Video: A Personal Approach to Your Finances

Financial security planning, a personal approach to your finances through inquiry, conversation and clear action. What does it take to achieve your financial goals? The key is planning. We have a straightforward approach that  consists of five distinct steps. Let's begin.

Together, we'll discover your financial goals and you'll learn more about our services and expertise that best suits your needs. We'll ask questions, listen and then talk some more and we expect that you'll have many questions too. We want to give you a full picture of your needs, some of which you will have thought of and some you may discover during our conversations. 

Next step, we'll work together to prioritize your obligations and goals. Let's take time to define them. No need to rush. We'll be there every step of the way. For example, it might be best to focus on paying your mortgage before adding to your investments. We want to help you see what's possible and that's exciting. As we go further, we can confidently provide financial recommendations based on our conversations. We'll take the time to go through  our recommendations in detail so you can understand them and feel comfortable. If you're not comfortable with a recommendation, let us know.

Together, we'll review your goals, strategize, then come up with a better plan. As certified financial planners, we are here to  guide you with the best options available to achieve your financial empowerment. So at this point, we want to take action. We can go forward with certainty because together we've done our homework. As you can imagine, implementing your plan will be tailored to your personal needs. Some people prefer investing in mutual  funds. Others wish to buy a home. Others may want to explore paying less tax. Not to worry. Your plan is your own.

Together, we will make sure that it is successfully put into action. You've made major decisions. It's now just a matter of monitoring and reviewing the plan as needed to keep you focused on your goals. That's why we're here to guide you all the way.

We will connect as often as needed to discuss any changes in your lifestyle or your circumstances. Helping you achieve your financial goals is our priority.

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In the event of death, life insurance offers surviving family members increased financial security. As a tax-free lump sum payment, it can pay for final expenses and debts, as well as provide income for the deceased’s dependents.

The advantages of life insurance include:

• An estate for your loved ones at a time when funds are most needed
• Death benefits that are almost always non-taxable for named beneficiaries
• Avoid probate costs if you name a beneficiary other than your estate
• Potentially offer your loved ones creditor protection through some life insurance plans
• Build tax-advantaged capital for retirement purposes or provide liquid savings through some permanent life insurance plans

We can help you select coverage from a variety of life insurance options to meet the needs identified in your financial security plan.

Life insurance can play a vital role in your financial security plan.

Income is important for both current financial obligations (e.g. grocery bills and mortgage payments) and for future financial security (e.g. planning for your children’s education or for retirement). Just think what might happen if you suddenly lost your income stream through a long-term illness or disability.

Long-term care and disability insurance products help protect your ability to earn an income, which can be affected if you are afflicted by a disability or other condition.

We can help you choose the long-term care and disability insurance products that provide advantages like:

• Helping maintain your financial independence, lifestyle and long-term financial security plan in the event your income is impacted by disability
• Assist with paying fixed expenses for your business if you become disabled
• Support the buy-out of a disabled partner’s share of a business

We can help you tailor your financial security plan so it protects your income through long-term care and disability insurance.

Suffering a critical illness is distressing for both you and your family. Help ease the burden through insurance that will reduce financial stresses and can complement disability and life insurance protection needs. By helping pay for the additional expenses often associated with a critical illness or condition, insurance offers you, your family, and if applicable, your business, added financial security—so you can focus on recovery.

The advantages of critical illness insurance can include:

• Coverage for up to 22 critical illnesses or conditions
• An initial lump-sum benefit you can use however you wish—from making mortgage payments to seeking medical treatment outside Canada
• Even if you’re not disabled from working, you may receive payment
• The ability to provide a return of premium benefit (optional)
• Individuals who cannot obtain disability insurance in some cases still qualify for critical illness coverage (e.g. a non-income earning spouse)

Let us help you determine whether critical illness insurance fits into your financial security plan.

Depending on your situation, you may or may not be covered under an employer’s group benefits plan. If not, we can help you choose a health and dental plan that can help cover out-of-pocket medical and dental expenses for you and your family. These plans are designed to provide various levels of enhanced healthcare protection, depending on your needs and the stage of life you’re in.

When designing your customize heath and dental insurance package, you can choose from an array of services. Options include:

• Prescription drugs, which many consider one of the most valuable forms of health coverage.
• Paramedical services, ranging from the use of an ambulance to a visit to the massage therapist.
• Vision care if you or your family members wear glasses or contact lenses.
• Protection while on vacation or a business trip with out-of-country medical coverage.
• Access to private or semi-private hospital rooms.
• Dental care can include basic dental work as well as a portion of orthodontics, depending on your level of coverage.

In today’s working environment, valued employees are looking for more than financial compensation. They also want an employer who supports their health, and the health of their families.

For this reason, either by itself or paired with group insurance products, consider attracting and retaining employees with group benefit plans. From traditional health and dental benefits to alternative arrangements like employee wellness programs, group auto insurance or flexible work situations, group benefits help make employees more efficient, productive, and happy. Employers also gain tax benefits, such as premiums that are deductible as a business expense in some cases.

