Similarly, in the Bank of Canada’s quarterly business outlook survey published in July, more than half of businesses expected sales over the next 12 months to be lower than in the previous 12 months, with future sales indicators at record lows. The soft expectations were widespread across regions and sectors.
Further, only 22% of respondents to the CFIB business barometer said their businesses were in good shape — about half the usual proportion.
With slower sales, business owners may need advice to boost their bottom lines. In such cases, Mark Therriault, a financial advisor at Nicola Wealth in Vancouver, considers cash flow planning in conjunction with tax planning.
While tax planning is generally implemented for the long term, advisors may want to review planning with business-owner clients and their accountants to ensure it’s sound, in light of the pandemic’s impacts, he said.
Therriault’s firm conducts an income analysis with business