 00:22:04:02
Bob Gauvreau
And we try and do that as well, Right? We’re leading with offering as much value and insight as we possibly can to our business community. And then when it comes to needing a specialized service that we can support with, we’re here to help support them and so on. One of those things, looking at a small business who’s just getting started, or an entrepreneur who’s looking at getting started, this is one of those questions about should I or should I not incorporate?

00:22:04:04 – 00:22:31:13
Bob Gauvreau
That is maybe one of the most frustrating for me based on the feedback that they get from different people because I feel like there’s so much mixed messaging out there related to this. And there’s a simple answer, and I’ll tell you that in a second. But the mixed messaging is out there based on people’s availability or willingness to support people in that space or offer that service that’s sort of outside of their normal day to day, and they change the answer.

00:22:31:13 – 00:22:52:10
Bob Gauvreau
They give a frustrating answer so that people just don’t move forward with it. And it pisses me off. Guys, I’m not going to lie. We had the real estate community two years ago be able to incorporate for the first time, and before that they couldn’t incorporate. They were having to claim all their self-employed business on their personal tax return rates up to 55%.

00:22:52:12 – 00:23:06:03
Bob Gauvreau
Nasty situation. And then all of a sudden they could incorporate the laws changed, it allowed them to do it. And people were coming to me saying, Well, my accountant has told me that I need to have, you know, $250,000 of income.

00:23:06:03 – 00:23:06:23
Kyle Pearce
My gosh.

00:23:07:00 – 00:23:14:13
Bob Gauvreau
You incorporate and you’re like, what the hell? That is not even a relevant statistic in any way. Even if that number is wrong, that’s not.

00:23:14:13 – 00:23:22:05
Kyle Pearce
Or your accounting fees are just way too overpriced. If that’s how much you need to save in tax in order to make it worth it.

00:23:22:05 – 00:23:44:07
Bob Gauvreau
And at the same token, you’re like, that person is saying 250,000 because they don’t want to have to change the way they’ve been doing your stuff for the last ten years and they don’t actually give a shit if you’re paying more tax or not. If they could save you money and not that part of my industry in my space is really frustrating because we’re so client focused and we’re not perfect in any stretch.

00:23:44:07 – 00:24:03:08
Bob Gauvreau
Do we sometimes take long times to respond? Emails? Yes, but always the intention of supporting our client is always going to be with their interest first. So if you’re a small business owner and you’re getting started and you want to look at a structure, very first thing you want to look at is what is the intense that you’re trying to create with this business?

00:24:03:10 – 00:24:22:08
Bob Gauvreau
Because if you’re trying to build a business that’s very successful and is making a lot of money down the road, you want to look at incorporation immediately as a very important fact. One, it’s a financial investment and commitment to you in believing in yourself, because if you don’t take that step, you don’t believe that you’re actually going to be successful.

00:24:22:10 – 00:24:34:17
Bob Gauvreau
So if you don’t believe you’re going to be successful, this is not something you should get into because it is hard as hell to create something that’s successful. So if you don’t believe in yourself, that’s probably going to be challenge number one, like.

00:24:34:17 – 00:24:40:08
Kyle Pearce
A sunk cost rate. It’s like this solution or you’ll do it or don’t and move on.

00:24:40:08 – 00:25:06:14
Bob Gauvreau
Yeah, like if you can’t find 20 $500 to get set up properly from day one, if you’re not willing to invest that in yourself and what you believe that you can accomplish, you probably shouldn’t get into this space because it is not easy. Resilience is so necessary and $2,500, that might just be something that if you aren’t willing to do that, that’s probably your sign that maybe self-employment or entrepreneurship is not for you.

00:25:06:15 – 00:25:28:23
Bob Gauvreau
Take it a step further. If you are starting a business and you’ve got personal assets, you want to make sure that you’re protecting yourself in the best way possible. By using a corporation to establish your business, you’re able to protect your personal assets from your corporation. That is also something that’s very important as a 20 $500 sort of one time cost to set it up.

