Managing Your Finances
Managing your finances is an important component to any financial security plan. Along with the protection offered through insurance and the goal setting provided by investment choices, money management strategies help you manage your savings on a daily basis.
From mortgage payments to tax savings, we can help you manage your money as effectively as possible, given your personal situation.
For Individuals
For Businesses
Saving
Depending on your stage of life, chances are you’ll have a distinct approach to saving. New graduates or young couples have different needs than retirees or mid-career families. But no matter your personal situation, we can help you develop financial habits that will lay a strong foundation for your savings.
Younger individuals and couples have a number of benefits in terms of financial management. Low insurance costs and a long investment horizon, combined with few responsibilities, can make for an excellent financial base. We can help you build on these advantages, while at the same time considering a debt load that might include student loans, car payments or perhaps a mortgage.
Couples planning for a first child enter into a new level of commitment—both personally and financially. Learn how to save for a child through specialized insurance and investment products, such as a Registered Education Savings Plan.
Mid-career professionals typically have higher incomes than younger investors—but they also carry more responsibilities. From mortgage payments to a child’s education, consider a financial plan that balances your needs and obligations.
Retirees have worked hard at their careers, and now is the time for relaxation and celebration. Chances are children have moved from home, the mortgage is mostly paid off and a few investments are coming to fruition. However, income levels may have dropped after retirement. Find out how to manage your finances in a way that allows you to fully enjoy the fruits of your hard work.
In short, no matter your life stage, contact us today to learn how to balance savings and investing with your other commitments.
Tax Planning
No one likes taxes. But through the advice of a professional financial advisor, you can access products and services that help ease the burden. Charitable contributions, life insurance policies and investment products purchased through RRSPs or RESPs can all be useful tools in an effective tax strategy. Working together, we will consider your personal situation and design a tax plan that fits your needs.
Choose from a variety of products and services, such as:
- Income-splitting for spouses or common-law couples.
- Charitable donations, which benefits important not-for-profit work and allows donors to maximize tax credits.
- Life insurance products that build tax-advantaged capital for retirement.
- Investment products that provide for tax benefits, such as those purchased through RRSPs or RESPs.
Contact us today to learn more about tax-planning products and services that are specifically tailored for your needs.
Succession Planning
Every family has unique goals and challenges that are best addressed after much thought and careful consideration. Every client we have ever had the opportunity to work with wants to reduce their tax burden and help the next generation benefit from a portion of their labor. Succession planning is partly about using varied financial techniques, specific beneficiary designation, and sometimes more complicated financial strategies to accomplish an individual family’s goals. This process can be one of the most daunting opportunities many investors face and we want to help our clients hit their objectives exactly. As we consider succession planning it is important to have a very good idea of exactly what you want to accomplish and we feel that these questions can help our clients get closer to their objective?
- How do my Heir’s handle money?
- Would they be better off with a large lump sum or a gradual increase in income?
- Do I need to put any protections in place to help my heirs benefit from this inheritance?
- Are there any charities or organizations we would like to help as part of our succession plan?
- Would a large lump sum inadvertently hurt the charities that we are trying to help?
- Would it be better to set up a lifetime income stream for a charity we work with?
- What protections are in place to help prevent money from being diverted from our original goals?
- How does the type of accounts we own effect succession planning?
- What is the difference between a 401k and a Traditional IRA?
- What does Transfer on Death mean and how does that affect Probate and a will?
- Should we put accounts in individual names or should they be held jointly?
These questions can be a good start for many families but often a good succession plan can be built based on some simple thoughts and goals. We help facilitate some of these discussions as part of the planning process, but it is always appropriate to use a competent Tax and Legal professionals as part of this discussion.
Mortgages
Buying a home can be one of the most exciting purchases of your life—but it is also a big decision that will have a major impact on financial planning. Whether you’re looking at a one-bedroom condominium or a five-bedroom house, we will work with you to help plan a mortgage strategy that fits your needs and considers your other financial responsibilities.
From choosing the right time to buy a house to deciding whether it is even a good idea, we can help guide you through this important decision. By assessing all the costs involved - from taxes to renovations - we will work with you to determine whether taking out a mortgage makes sense for your budget.
If you are considering taking out a mortgage, contact us today to discuss how to do so in a way that best fits your situation.
Financial Planning for Business Owners
Business owners face unique challenges—and opportunities—in terms of financial planning. You’ve worked hard to develop your ideas into a successful business, or perhaps you’re considering moving into self-employment. Regardless of your situation, choose a financial planning strategy that takes advantage of your unique situation.
If you are considering moving to self-employment, contact us to discuss how to revise your financial plan. Working together, we will help you adjust from a situation where a previous employer might have provided benefits, such as health or life insurance or a company pension. Life and disability insurance can be difficult to purchase at first, since many insurers want two years of tax results. As well, self-employed people can gain tax write-offs for some health insurance premiums.
You may also need to negotiate a bank loan or line of credit to help fund office space, materials and other business investments. We can help you explore options to effectively secure these start-up expenses.
Tax planning is another important component of a strong business strategy. Depending on your business, consideration may include paying wages or collecting GST. You also need to pay your own CPP and EI, and possibly make quarterly tax installments. As well, you can take advantage of capital cost allowances on equipment such as computers or vehicles, and business expenses such as advertising, salaries, or travel.
No matter what stage of growth your business is in, contact us today to design a tax-efficient business planning strategy.
Business Succession Planning
You worked hard to develop a business, and now is time to enjoy the results. Many entrepreneurs spend years of focused effort building up a business, but then fail to consider how to make the transition to retirement. A financial security advisor can offer expert advice in how to plan an effective business succession strategy.
Entrepreneurs can work to turn equity in the business into capital that can be used to fund retirement. A financial advisor can help business owners with tax-effective retirement strategies, such as using life insurance policies, paying yourself a salary as the business founder, or arranging for an heir to slowly buy up your shares.
Life insurance is another consideration when planning business succession. If the founder is nearing the end of his or her life, a well-planned life insurance policy can help successors transition into business owners. Upon death, successors face estate taxes on business values of more than $500,000—with the tax-free amount potentially offset by any capital business losses the owner declared during his or her lifetime. Life insurance is one way that successors can cover the remaining amounts.
Smaller businesses may not need to pay estate taxes, but can still benefit from a plan that ensures an equal legacy for their successors. A financial security advisor can help entrepreneurs plan an inheritance that is fairly distributed among all loved ones.
Contact us today to discuss strategies for business succession.
