Craig Mackinnon, B.Mgt, CFP, CIM

Associate Investment Counsellor

Tel: 250-469-4157
Tel: 250-861-1620


BMO Private Wealth
294 Bernard Ave
Kelowna, BC
V1Y 6N4

Contact Me


Tax Planning

2020 Year-End Tax Planning Tips

Since many tax strategies require foresight to be effective, tax planning should be a year-round activity. However, as the year end approaches there are still opportunities to consider in order to reduce your 2020 tax bill.

Business Advisory & Succession Planning

The Importance of Understanding Human Capital in a Business

Human Capital has been traditionally viewed as an operating expense (i.e., an income statement item) rather than a revenue-producing capital asset on the balance sheet. However, it is a key contributing factor to the long-term operating success of your business. This article discusses ideas, analytical views and considerations to help you better understand the importance of the Human Capital component of your business, as it relates to a “sale” or “generational transition,” as well as other stages within the lifecycle of your business.

Understanding Your Needs as a Business Owner

As a business owner, your priorities may change as you transition through various stages of the business life cycle. As priorities change, your focus may shift in areas such as banking, risk management, financial planning, investment management and your family needs. What remains constant is your desire to be successful and to share your success with those closest to you. So, what is on your mind? One of the most common questions that business owners have, is “Who can help me with these transitions?” At BMO we can help you address this question and achieve your financial goals.

Who Will Buy My Business?

Once a business owner decides to start the process of selling his/her company, one of the first considerations is who will purchase the business. Each potential buyer will approach an acquisition opportunity with a different view of the business’ strengths, weaknesses, opportunities, and threats. In addition, the type and number of buyers interested in acquiring the same business may have a significant impact on its perceived value, and purchase price. Understanding the types of buyers and potential advantages and disadvantages of engaging with each, may help business owners determine their priorities when selling their business.

A Guide to Individual Pension Plans

An Individual Pension Plan (“IPP”) is a defined benefit pension plan that is designed for high-income earning executives, small business owners, and incorporated professionals, such as doctors, dentists, and lawyers. An IPP allows eligible individuals to accrue retirement income on a tax-deferred basis and is an excellent way to increase your retirement nest egg, as contributions are higher than those available through a Registered Retirement Savings Plan (“RRSP”). An IPP is most suitable for individuals between ages 40 and 71 who have T4 earnings generally greater than $154,611 in 2020.

5 Common Challenges for a Family Enterprise

Statistics show that family enterprise is the most common form of business ownership in the world. In Europe and Asia, some businesses have been family owned for 10+ generations, or several hundred years. In Canada, it is estimated that some 60% of the GDP is driven by family enterprises that employ more than 6 million people. Ironically research on family business has only gained significant traction over the past 50 years.

Banking Services for Small Business Owners

Owning and operating a small business has several benefits as well as unique challenges. Small business owners enjoy independence, flexibility, and tax advantages; however, they must also manage day-to-day operations, seek opportunities for growth, and stay on top of financial responsibilities. Suppliers, employees, and bills all need to be paid regularly and on time. Additionally, business owners must also ensure that their company has sufficient funds to cover unexpected expenses, such as equipment breakdown, or significantly larger or longer-term expenses, such as increased mortgage rates.

COVID-19 Update

Five Best Practices for Business Owners During Uncertain Times

April 30, 2020: The COVID-19 crisis has created an uncertain time for business owners, regardless of the industry in which they operate. Given these challenging times, the BMO Business Advisory and Transition Planning team has outlined five best practices to help business owners focus and manage their business effectively.

Tax Planning Strategies

Canadian Snowbirds and U.S. Income Tax

Although Canadian snowbirds reside in the U.S. for only a part of the year, there is the potential of being considered a U.S. resident and, in turn, having to pay U.S. income tax on the same basis as a permanent U.S. resident. This article outlines how the U.S. government determines whether you are a resident for income tax purposes; namely, it covers the criteria for meeting the Substantial Presence Test, Closer Connection Exception and the Canada U.S. Income Tax Treaty Tie-Breaker Rules.

Estate & Succession Planning

Succession Planning for the Family Farm

This article addresses common questions asked by our agricultural clients regarding succession planning of the family farm.

“Stress Testing” Your Estate Plan in a Time of Crisis

April 30, 2020: A crisis can be a catalyst for action if you don’t have an estate plan – or even a Will. Here is a checklist to help ensure your estate plan is up to date, reflects your current wishes, and continues to align to your goals.

Estate planning for complex family dynamics

Today, the modern family comes in many different shapes and sizes; this diversity is having an impact on family relationships and the way families interact when addressing estate planning.

Education and Knowledge

Periodic Table of Asset Class Returns

As the Periodic Table of Returns demonstrates, your portfolio should be well diversified amongst global asset classes to enhance return and reduce risk. Click to read more.