00:25:28:23 – 00:25:53:04
Bob Gauvreau
It’s like a lifetime insurance policy to protect the risk from your business, from your personal. Number three would be and this is where we start to get into taxes. Is there a particular number where it makes financial sense from a tax perspective for you to be incorporated? Yes. It’s when your tax rate gets above 12.2% and you guys have talked about this before, it is a wonderful thing.

00:25:53:04 – 00:26:18:24
Bob Gauvreau
And we do want to spend time focusing on how we continue to enact that 12.2% rate. It’s not it shouldn’t consume all of our lives. But when we’re thinking of incorporating, if you’re looking just specifically at a tax savings perspective, when your personal tax rate gets above 12.2%, you should incorporate at any point beyond 12.2%. It’s not going to cost you any money to have this corporation.

00:26:19:01 – 00:26:37:15
Bob Gauvreau
There’s lots of reasons Canada pension plan contributions that a lot of business owners make. When you incorporate, you pay yourself a dividend versus a salary. You could save about $7,000 a year in Canada. Pension plan contributions where and this is where, you know, opinions differ. I don’t want to give that to the government.

00:26:37:17 – 00:26:57:18
Kyle Pearce
I say that so often. I’m like, listen to each their own. But personally, I think I can do better with a very conservative asset if I really wanted to. Now can I just sort of highlight so you’ve been talking about that 12.2. We talk about it on the podcast a lot for that active income where I hear and where we get the question from.

00:26:57:18 – 00:27:26:17
Kyle Pearce
So many are those who are investing in real estate and that I’m sure there’s a little bit more nuance there and that’s where I wonder if maybe I use the word ignorance with respect rates. Sometimes people aren’t aware, maybe they misheard, maybe they weren’t sure. But like when we start talking about, say, earning passive income inside a corporation, there’s still a lot of the benefits you highlighted, right, with, you know, the liability protection and those pieces.

00:27:26:19 – 00:27:54:10
Kyle Pearce
But my rental property is not getting me 12.2%. So then now it kind of opens up a little bit of this like, well, how many properties are you going to be in? Like, that’s where I think that discussion ends up. The telephone game sometimes takes over, right? And then a person hears that and then they assume it’s the same for my contracting business or they assume it’s the same when in reality it’s like a really different game.

00:27:54:10 – 00:28:17:13
Kyle Pearce
I’m curious, when you’re working with business owners, do you find that the whole active passive thing I find this in general when we’re speaking with people, it’s almost like most business owners assume it’s 12.2% on everything and find out usually after they’ve been taxed a lot down the road as that passive income grows, like, what does that look like in your world?

00:28:17:13 – 00:28:43:02
Kyle Pearce
And I suppose, do you have any sort of rules of thumb or we call them Canadian wealth secrets that someone might consider if maybe they aren’t that active income? Because like you’re saying, active income, 12.2%. Awesome. That is so worth it, especially if you’re going to earn more than you’re earning personally to hit that same tax rate. So what do you say for those investors who are like, is it worth it?

00:28:43:02 – 00:28:47:09
Kyle Pearce
Do I do it? Do you have any rules of thumb or maybe things for people to think on.

00:28:47:11 – 00:29:09:23
Bob Gauvreau
100%? So I always like to start it off with maybe a tangent direction first and then I’ll jump into it. But I think this ultimately comes down to the professionals that you work with, right? We’ve talked about the difference in maybe some CPA firms you want to be working, especially if you’ve got anything that’s outside of the box, which is real estate investing.

00:29:09:23 – 00:29:32:03
Bob Gauvreau
It’s outside of the box of a traditional sort of tax return in a bunch of different ways. But you need to choose an advisor who’s willing to look at the outcome you’re trying to achieve and find you a solution that will match your objectives. And instead of just saying no passive investment, real estate income, you have less than five full time employees.

00:29:32:03 – 00:30:15:16
Bob Gauvreau
Any income you earn is going to be at the highest tax rate inside a corporation, which is at 50%. That is the rule. But there’s ways to make those rules work for us and get the outcome that the clients want. So one of the areas that we can get into is actually looking at a different structure and creating property management related organizations or a second corporation drive income into that which has risk because you likely have multiple sources of income, you likely have more risk because it’s a separate business that we look at transferring some of that passive income in the property company into an active income into a property management related company.

