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Financial Planning

Financial Planning

Reasons to plan financially are to prioritize your financial goals, organize your finances, help you save money efficiently to reach your goals and give you peace of mind, therefore worry less about your finances.

Being specific, measurable and realistic during goal setting is essential to making the right decisions to reach your goals. Flexibility is key to dealing with financial bumps in the road. Financial goals change and being able to adapt to those changes are essential.

Reviewing your goals on an annual basis, especially after major life/financial events, is a key factor to adapting to change and for maintaining focus on the big picture. Financial planning is an ongoing process and not a one time event.

As a financial planner, we are here to guide through this ongoing process. Our role is to help you identify, prepare and address various challenges so you can focus on your personal and professional goals.

Financial Assessment

The first step in the process we review your balance sheet and budget. Understanding your financial commitments in order to be able to integrate your priorities within your goals into a flexible financial plan is the ultimate goal. This is the foundation of a solid financial plan.

Debt Management

How you structure your current debt and plan for future debt has a lasting effect on your cashflow and ultimately financial plan. Maximizing your cashflow, by reducing your interest costs is the goal when managing debt. Tax efficiency of how debt is structured may also help in successful long term financial planning.

Retirement Planning

The core of any financial plan is retirement. Understanding the risks and return necessary to achieve your long term retirement plan is an absolute necessity. Government pensions alone won’t help the average Canadian survive in today’s financial environment. Combining all your sources of retirement income into a cohesive plan will dictate what choices you need to make now in order to attain your goals later.

Education Planning

Investing in our children can feel like a monumental task when all other financial obligations are considered. . Private school and/or post secondary expense can weigh heavily on your finances. How you plan and how early you start can alleviate a lot of that pressure.

Insurance Planning

Review of your employers benefits (should you have), disability and life insurances will help identify any risks to your family’s financial wellbeing. Unforeseen health situations or accidents can lay waste to the best made plans. Understanding and addressing the risks you and your family are exposed to is paramount to safeguarding your financial future.

Protection Planning

Your will, mandate in case of incapacity, power of attorney, marriage, corporate and/or trusts are all legal aspects that have a direct impact on you and your family. Any of these could have detrimental effects on your finances, but almost to your wishes if not addressed. When creating a financial plan, we coordinate with your legal professional to identify any loopholes that could expose you to legal risk.

Tax Planning

Tax efficiency of your financial plan is of the utmost importance. Organizing your finances in order to take advantage of the many tax rules will allow you to maximize the amount income you keep or defer into the future. Choosing the right investments and the amount of savings to RRSP versus TFSA are examples of how you can maximize your assets and legacy from an after tax perspective

Estate Planning

Estate planning is not just about how much money you leave to your heirs. It can also mean the legacy you wish to leave behind and be remembered for. Protecting that legacy is of the utmost importance before your passing. Planning for taxes and specific bequeaths can become a challenging factor when addressing this issue on your own. An estate plan will help you identify the most tax efficient way to structure your will to best carry out your wishes and also identify any risks to that legacy.

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I look forward to helping you and your family achieve your goals with an independent perspective free of sales targets and proprietary products.