RRSP Withdrawl (Laurie) Part 2


Brooke –

Thank you for your candid advise.

I realized I had not explained the cashflow of my husband’s business accurately.

The business has produced a profit each year (growing year after year).
He rolled this profit back into his business each year so it would become self sustaining (which it is).
We had my income to support the family expenses.

He pulled a draw this past year but it was done as a shareholders loan repayment (as there were business expenses from the first year to be paid back to the family). This unfortunately didn’t meet the bank’s qualification as “income” so that is why we were looking at other options to offset my income in the short term while we build the business to replace my income (and more!).

Your encouragement to look to the business to replace my income is bold, scary and exactly what we NEED to do and are going to do!

We worked on the SCS year-end workbook and went through each of our “fears” and excuses ahead of time!
What an incredibly valuable exercise!

Our mantra for 2018 is Productivity not perfection.

Thank you for being so generous with your expertise and for caring SO much about each of your students and their successes!

I look forward to updating you on our accomplishments.

With the greatest appreciation,

Laurie Shopland