00:30:15:16 – 00:30:31:24
Bob Gauvreau
So looking at a structure, we can likely optimize that to eliminate those higher tax rates. So first and foremost, I think if you’re in that situation, one, if you’ve got a property that after depreciation is making money, fantastic, you are in a great position.

00:30:32:01 – 00:30:33:15
Kyle Pearce
Good problem to have, good.

00:30:33:15 – 00:31:02:05
Bob Gauvreau
Problem to have. Likely you’re in a position where you could refinance that property, pull out some equity and reinvest in your next property and start the accumulation of some significant wealth. There. Been there, done it. It works beautifully. We’ve have hundreds of clients who do that too. It’s great. At the same token, we want to eliminate that tax because it is nasty and we can definitely do it because typically if you’re in the real estate investor space, you have other forms of income typically when you’re starting.

00:31:02:10 – 00:31:24:04
Bob Gauvreau
So we can put that other form of income in another corporation which is active, we can then charge fees to your property company, pull out that passive investment income, bring it into active. We just need to be strategic with it and we likely have to have the agreements to support how that works. But 100% available in an opportunity.

00:31:24:06 – 00:31:59:02
Jon Orr
I’m like, and that secret sauce for sure. Now I want to I want to ask where your plans for wealth growth come into play. So business owners, small business owners, primarily the business is possibly, like you said, was real estate investing. But if you’re running your own business at the same time, there’s this sometimes waterfall technique that business owners apply to say, I’m generating majority of my wealth through this act of business, or maybe it’s my T4 income, but then I’m now deploying it into other assets for you on your wealth journey because I think our listeners just want to hear different perspectives.

00:31:59:02 – 00:32:13:11
Jon Orr
They want to hear different strategies. What are you doing? Like we share all the time what we do in every guest. We come on, We want to ask them like, what is their strategy? Like, what is your asset of choice? Or let’s say you’ve got this active business now spilling over top. It’s like, now what do I do with this money?

00:32:13:15 – 00:32:17:01
Jon Orr
Where does it go next for you and where does that waterfall lead?

00:32:17:04 – 00:32:24:17
Kyle Pearce
I’m guessing Bob’s and under the mattress kind of guy, you know, it’s just like this word under there. I know it’s going to be there now. I’m just kidding. Yeah.

00:32:24:18 – 00:32:28:15
Bob Gauvreau
Yeah, exactly. Yeah. Me and my grandmother sure do that. Yeah.

00:32:28:17 – 00:32:30:18
Jon Orr
Come to me. I got good rates. Good rates.

00:32:30:20 – 00:33:02:16
Bob Gauvreau
Yeah, exactly. Hey, we do. Our legal team does help with private mortgages to setting people up. So if that’s your under mattress money, that’s very legitimized. Right? Right. It works great. The rates of return are awesome. My approach to this is somewhat changed over the years too, and I think it’s completely dependent on where I’m at. Early on, I was taking my surplus income from my professional career in the business that I was building, and I was placing some of that in real estate investments and I was using it as deposits to get real estate rolling.

00:33:02:18 – 00:33:24:10
Bob Gauvreau
Once you get to a point in real estate, you typically don’t need to continue to fund it anymore. It can somewhat self-fund itself. So that’s sort of where I’m at from a real estate investing standpoint. I don’t need to go in any more. I just let that asset portfolio kind of work itself. And at the same token, I use this phrase a lot when I’m talking with my clients, Don’t kill your golden goose.

00:33:24:15 – 00:33:44:02
Bob Gauvreau
And the golden goose is always going to be your business. So especially if you’re looking at creating something. Now, before I jump into this, there are some stats. More than 90% of business owners who create a business never successfully exit. So let’s not put that as the be all and end all of being able to create a business.

00:33:44:02 – 00:34:05:15
Bob Gauvreau
And that’s our exit strategy because you’ve got to have a plan in place to be able to create a business that’s got value and can be sold. So there is some risk associated with that, right? Entrepreneurship, 50% of businesses fail within the first five years. Okay. We know that 90% or 95% of all of those businesses that do succeed never have employees.

