My friend is an entrepreneur. Her calendar is booked solid and her company's long list of projects is impressive.

The other day, I asked her how she was planning for retirement. Her answer: “I don't even have time to think about vacation! Seriously, retirement doesn't even cross my mind…”

Unfortunately this is how a lot of entrepreneurs view retirement.

Without the luxury of a company pension plan, entrepreneurs have to be proactive when planning for their own retirement.

Many rely on the sale of their business to finance it.

Sometimes, however, owners will want to hand their business down to a family member. Or perhaps illness strikes or the company's value depreciates, making things more complicated when it comes time to retire.

Saving for retirement is a marathon, not a sprint—starting early can make all the difference.

There are several financial tools out there that you can use to meet your retirement goals.

If you pay yourself a salary, here are two ways you can grow your assets:

First off, the RRSP. It's a well-known financial vehicle to which you can contribute if you pay yourself a salary. That way, you can get a deferral on your contributions until retirement.

Then there's the IPP (the Individual Pension Plan). It's comparable to a defined benefit pension plan that's designed for a business owner or a key employee. Contributions are solely made by the company and are tax deductible. Contribution room is calculated based on your salary, increasing with age and years of service. And the contribution limit is higher for an IPP than it is for an RRSP.

However, you need to figure in the implementation, actuarial and administrative fees and requirements.

The TFSA. It's also an interesting instrument. It's a tax-free way to grow your investments and the contribution ceiling is not based on your salary.

Working with someone you can trust allows you to properly plan for your retirement.

Your advisor can help you get a better handle on all the tax issues that come along with being a business owner.

With the tailored solutions to your individual needs, you can enjoy your retirement to the fullest!

If you have any questions, please send them to the address you see on-screen. I look forward to hearing from you!