Personal Finance

Managing your finances is key to any successful 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.

Saving

Depending on your stage of life, you may have a distinct approach to saving money. New graduates or young couples have different needs than retirees or mid-career families. Regardless of your personal situation, we can help you develop financial habits that will lay a strong foundation for your savings.

Young Families & Individuals

Younger individuals and families have many benefits in terms of financial management. Low insurance costs and a long investment horizon, combined with few responsibilities, can help to establish an excellent financial foundation. We can help you build on these advantages, while simultaneously considering a debt load that might include student loans, car payments or a mortgage.

Couples planning for a first child will 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 (RESP).

Mid-Career Professionals

Mid-career professionals typically have a higher income than younger investors, but they also have added responsibilities. From mortgage payments to a child’s education, consider a financial plan that balances your needs and obligations.

Retirees

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 while investing with your other commitments.

Tax Planning

No one likes taxes. But with the advice of a financial services professional, 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 be useful tools in an effective tax strategy. Working together, we will consider your personal situation and design a plan that fits your needs.

Estate Planning

Preparing for succession after death is also an important element in any comprehensive financial plan.

We can help you and your loved ones approach succession planning in a constructive manner that ensures they are well cared for in the event of death, and potential issues are avoided. The process involves two main considerations: life insurance and having a will.

Life insurance can ease the financial burden and also provide security for your loved ones. A lump-sum payment can be used for mortgage costs or to supplement lost income, helping your successors during this difficult period. Financial security and stability make it easier to cope with the loss of a loved one in the event of death.

Having a will is very important. A clearly written will provides a means to guide your loved ones through the succession process. By naming your executors and providing instructions on the distribution of your estate, your surviving loved ones avoid having to interpret your wishes. Rather than provincial law determining how your assets are to be divided—a situation that can result in lengthy court proceedings— work with a lawyer to have a clear, written will.

Contact us today to discuss succession planning in more detail.

Succession Planning

Preparing for succession after death can be difficult to discuss, but it is also an important element in any comprehensive financial plan. We can help you and your loved ones approach succession planning in a constructive manner that ensures they are well cared for in the event of death, and potential issues are avoided. The process involves two main considerations: life insurance and having a will.

Life insurance can ease the financial burden and also provide security for your loved ones. A lump-sum payment can be used for mortgage costs or to supplement lost income, helping your successors during this difficult period. Financial security and stability make it easier to cope with the loss of a loved one in the event of death.

Contact us today to discuss succession planning in more detail.

Mortgage Planning

Buying a home can be one of the most exciting purchases of your life—but it is also a big decision with a major impact on your financial situation. Whether you’re looking at a one bedroom condominium or a four-bedroom house, we will work with you to help plan a strategy that fits your needs and considers your overall 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.

For Businesses

Financial Planning for Business Owners

Business owners face unique challenges—and opportunities—in terms of financial planning. It takes hard work and careful planning to develop ideas into a successful business: continue that tradition by choosing a financial planning strategy that takes advantage of your own situation. For business owners who are considering moving to self-employment, a comprehensive plan can help address a previous employer’s health or life insurance, or 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.

No matter what stage of growth your business is in, contact us today to design a tax-efficient business planning strategy.

Business Succession Planning

The death of a partner or major shareholder in a business can have devastating effects on both the business and the deceased partner’s surviving family.  The business is concerned with gaining control of the deceased partner’s interest at a fair price so that it can continue operations without interference from the surviving family members.  The family members are most concerned with receiving as much money as possible for their interest in the business and for capital that may be needed for estate settlement purposes.

The Need for a Written Agreement

In the absence of a written agreement, competing interests of the business and the family members could lead to major conflicts, litigation and possibly the forced liquidation of the business.  A buy-sell agreement can ensure that business interests of the deceased partner will transfer in an orderly manner to the benefit and satisfaction of all parties.  With a buy-sell agreement in place, the stability of the business for its clients, employees and investors (or creditors) is more secure.

Key elements of a buy-sell agreement include a mutually agreeable sales price and terms of the sale.  The agreement needs to be funded in order to ensure that the capital is available at the time of the death of a partner.  Life insurance provides a cost-effective way to create the capital necessary to buy out the interests of the family and establish a reserve for the business to use to continue its operations.

Business succession planning involves legal, tax and personal financial issues. Guidance from a qualified lawyer and/or tax professional is strongly recommended.

For more information on business succession planning, contact us today.