Financial Planning
We provide individuals and families with financial advice and guidance in all aspects of financial planning for segregated funds to estate and retirement planning.
Segregated Funds
We all know how hard it is to save money. The Government of Canada has 3 programs designed to optimize your savings through tax-advantaged plans.
Tax Free Savings Accounts (TFSAs)
A TFSA is designed for individuals to save money without paying taxes on its growth. The maximum amount that each individual over the age of 18 can save approximately $6,000 per year (amounts might change from time to time). Contributions are not tax deductible; however, the investment income will not be taxed.
Registered Retirement Saving Plans (RRSPs)
A RRSP is a personal savings account that comes equipped with various tax advantages. Contributions to an RRSP are tax deductible (though not for income tax purposes) however, investment income will not be taxed.
Registered Education Savings Plans (RESPs)
A RESP is a tax-sheltered plan designed to assist in saving for your child/children’s post-secondary educations. The federal government matches your yearly contribution by 20% (up to a maximum of $500/child every year, to a lifetime of $7,200. Anyone can contribute to the child’s RESP including parents, grandparents, aunts/uncles, friends up to a lifetime total of $50K per child. The growth is not taxable until withdrawn.
Estate Planning
It is a very common ideology to have that we do not need to estate plan because we believe we have time, we are healthy and young, or we do not really have an “estate” to think about.
In actuality, it is always a good time to consider your estate plan (and even more so if you have loving and living dependents). Assets can get eaten up by taxes, handed over to people that you might not necessarily wish for them to be given to or worse, taken away by the government-appointed Trustee.
Estate plans are designed to make sure that your family and assets are looked after in the event of death or incapacity to take care of them yourself. An estate plan deals with the Power of Attorney, a Will, A Trust and Life Insurance.
We work with each individual client to ensure that an estate plans operate the way they are intended to and to ensure the security and comfort that they are intended for.
Retirement Planning
Retirement planning is becoming more and more vital and commonly thought about today. We highly encourage you to think about the life that you wish to have when you are in your retirement years. Understanding the goals and objectives, will help play a role in how you live your life today – in preparation for tomorrow.
One of the major anxieties or challenges is generating income during retirement. The good news is that there are so many different products, strategies and approaches to set yourself up nicely for retirement. Retirement income can come through various resources.
We have the knowledge and insight to help you properly plan for a happy, stress-free and smooth retirement.