This summer, a wave of Canadians will open their mail to find a GIC renewal notice, and the new rate won't look anything like the 5% they locked in back in 2023.

In this episode of Think Smart with TMFG, we go back to square one on Guaranteed Investment Certificates: what they actually are, why so many people own them without realizing it, and why the timing of this year's renewal wave matters so much.

We also dig into one of the biggest drawbacks of GICs: their tax treatment. Interest income is taxed at your top marginal rate, and accumulation GICs can leave you paying tax on money you haven't even received yet. For retirees focused on keeping their tax bill low, we discuss why those forgotten GICs often show up as an unexpectedly high interest line on a tax return.

From there, we break down the hybrid and index-linked GICs and liquidity risk, why locked-in money can be a problem inside a corporation or in a pinch, and the liquid alternatives like high-interest savings and money market funds that can serve a similar purpose.

Finally, we share practical strategies if GICs are right for you: laddering for liquidity, why you should always negotiate rather than accept the artificially low posted renewal rate, and the importance of watching CDIC coverage limits, especially outside the big five banks.

📌 If you have a GIC coming due this summer, personally or inside your company, feel free to reach out before the renewal date. We'd be happy to help you through those decisions:

Schedule a meeting here

🎧 Listen to the full episode on YouTube.

Follow us: LinkedIn: The McClelland Financial Group

Facebook: https://www.facebook.com/tmfg.ca

Instagram: https://www.instagram.com/themcclellandfinancialgroup_/

Most founders can tell you their business's revenue down to the penny, but ask about their own net worth, and they draw a blank.

In this episode of Think Smart with TMFG, we unpack founder compensation and personal wealth-building: why so many successful business owners are asset-rich on paper but personally behind, and why that gap only gets harder to close the longer you wait.

We dig into how you pay yourself: salary builds CPP and RRSP room, while dividends offer tax advantages but no CPP contributions, and aren't deductible to the corporation. We also cover using corporate debt to build income (versus personal debt to buy things), insurance as a corporate wealth tool, and the capital dividend account, a lesser-known way to pull money out of your company tax-free.

Finally, we share the habit that separates founders who build lasting wealth from those who don't: knowing when to stop reinvesting everything and start retaining earnings, even just 10–20%, so a rough year for the business doesn't become a personal financial crisis.

📌 If you're a founder or business owner rethinking how you pay yourself or reinvest, feel free to reach out. We'd be happy to help you through those decisions: Schedule a meeting here

🎧 Listen to the full episode on YouTube.

Follow us: LinkedIn: The McClelland Financial Group Facebook: https://www.facebook.com/tmfg.ca Instagram: https://www.instagram.com/themcclellandfinancialgroup_/

In our last episode, we covered the foundation of retirement planning for business owners. Now we continue the conversation by looking at what it actually takes to get a business ready for a successful sale.

What an owner thinks their company is worth doesn't always match what a buyer is willing to pay. We explore what buyers are really looking at when they assess value, and why most of them want to buy your cash flow, not your business. We also discuss why heavy owner dependency, mixed personal and business expenses, and customer concentration can all quietly hurt your valuation.

From there, we break down EBITDA, the difference between a share sale and an asset sale, and how family trusts can multiply the capital gains exemption.

If you missed Part 1, go back and have a listen to Episode 361, where we covered the retirement planning foundation that sets all of this up.

📌 If you're a business owner starting to think seriously about a transition or succession, feel free to reach out. We'd be happy to help: Schedule a meeting here

🎧 Listen to the full episode on YouTube.

Follow us:

LinkedIn: The McClelland Financial Group

Facebook: https://www.facebook.com/tmfg.ca

Instagram: https://www.instagram.com/themcclellandfinancialgroup_/