00:34:05:17 – 00:34:39:22
Bob Gauvreau
Okay. So we know that if you don’t have employees, it’s not really a salable business unless you’ve got some really good IP because it’s completely involving you. So we continue to get down to this small statistic of people who are able to actually sell their business. When I say your golden goose, your golden goose is the idea that it’s creating you the largest return on investment that you’re ever going to have is going to be in your business, or it should be the reason that it maybe wouldn’t be in most in some instances would be because you pulled too out of it and you haven’t given it the oxygen it needs to continue to survive

00:34:39:22 – 00:35:07:00
Bob Gauvreau
and grow and breathe. So for me, right now, we’ve kind of been in a situation where we’ve been all in on the business. So I’ve got a company, obviously we’re multiple eight figures at this point. We’ve got 98 employees, but it needs every resource that it can possibly take. Right now it’s like a sponge and to the point where in some instances it doesn’t even have enough resources that it needs with all the opportunity that we’ve created.

00:35:07:00 – 00:35:30:22
Bob Gauvreau
So for me, I am all in on that particular position right now. I’m not pulling anything out because we’ve created something that’s salable and we’ve also created something that has significant momentum and it needs everything. So I think everybody’s situation is completely different. But I do like to say, especially those people who are putting in the 40, 50, 60 hour weeks, don’t kill the golden goose by pulling everything out.

00:35:30:24 – 00:35:55:04
Bob Gauvreau
Don’t let it die because it didn’t have the resources that it needed to continue to survive. We have to plan that out. And then for the second sort of element of that, whatever you can pull out, if you can create it on sort of fixed schedule so that you can pull it out regularly and frequently, the business can get used to that sort of resource being pulled out and put it into whatever investment makes the most sense for the individual.

00:35:55:09 – 00:36:16:00
Bob Gauvreau
I do not want to be a landlord of a residential home that has an individual tenant who could be destroying my walls or who’s going to call me and ask me for the plumbing questions. That is not where I fit in. That might be perfect for someone else who loves that. So you have to have an element of self awareness of what you want to invest into.

00:36:16:02 – 00:36:28:20
Bob Gauvreau
For me, anything that’s extremely passive, that doesn’t involve my attention and has a fairly decent rate of return or possible rate of return without me worrying about it, That’s where I like to spend my non-business time.

00:36:28:22 – 00:36:45:13
Kyle Pearce
I love it. I love it. So it kind of working backwards. It’s almost like if you have we call it the waterfall method, where you almost use some of that as almost like an expense to your business, right? Where you’re anticipating, Hey, this money is going out the door each month and we work within it, but not so much.

00:36:45:13 – 00:37:07:24
Kyle Pearce
So where you feel like there’s not enough going on in there and you said something else that’s really important. I love the golden goose analogy. There is the your business is something that you know really well. And if you’ve had moderate success, I’ll say moderate because there’s always an opportunity to scale up from where you are currently, but you’ve had some success in that business.

00:37:08:01 – 00:37:28:00
Kyle Pearce
That’s probably one of the lesser risk assets that you could be putting money into. You have control over it. You know what that money’s going towards, unlike maybe some other asset classes. And for some business owners, I say under the mattress. But for many though, they do want to be prepared for an emergency or for scaling or for something else.

00:37:28:00 – 00:37:49:06
Kyle Pearce
So there are opportunities to things that are more liquid and available and still grow some wealth and have some benefit. So, for example, we’ve helped some business owners with corporate owned life insurance example with cash value and that sort of thing. So hey, it’s there to leverage against at any point. So a lot of what you’re saying really resonates.

00:37:49:08 – 00:38:10:00
Kyle Pearce
What we don’t advise people do is, hey, you’re already in business, which is risky for some people to think about. Right. With all those stats you just shared, where do you want to take all of that money that’s growing essentially your current net worth? Where do you want to put it so that you can at least you want to essentially ensure that that capital doesn’t disappear on you?

