Planning for Your Family
We all want the best for our families, so it can be difficult to think about all of the possibilities of what could go wrong in the future, but it’s an important conversation to have…
The loss of a job, the death of a loved one, or experiencing a critical illness or disability are hard enough as is. The last thing you want is to have to deal with the financial impacts of those events.
Having a plan in place for yourself and your family can give you the confidence to know that everything will be okay, no matter what happens in life.
Financial Planning Areas to Consider
Cash Flow Analysis↓
The first step towards financial security and obtaining your financial goals involves understanding and optimizing your cash flow. In fact, each of the areas highlighted below requires you to have a handle on your cash flow to get started. We'll work with you to build a spending summary that reflects your situation as accurately as possible and create projections for your income and expenses in the future. This analysis will identify if there are any opportunities to improve your overall financial situation, help you feel more financially secure, and get you closer to your goals.
Goal Funding↓
We all have goals in life and many of those goals will come with a price tag. Once you've decided what your goals are and the order of importance, we will work with you to come up with a plan to cover that price tag. As your goals and dreams evolve, we can adapt your plan to ensure you're still on the right path.
Risk Management↓
While we all hope for the best, sometimes the worst does happen. This means that managing risk is a crucial part of your financial plan. Perils such as death, disability, a deterioration in health, loss of a job, or a decline in the markets all pose significant risks to the success of yours and your family's plans. Unfortunately, the devastating impacts of these events are often not fully understood until they're experienced, and many people don't understand why they need to plan for the worst. These risks can be managed and mitigated though through insurance, having enough in an emergency fund, and careful planning. We'll develop a risk management plan that ensures you and your family will be okay, no matter what happens.
Education Planning↓
Partially or fully funding a child's education can be a major goal for some clients. With the rising costs of education, it's important to start saving as early as possible. Savings can be done in Registered Education Savings Plans (RESPs), which are tax efficient savings plans in which contributions are rewarded with grants from the Canadian government. We'll help you determine how much you'll need to have saved to fund your child's education in the way you want, and we'll develop a strategy to help you reach that savings goal.
Retirement Planning↓
Planning for retirement (or work optional) refers to the integration of group retirement and pension plans, Canada Pension Plan and Old Age Security, along with personal savings to achieve your goal. Most people don't know when or how they'll be able to retire, but we'll be able guide you through the process to show you potential retirement dates and how your income in retirement may look. We'll take all sources of future retirement income into account and create projections for you based on different savings strategies. With some careful planning, becoming "work optional" could be closer than you think.
Tax Planning↓
Tax planning doesn't refer to helping you with your annual tax return. Rather, it's getting to know your circumstances and then constructing a plan to minimize the effects of income tax, while still providing you access to the funds you will need to plan for your goals. We'll review your overall tax situation with you and help by identifying any opportunities to alleviate your tax burden now and in the future.