Business Succession Planning
As Canada celebrates Small Business Week, it's a reminder for business owners to consider the benefits of tax, retirement, and estate planning.
With Canada's aging population and retiring business owners, the successful transition of small businesses is crucial to the Canadian economy. Small and medium-sized businesses make up 48% of Canada's GDP and provide 63.7% of private sector jobs.
- 98% of Canada's 1.1 million businesses have less than 100 employees.
- A 2022 national survey by the Canadian Federation of Independent Business (CFIB) found that 76% of business owners plan to exit their business within the next decade.
This highlights the importance of planning for the future of small businesses in Canada.
No direct quote available in the given text.
Author's summary: Business succession planning is crucial for Canada's economy.
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