00:38:10:00 – 00:38:27:20
Kyle Pearce
Right. It’s one thing to think about the return, but it’s also to think about the preservation of that capital. You’ve got this wonderful thing going on. We don’t necessarily need to be the smartest guy in crypto unless you really like that and you want to become an expert in that. But to your point, we’ve done much the same in our real estate portfolio.

00:38:27:20 – 00:39:03:13
Kyle Pearce
It does its thing. We continue to buy when it makes sense, but it’s not sort of something that we want to spend all of our time doing. So this has been fantastic. I’m wondering before we wrap this episode here today, it is the Canadian Wealth Secrets podcast. You’ve given a ton of awesome wealth secrets along the path here, but I’m wondering specifically for, let’s say, those business owners, investors or maybe future incorporated business owners, what would you say is a wealth secret that you think would be a nice takeaway for some listeners here today?

00:39:03:15 – 00:39:29:22
Bob Gauvreau
I’ll maybe give you two. One, that’s a very easy application and I feel could apply to 99% of everybody. And then one that’s maybe a little bit more sophisticated and maybe for the more advanced investor or advanced wealth accumulation individual. So the first one is as a small business owner, entrepreneur, whatever it is that we’re into, where we’re creating side hustle or a full time business, pay your children.

00:39:29:24 – 00:39:48:14
Bob Gauvreau
One of the easiest deductions that we possibly can have in a business is to pay our kids. And, you know, there’s some rules associated with it, and the rules have changed over the last few years. We used to be able to pay dividends out to kids who weren’t actively involved in a business. They’ve kind of taken that away, which we go, Yeah, that makes sense.

00:39:48:15 – 00:39:50:16
Bob Gauvreau
We were a little aggressive.

00:39:50:19 – 00:39:52:06
Kyle Pearce
Caught on the economy.

00:39:52:06 – 00:40:17:01
Bob Gauvreau
It was good while it lasted and we can still do it if we follow some certain parameters. But thinking of paying your kids $15,000 a year where they would pay zero tax on that, but you get full access to that deduction is certainly very powerful, especially if you think of a sole proprietor. If your tax rates are up around the 30% level, $15,000 of it deduction there is coming back to you in a nice little way.

00:40:17:01 – 00:40:24:24
Bob Gauvreau
And if anything, it allows those kids to pay for some of their activities with some of the cash that you’re putting aside for them. So that’s a huge take.

00:40:24:24 – 00:40:26:13
Kyle Pearce
In their parents out to dinner, whatever.

00:40:26:13 – 00:40:45:10
Bob Gauvreau
Taking their parents out to dinner or paying for private school or paying for their sports or whatever that is, we’re paying for it anyway. We might as well put it into account and have that get access to that deduction in our business. So there’s one part of this too, where the C.R.A. says, Yeah, reasonable compensation for reasonable work contributed.

00:40:45:12 – 00:41:15:12
Bob Gauvreau
That means it’s a full business deduction. Now there’s also an element of this where we could say, let’s pay an unreasonable wage, and what’s the outcome of that? It means that it’s no longer a business deduction. So for example, if I paid my kids an unreasonable wage and it was $50,000, and what that would mean is I would not get my 12.2% business tax savings, but I would not have to claim that $50,000 as income my kids could and they have no other income.

00:41:15:14 – 00:41:36:21
Bob Gauvreau
So what happens is we transfer from my 50% marginal rate down to their 15% marginal rate and we save the difference on our personal taxes. So, yes, it’s supposed to be reasonable, but if you don’t, you just don’t get a business deduction, which costs you the 12.2%. But you can also get that out at a much lower marginal tax rate.

00:41:36:21 – 00:42:00:23
Bob Gauvreau
So they’re number one for you. Number two, a lot of times we see business owners who’ve been really successful, they start to accumulate cash inside their corporation. And one of the fears is we don’t want to pull it out because we don’t want to pay tax. And I agree, let’s not pull it out. Let’s leave it in there, invested in whatever wealth secret that we want to take advantage of, but let’s leave it inside the corporation.

00:42:00:23 – 00:42:19:21
Bob Gauvreau
But one particular well, secret that we found has worked very well is that if you have personal purchases that you need to make and you don’t want to pay the tax on pulling that money out, what you can actually do is go and secure your corporate investments and get access to a personal line of credit with that security.

