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Planning Services

Retirement Planning

The ability to retire from your dependence on work knowing you will forever have enough money to spend your retirement years as you choose. Retirement planning considers when you want to retire and the amount of income you will need to support the lifestyle you choose. We incorporate income from Canada Pension Plan, Old Age Security and workplace pensions. Our planning can project the probable income based on assumed rates of growth and inflation and can determine the annual savings goal required to reach the desired level of income security. Everyone should have a retirement plan.

Estate Planning

The ability to maximize the benefit you leave your family and the freedom to give what you want, to whom you want, when you want; while minimizing the amount of tax and fees that would otherwise erode the wealth you leave your heirs. With the province’s changes to the Estate Administration process and the higher level of accountability faced by executors today, estate planning is even more critical today than ever before.

Investment Planning

The design, implementation and management of the various investment products required to support one’s objectives for retirement and estate planning. Investment plans are designed to reduce or defer tax on investment income and maximize the returns within each individual investor’s risk tolerance and expectations. Portfolio design, monitoring and management is that much more necessary in our current low interest rate environment.

Education Planning

While most parents hope their children will get a post-secondary education, few do much planning to ensure there will be enough money to help cover the cost when the time comes. With the annual cost of college or university commonly between $15,000 and $25,000, it is very difficult for most families to meet these expenses without having saved for it first. There are different methods of savings for our children’s education and even different types of Registered Education Savings Plans (RESPs).

 Our planning services help parents design the best investment strategies and solutions to help ensure they will have the money they need to send their children to the college or university education they will need to seek their career of choice.

Financial Planning

Ties together the various planning strategies into a comprehensive program designed to meet all the financial objectives we have during our lifetime. It includes the ability to plan for a comfortable retirement knowing that your family will be financially secure should you die and your income is secured to you should you become seriously ill or disabled. It also makes provisions for debt management. Financial planning also uses strategies that can reduce the amount of income tax you pay now and in retirement.

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The responsibilities of an executor are both demanding and difficult. For most executors, their "on the job" training is the only experience they have in dealing with the challenges of their role.

One of the key responsibilities is filing the deceased's terminal tax return and paying all outstanding taxes.

One opportunity not frequently leveraged is the opportunity to make a RRSP contribution after death in order to reduce the taxes otherwise payable from the estate.

Although an executor cannot contribute to the RRSP of someone deceased, the executor can contribute to a spousal RRSP and enable the estate to get the tax deduction.

Considering the possibility of additional income taxes the year of death, and considering the limited window of opportunity to reduce or eliminate those taxes, this is a strategy that can save the estate tens of thousands of dollars in tax.

We start accumulating RRSP room once we start working. As many Canadians cannot afford to maximize their annual contributions to their retirement savings, Canada Revenue Agency allows us to carry forward all unused RRSP room. After years of carry forward, it is not uncommon for people to have contribution room in excess of $100,000.

Executors can make the spousal RRSP contribution the year of death, or up to 60 days after the year of death, thereby creating a tax deduction against other income earned.

Professional advise may be needed to maximize the benefit of this strategy but it is something that should be considered when the opportunity is available.
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