Education Savings
Invest in your child’s education. Registered Education Savings Plans (RESPs) can be a great way to save for a child’s post-secondary education. The money invested in an RESP can grow tax-deferred until the time of withdrawal, and the best part is that the government can contribute up to $7,200 directly to a child’s RESP. When withdrawn, the earnings are taxed as income to the child, who may pay little to no taxes as a student. RESPs can be used for items related to obtaining a post-secondary education, including tuition, textbooks, rent and transportation. Friends and family can open an RESP to help you save for your child’s education.
Estate Planning
An estate plan encompasses a set of legal documents and instructions that outline your wishes for after you pass. An estate plan goes beyond just a will, because it considers various other aspects, like appointing executors, guardians for minor children, creating a power of attorney, and more. Estate planning is particularly important if you have large assets, like a home or real estate. Estate plans can help protect your family from having to make difficult choices about your estate when they are grieving. One of the most common ways to plan for your estate is to make a will.
Financial Planning
Many Canadians think that financial planning is only about investing for retirement. It is—but it’s also so much more. Whether you’re a young person planning how to finance your education, a college graduate with some money to spend who is planning to pay off your debt, or a senior planning how to leave your assets to the next generation, financial planning is how you think ahead to make sure you achieve your goals. An investment plan starts with a financial plan. Both identify your financial goals and address the financial resources you have available to meet them. A financial plan is a document that details a person’s current financial circumstances, their short- and long-term monetary goals, and their strategies to achieve those goals. It can provide financial guidance so you’re prepared to meet your obligations and objectives. It can also help you track your progress throughout the years toward financial well-being.
Investment Management
Investment management refers to the handling of an investment portfolio or a grouping of assets. It involves buying and selling assets, developing investment strategies, creating a tax strategy, and managing asset allocation. It can also include banking, budgeting, and other financial duties. The term most often refers to the management of holdings in an investment portfolio and trading them to achieve a specific investment objective. Investment management is also known as money management, portfolio management, or wealth management. Investment management services include asset allocation, financial statement analysis, stock selection, monitoring of existing investments, and portfolio strategy and implementation. Investment management may also include financial planning and advising services, not only overseeing a client’s portfolio but also coordinating it with other assets and life goals. With an understanding of your situation and reasons for investing, we create your personalized investment strategy, including portfolio construction, while providing you with expertise and advice.
Retirement Planning
Creating a retirement plan begins with determining your long-term financial goals and tolerance for risk, and then starting to take action to reach those goals. The process can begin anytime during your working years, but the earlier, the better. The process of creating a retirement plan includes identifying your income sources, adding up your expenses, putting a savings plan into effect, and managing your assets. By estimating your future cash flows, you can judge whether your retirement income goal is realistic. Needless to say, a retirement plan is not a static document. You’ll need to update it from time to time as well as review it to monitor your progress.
Tax Planning
Tax planning is the analysis of a financial situation or plan to ensure that all elements work together to allow you to pay the lowest taxes possible. A plan that minimizes how much you pay in taxes is referred to as tax efficient. Tax planning should be an essential part of an individual investor’s financial plan. Reduction of tax liability and maximizing the ability to contribute to retirement plans are crucial for success. Tax planning is the analysis of a financial situation or plan to ensure that all elements work together to allow you to pay the lowest taxes possible. Tax planning is the process of ensuring that all aspects of your financial plan work together in such a way that they reduce your overall tax bill as much as is legally possible. Minimizing your taxes allows you to grow your investments faster. We believe that tax strategies should be included in every aspect of a financial plan.
Wealth Management
Wealth management is an investment advisory service that uses financial services to address the needs of affluent clients. Using a consultative process, the advisor gleans information about a client’s wants and specific situation. They then tailor a personalized strategy that uses a range of financial products and services to help the client achieve their goals. Wealth management often takes a comprehensive approach. That is, to meet the complex needs of an affluent client, a broad range of services—such as money management, financial planning, investment advice, estate planning, accounting, life insurance, retirement, and tax services—may be provided.