00:42:19:23 – 00:42:41:21
Bob Gauvreau
And a lot of the times it’s working with a private banking institution or arm of a larger financial institution and being able to secure, you know, 70% loan to value of those assets, to be able to acquire personal assets or to pay for personal expenses, avoids the high amount of tax that we would be paying on that as a dividend distribution.

00:42:41:23 – 00:43:02:05
Bob Gauvreau
So if you’re in that space, that certainly gives us a lot of opportunity. I’m sure you guys would also look at that and reframe it and say, if we want to build a whole life insurance policy as well, invest in there, also get access to that leverage down the road. We could do that too. So there’s different ways to do it, different ways to approach it.

00:43:02:07 – 00:43:12:12
Bob Gauvreau
But as you start building wealth in your corporation, just know that if you do need some of those resources, there are ways that we can get access to them personally without paying the tax.

00:43:12:14 – 00:43:45:02
Kyle Pearce
I love it. I love both of those wealth secrets, and I’m going to argue that the first one kind of had two to it because you talked about the money, which is great. Three is better than one, that’s for sure. So secret number two, I love your strategy. And again, I know very quickly when there’s an alignment in thinking, because we do absolutely leverage strategies such as what you’ve described, which I can imagine that we’re going to have some clients coming directly from us to you friends in order to do some of this work.

00:43:45:02 – 00:44:12:14
Kyle Pearce
Because what we pride ourselves in is being able to actually structure this with clients at that point. So like you said, for some people it could be a permanent life insurance policy where the premium is high enough, retained earnings are high enough, where that can happen almost immediately right away or it can happen later down the road. And of course, doing all of the things that make this thing compliant and getting independent tax opinions and all of those things are really important.

00:44:12:14 – 00:44:32:00
Kyle Pearce
So I really like your secret sauce. That’s a super advanced one. And if you’re listening to this, friends definitely reach out to us at Canadian Wealth Secrets dot com forward slash discovery. Not only will we take you on a deeper dive towards a strategy such as that one, but we’ll also make sure that we get you connected with Bob and his team.

00:44:32:00 – 00:44:57:18
Kyle Pearce
If you’re feeling like, you know, my accountant is kind of accountant T and kind of bookkeeper and not very advice. It sounds like Bob and his team could definitely be of service to you friends. Bob, I want to thank you for being on the podcast. But before you go, hey, tell them where can they find you? You’ve got a podcast, we listen to it, and I’m sure some of these listeners are going to want to listen to it as well.

00:44:57:18 – 00:45:02:17
Kyle Pearce
Tell them where they can find you and learn more about what you and your team can offer them.

00:45:02:19 – 00:45:20:15
Bob Gauvreau
For sure. So the easiest way to connect with us would be through any of the social platforms, but our website as well, which is GoPro, CPA, UK and any of our social platforms were at GoPro CPA. You can find us there. Follow us. Actually, we’re doing we put out a lot of content, a lot of advice like we talked about.

00:45:20:15 – 00:45:39:21
Bob Gauvreau
We practice what we preach, so check that out. We also have a podcast called The Wealthy Entrepreneur. It’s on all major platforms. Check us out there. Follow us as well. Again, just giving insights and value and I think we’re going to have a couple special guests that you may know as well, joining me on my podcast here shortly, too.

00:45:39:21 – 00:45:45:05
Bob Gauvreau
So excited for that. And gentlemen, for a continued collaboration. Really great to be here.

00:45:45:07 – 00:45:50:05
Jon Orr
We’re excited for that, too, Bob. And again, thanks for being here and we’ll talk soon.

00:45:50:07 – 00:46:31:00
Kyle Pearce
Well, they’re Canadian while secret seekers there you have it, Bob. GoPro and my friends, I don’t know about you, but I love having conversations with Bob. He is not only out there looking out for business owners, entrepreneurs and investors, but he’s got a wealth of knowledge, lots of ideas, creative and compliance strategies in the arsenal and is always looking to help and be as progressive as possible so that we can navigate that difficult Canadian tax system and I’ll tell you, it’s been a pleasure connecting with him, and I’ve already sent many clients in his direction because he’s just, again, so forward thinking.

