Fillable FINANCIAL PLANNING FOR YOUR BUSINESS FACT SHEET (Equitable Life of Canada)

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FINANCIAL PLANNING FOR YOUR BUSINESS FACT SHEET (Equitable Life of Canada)

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advanced insurance planning
FINANCIAL PLANNING FOR YOUR BUSINESS
FACT SHEET
CONFIDENTIAL INFORMATION
The information you provide in this fact sheet can assist your financial advisor in developing
a financial and succession plan to help you achieve your personal and business goals.
CLIENT INFORMATION
Name of business owner(s)
Name of business (Full legal name)
Address
Street City Province Postal code
Contact information
Business phone Cell phone Email address
Are you currently doing any business or succession planning? Yes No
If yes, provide details:
BUSINESS INFORMATION
Business entity
Proprietorship Partnership
Corporation, if so: Private Holding company Public company Operating company
Incorporation number Quebec enterprise number
Ownership
Complete the table below for each business entity. You should provide a copy of:
• Business entity organizational chart(s).
• Articles of incorporation if applicable.
• Partnership agreement if applicable.
• Most recent financial statements for a corporation or partnership, and most recent earnings statement for a proprietorship.
• Family trust documents if any shares or interests are owned by a family trust.
Corporate business entity name Shareholder
Class of
shares
Number of
shares
Adjusted
cost basis
Paid-up
capital
Relationship to
business owner
1788(2020/06/30) Page 1 of 4
advanced insurance planning
1788(2020/06/30) Page 2 of 4
FAMILY INFORMATION
Provide the following information for immediate family members of the business owner(s).
Family member’s name
Relationship to
business owner
Age of family
member
Position within business
entity (if applicable)
INSURANCE INFORMATION
If the business owner(s) or any of the corporations own life insurance, disability insurance, or critical illness insurance policies,
complete the table below.
Insured’s name Policy owner’s name
Sum
insured
Annual
cost
Purpose
Date
purchased
EMPLOYEE BENEFITS
Do you offer employee benefits? Check all that apply:
Pension plan / individual pension plan Life insurance
Retirement compensation arrangement Critical illness insurance
Executive compensation Short / long term disability
Shared ownership Health and dental insurance
FACT FINDING QUESTIONNAIRE
1. Does the business qualify for the small business deduction? Yes No
If yes, is the business owner bonusing down to the small business income threshold? Yes No
What were the bonuses for the most recent years? $ $ $
2. What is the current value of the business? $
3. If there is a holding company, what is the value of the other property in the holding company?
$
4. Are any of the following people U.S. citizens or residents? (business owner, shareholders, family members) Yes No
If yes, provide the following information:
US citizen or resident’s name Class of shares
Number of
shares
Relationship to
business owner
FINANCIAL PLANNING FOR YOUR BUSINESS
FACT SHEET
CONFIDENTIAL INFORMATION
advanced insurance planning
1788(2020/06/30) Page 3 of 4
Fact finding questionnaire continued
5. Have the business owner(s) and spouse(s) used some or all of their capital gains exemption? Yes No
If yes, how much? $
6. On a scale of 1 to 5, (with 1 low and 5 high) how would you rate:
Present performance of the business 1 2 3 4 5
Expectation for future performance of the business 1 2 3 4 5
7. What annual percentage growth is projected for the next 10 years? %
8. How long does the business owner intend to keep the business? years
9. What will happen to the business when the business owner retires?
Don’t plan to retire Family member will take it over
Sell it to a third party Don’t know
10. Does the business owner have a business succession plan in place? Yes No
11. Is this a family run business? Yes No
If yes, does the business owner have a Will in place indicating who receives the business Yes No
or company shares at death? If yes, please provide a copy.
If the business or shares are left to the spouse, who gets the business or shares when that
spouse dies?
Are there any children who are involved in the business? Yes No
If yes, are they shareholders? Yes No
Are there any children who are not involved in the business? Yes No
If yes, do they plan to become involved at some point in the future? Yes No
If no, does the Will outline how they will receive a share of the value of the business? Yes No
12. Does the corporation/partnership have multiple shareholders/partners? Yes No
If yes, is there a buy-sell agreement/partnership agreement in place? If yes, please provide a copy. Yes No
(In the event that one of the shareholders/partners wants to leave the business, becomes sick or disabled and is unable
to continue working, or one of the shareholders/partners dies.)
If yes, is the buy-sell/partnership agreement funded with life or critical illness insurance? Yes No
13. Will the spouse and/or family have a source of income when the business owner dies? Yes No
14. Will the spouse and/or family have a source of income when the business owner becomes Yes No
disabled or critically ill?
15. Are there any people who are key to the operation of the business? Yes No
If yes, complete the following:
Name of key person
What financial impact would the loss of that
key person have on the business?
FINANCIAL PLANNING FOR YOUR BUSINESS
FACT SHEET
CONFIDENTIAL INFORMATION
advanced insurance planning
1788(2020/06/30) Page 4 of 4
® denotes a trademark of The Equitable Life Insurance Company of Canada.
Fact finding questionnaire continued
16. Are there any outstanding business loans? Yes No
If yes, what is the loan for?
If yes, what is the current balance? $
17. Are there any business credit facilities, including lines of credit and credit cards? Yes No
If yes, what is the current total balance? $
What has been the highest total balance in the past 5 years? $
18. Has the business owner personally guaranteed any business loans or credit facilities? Yes No
If yes, what is the current total balance? $
To the best of my knowledge and belief, the statements and answers in this fact sheet are true,
complete and correctly recorded as at the date I sign this fact sheet.
Client’s signature Date
Other important information you believe may be of assistance to your advisor:
NOTE: Do not submit this with the application. Retain it for your records.
FINANCIAL PLANNING FOR YOUR BUSINESS
FACT SHEET
CONFIDENTIAL INFORMATION
The Equitable Life Insurance Company of Canada 1.800.722.6615 www.equitable.ca
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FINANCIAL PLANNING FOR YOUR BUSINESS FACT SHEET (Equitable Life of Canada)

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Completed 20 February 2022

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