Flexible plans offer employers and employees cost-effective, customized ways to address their needs. Choose from an array of benefits like:

• Extended health and dental care coverage, which includes options like prescription drugs, paramedical services, vision care, out-of-country medical coverage, basic dental work and orthodontics
• Group life insurance
• Group short- and long-term disability insurance
• Employee assistance and wellness programs
• Alternative group benefits, such as group auto insurance or flexible work arrangements
• Group critical illness coverage, to help ensure your employees can survive a critical illness
• Benefits plans tailored to specialized employee groups, such as foreign or part-time workers

A registered retirement savings plan (RRSP) has several advantages. For investors under 72, it can allow tax-deferred compound interest and help accumulate savings to achieve long-term retirement goals. It also allows for a variety of choice of specific investment options. For families with children, a registered education savings plan (RESP) can help finance post-secondary education.

Some of the advantages of RRSPs and RESPs include:

• Tax-deductible RRSP contributions
• Tax deferral of compounding income and growth
• Based on a family’s net income and the amount contributed, a government RESP grant is available
• When money is withdrawn from an RESP, the student typically pays little tax, due to a low income tax rate

Working together, we can examine RRSP and RESP investment options in order to build a customized portfolio that takes into consideration your financial security goals, tolerance to risk and timeline.

The Tax-Free Savings Account (TFSA) is a flexible, registered, general-purpose savings vehicle that allows Canadians to earn tax-free investment income to more easily meet lifetime savings needs. The TFSA complements existing registered savings plans like the Registered Retirement Savings Plans (RRSP) and the Registered Education Savings Plans (RESP).

How the Tax-Free Savings Account Works:

• Investment income earned in a TFSA is tax-free.
• Withdrawals from a TFSA are tax-free.
• Unused TFSA contribution room is carried forward and accumulates in future years.
• Withdrawals made from your TFSA in the year will only be added back to your TFSA contribution room at the beginning of the following year.
• Choose from a wide range of investment options such as mutual funds, Guaranteed Investment Certificates (GICs) and bonds.
• Contributions are not tax-deductible.
• Neither income earned within a TFSA nor withdrawals from it affect eligibility for federal income-tested benefits and credits, such as Old Age Security, the Guaranteed Income Supplement, and the Canada Child Tax Benefit.
• Funds can be given to a spouse or common-law partner for them to invest in their TFSA.
• TFSA assets can generally be transferred to a spouse or common-law partner upon death.

In a segregated fund policy, professional fund managers invest in a variety of individual securities. Depending on the performance of the segregated funds you select, your investment’s unit values will increase or decrease.

As a form of life insurance, it’s important to note that segregated fund policies have distinct advantages for some investors. These can include:

• Potential for creditor protection
• Savings on potential probate fees
• No trustee fees

Note that any amount allocated to a segregated fund may increase or decrease in value and is invested at the risk of the policyholder.

For business owners, group retirement and savings plans can play a key role in attracting and retaining quality employees.

Just like you, your dedicated employees are working towards a safe, secure future. Either provided independently or paired with group benefits, a group savings plan is a convenient, flexible and affordable way to help your employees reach their long-term financial goals.

Employees gain instant tax savings for their Group RRSP contributions, since they are made using pre-tax payroll deductions. They also receive the peace of mind that comes from knowing every month they are building towards retirement.

We can help you and your valued employees choose group retirement and savings products. We will design an investment plan tailored to fit the needs of everyone involved. Choose from products like:

• Registered retirement savings plans designed specifically for groups
• Deferred profit sharing plans
• Defined contribution pension plans
• Non-registered savings programs

Just as even the savviest of pilots can’t always fly blind all the time, so too is the case with business owners. Meticulous financial planning, for the short-term, in the intermediate period, and for the long-term horizon, is vital if a business is to succeed.

Without sound financial planning, even the best of business ideas will soon falter and perish. Business financial planning is the lifeblood for any venture to succeed, expand and flourish in the long run.

Here’s how our Business Financial Planning solutions can help you:

Contingency Planning

Emergencies and unforeseen situations can arise anytime during the life of the business. It takes savvy financial advice to ensure you have the financial safety net to successfully weather the business through such events.

Taxation

Most jurisdictions offer a number of tax incentives to business owners, so that they might create, expand and continue operating in those jurisdictions. Unfortunately, many business owners are either unfamiliar of the tax-friendly nature of such incentives; or they underutilize them to the detriment of their business. Leave it to our experts to help you understand such incentives so you can apply them to minimize your business taxes.

Asset Acquisition

Whether you choose to own an asset outright for your business, or ensure its use through other means, will depend on the financing options available to you. We can help you make buy versus rent, versus lease decisions that are right for you.

Debt Management

Is it best to borrow against business assets? Or should consider refinancing? Or would it make sense to dispose-off some assets to finance debt? These are every-day decisions that we help business owners make.

Employee Retention

No business is ever successful without satisfied employees. We’ll work with you to help offer attractive remuneration, compensation and benefits packages to your employees, that will motivate them to consider making a long-term career with you and your company.

Retirement, Estate and Legacy Planning

And when it’s time for you to call it quits, we’ll be right there to ensure you are able to enjoy the fruits of your hard work. Through careful planning, we’ll not only make sure you enjoy a comfortable retirement, but that your legacy passes seamlessly to your next generation of successors.