00:46:31:06 – 00:46:36:17
Kyle Pearce
His team is responsive and it was just a delight to have him on the show here today, for sure.

00:46:36:18 – 00:46:59:02
Jon Orr
For sure. And I think my big takeaway here is one of the secret sauce pieces he gave us near the end of the episode, which was about paying your kids. It makes a lot of sense in terms of like how we could compliantly get our kids to engage in, say, business activities and find them interesting ways to contribute to the business, but also because they’re not making a steady income, you’re going to save on that tax.

00:46:59:02 – 00:47:29:04
Jon Orr
And that and that tax can be used in your business in other ways, like saving on that tax. A nice secret sauce there. And we are excited to keep rolling with episodes as we publish them every Wednesday every Wednesday morning, we’re publishing a new secret sauce episode, a new Canadian. Well, secret in your years. This one was episode 73 with Bob GoPro, and you can find all of the links the resources overwrite Canadian well secrets dot com Board Session Episode 73 and Friends.

00:47:29:04 – 00:47:52:03
Kyle Pearce
You can do us a huge favor by rating and reviewing the show on your favorite podcast platform. We love sticking around in the top 200 even better when we’re in the top 100 Canadian business podcast. So keep up that great work. If you’re finding some value here, share it with your connection with your network so that they are aware of the secret sources that they can find here.

00:47:52:08 – 00:48:11:20
Kyle Pearce
And always remember, if you want to dig in and you want to have a discussion about your specific scenario, be it corporate or personal. Hop on over to Canadian Wealth Secrets dot com forward slash discovery and you can hop on a discovery call. Just to be very clear, when you hop on a call with us, there are no costs, there are no strings attached.

00:48:11:20 – 00:48:25:15
Kyle Pearce
There is no hourly fee or retainer. We are there to help you with the next step in your journey. So head on over to Canadian Wealth secrets dot com forward slash discovery and I look forward to chatting with you sometime soon.

00:48:25:17 – 00:48:42:14
Jon Orr
All right, Canadian Wealth Secret seekers, we’ll see you next time.

00:48:42:16 – 00:49:19:05
Kyle Pearce
Just as a reminder, this is not investment advice. It is for entertainment purposes only. So that is for information only. You should not construe any such information or other material as legal tax, investment, financial or other advice. And John Haw is a mortgage agent with Brix Mortgage license m23006803 And Kyle Pierce is a licensed life and accident and sickness insurance agent and corporate wealth management advisor with the PAM team, including corporate advisors and pan financial.

Canadian Wealth Secrets is an informative podcast that digs into the intricacies of building a robust portfolio, maximizing dividend returns, the nuances of real estate investment, and the complexities of business finance, while offering expert advice on wealth management, navigating capital gains tax, and understanding the role of financial institutions in personal finance.

"Education is the passport to the future, for tomorrow belongs to those who prepare for it today.”

—Malcolm X

Design Your Wealth Management Plan

Crafting a robust corporate wealth management plan for your Canadian incorporated business is not just about today—it's about securing your financial future during the years that you are still excited to be working in the business as well as after you are ready to step away. The earlier you invest the time and energy into designing a corporate wealth management plan that minimizes income taxes and maximizes the capital available for investment, the more time you have for your net worth to grow and compound over the years to create generational wealth and a legacy that lasts.

Don't wait until tomorrow—lay the foundation for a successful corporate wealth management plan today.

Insure & Protect

Protecting Canadian incorporated business owners, entrepreneurs and investors with support regarding corporate structuring, legal documents, insurance and related protections.

Income Tax Minimization

Unique, efficient and compliant  Canadian income tax strategies that incorporated business owners and investors would be using if they could, but unfortunately never had access to until now.

Generational Wealth

Grow your net worth into a legacy that lasts generations with a corporate wealth management strategy that leverages tax-efficient structures while creating safety by minimizing volatility.

We believe that anyone can build generational wealth with the proper understanding, tools and support.


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