Short answer
A financial advisor for a plumbing company coordinates four things banks usually handle separately: how the owner draws income from the corporation, where retained earnings are invested, insurance that funds a buy/sell agreement and covers key licensed staff, and an exit plan that uses the Lifetime Capital Gains Exemption. Thompson & Pollock does all four under one roof.
Reviewed by Johnathan Pollock · Updated August 2026
Plumbing is one of the trades we serve most. Thompson & Pollock Wealth Inc. is an independent practice that has spent years working with incorporated plumbing companies across Durham Region, Northumberland, the Kawarthas, the GTA and New Brunswick — and the financial picture is genuinely different from a typical professional or salaried client.
You have service vehicles, parts inventory, apprentices on the books, WSIB premiums, fluctuating receivables from builders, holdback on large commercial jobs, and a corporation that is accumulating retained earnings faster than your accountant has time to plan for. We integrate all of it into one coordinated plan — and we cross-check it against the same work we do for HVAC companies, electrical contractors and renovation general contractors.
Most owners we sit down with have been told for years to "just leave the money in the corp." That is not a plan — it is a stalled tax problem. We model what your corp, your personal accounts and your family will actually look like in ten and twenty years if we change nothing, and then we show you the levers that move the dial.
Johnathan Pollock has started, scaled and successfully sold multiple businesses of his own. He understands cash-flow swings, payroll, equipment financing, and the moment in a tradesperson's career when the question changes from "how do I bid this job?" to "how do I eventually get out?"
Because we are independent, we shop the entire Canadian market for your insurance, group benefits and investments — you get the recommendation that genuinely fits the business, not the one paying the highest commission.
1. Retained earnings with no job to do. A profitable shop leaves cash in the corporation because it is taxed at the small business rate on the first $500,000 of active income. That is correct — right up until the passive investment income on that cash crosses $50,000 a year and starts grinding away the small business deduction. Where the money sits matters as much as how much of it there is.
2. The owner is the company. If you are the licensed master plumber whose name is on the permits, a six-month disability does not just cost your income — it can stop the company from pulling permits at all. Business overhead expense coverage and key-person disability are cheap relative to that risk and are almost never in place when we first meet an owner.
3. Partnerships without a funded agreement. Plenty of two-owner plumbing shops have a handshake and a lawyer's template in a drawer with no insurance behind it. If one owner dies, the survivor is suddenly in business with an estate. A funded buy/sell agreement, structured properly, uses the Capital Dividend Account so the buyout money comes out of the corporation largely tax-free.
4. No plan for the exit. The Lifetime Capital Gains Exemption can shelter a substantial share-sale gain, but only if the corporation qualifies at the time of sale — which usually means purifying excess passive assets out of the operating company well before a buyer shows up. This is a two-to-three-year job, not a two-week one.
A three-truck plumbing corporation in Durham Region nets roughly $340,000 before owner compensation. The owner draws $95,000 in dividends, leaves the rest in the company, and the accountant files a clean T2 each spring. Nothing is wrong — and nothing is planned.
Reworked, the same shop pays enough T4 salary to create RRSP room and support an Individual Pension Plan in a few years, moves surplus cash into a holding company so it is outside the reach of operating-company creditors and does not contaminate the share-sale test, funds a buy/sell agreement with corporately owned insurance, and adds a group benefits plan that costs less than the wage bump the crew was asking for. Same revenue, materially different ten-year outcome.
Three arrangements we see, side by side.
| What matters | Bank branch advisor | Insurance-only broker | Thompson & Pollock |
|---|---|---|---|
| Understands trades cash flow | Rarely — priced for salaried clients | Sometimes | Core focus; plumbing, HVAC, electrical, framing, renovation |
| Corporate tax coordination | No — refers you back to your accountant | No | Works directly with your accountant on salary/dividend mix and purification |
| Buy/sell agreement funding | Not offered | Policy sold, structure rarely reviewed | Structure, valuation trigger and CDA flow reviewed with your lawyer |
| Group benefits and retirement for the crew | Separate department | Sometimes | Quoted across the whole Canadian market |
| Will and Powers of Attorney | Not included | Not included | Drafted and updated as part of the program |
| Product independence | In-house shelf | Depends on contracts held | Independent — full Canadian market |
General comparison of common service models, not a statement about any specific firm.
EXAMPLE CLIENT SCENARIOS
Business owner, 45, incorporated renovation company
Retained earnings were building in the corporation with no strategy for salary, dividends or investing.
What we did
One coordinated plan across the business and household, reviewed every year.
Couple, early 30s, two young children
New mortgage, no wills, and an RESP they'd opened but never contributed to.
What we did
The basics covered in a few meetings, with a budget they could keep.
Recently retired, 66, accounts at three institutions
RRSPs, a TFSA and a small pension spread across banks, with no view of total fees or income.
What we did
One clear monthly income plan and fully disclosed fees.
These are illustrative examples of common situations, not specific clients. Every plan depends on your own circumstances; results are not guaranteed.
Mon – Fri: 9:00am – 5:00pmIn person, phone or video
Written and reviewed by Johnathan Pollock
Managing Partner, Thompson & Pollock Wealth Inc. — Amazon best-selling author of The Entrepreneur's Toolkit.
Last reviewed August 2026
Serving plumbing companies across Oshawa, Whitby, Bowmanville, Clarington, Durham Region, Northumberland County, the Kawarthas, Prince Edward County, the GTA and New Brunswick — in person and via video.
A 30-minute intro call, no obligation. We'll listen first and tell you straight whether we can move the needle for your shop.
We reply with the next available slots.
“My wife and I are so pleased to be dealing with a financial advisor that not only has a known passion for what he does — Johnathan is very good at explaining it to us on our path to a comfortable retirement.” — John M., Google review
“Thank you for being such a knowledgeable advisor and incredible listener, Johnathan. You have put things into perspective in terms I understand and helped me prepare for the future.” — Barb L., Google reviewRead all reviews on Google
Before you book
We reply with the next 2–3 available meeting slots. Once you pick one, you’ll get a calendar invite and a short prep note so we can make the most of the time.
Most first meetings are 20–30 minutes. We’ll ask a few questions, share what we see, and only move forward if it makes sense for you.
Nothing is required. If you have a recent tax return, group benefits summary, or investment statement handy, it helps — but only if you want to share it.
