Managing your finances is an important component of any financial security plan. Along with the protection offered through insurance and the retirement/financial goal setting provided by investment choices, money management strategies help you keep control of your savings on a daily basis.
From mortgage payments to tax savings, James can help you manage your money as effectively as possible given your personal situation and your retirement savings plan or retirement distribution plan.
- Tax Planning
- Succession Planning
- Financial Planning for Business Owners
- Business Succession Planning
Depending on your stage of life, chances are you’ll have a distinct approach to saving. New graduates or young couples have different needs than retirees or mid-career families. But no matter your personal situation, we can help you develop financial habits that will lay a strong foundation for your retirement savings or distribution plan.
Younger individuals and couples have a number of opportunities in terms of financial management. Low insurance costs and a long investment horizon, combined with few responsibilities, can make for an excellent financial base. James can help you build on these advantages, while at the same time considering a debt load that might include student loans, car payments, or perhaps a mortgage.
Couples planning for a first child 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.
Mid-career professionals typically have higher incomes than younger investors — but they also carry more financial responsibilities. From mortgage payments to a child’s education, consider a financial plan that balances your immediate (fixed) financial needs and obligations as well as approaching retirement savings needs.
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 with a well-drafted retirement distribution plan that allows you to fully enjoy the fruits of your hard work.
In short, no matter your life stage, contact James today to learn how to balance savings and investing with your other commitments through an individualized financial plan.
No one likes taxes. But through the advice of a professional financial advisor, 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 all be useful tools in an effective tax strategy that supports your overarching financial plan. Working together, we will consider your personal situation and design a tax plan that fits your needs.
Choose from a variety of products and services, such as:
- Income-splitting for spouses or common-law couples.
- Charitable donations, which benefits important not-for-profit work and allows donors to maximize tax credits.
- Life insurance products that build tax-advantaged capital for retirement.
- Investment products that provide for tax benefits, such as those purchased through RRSPs or RESPs.
Contact James today to learn more about tax-planning products and services that are specifically tailored for your needs and financial plan.
Preparing for succession after death is a difficult issue to discuss, but it is also an important part of any comprehensive financial plan — no matter how young you are.
We can help you and your loved ones approach succession planning in a constructive manner that ensures they avoid problems and are well cared for in the event of your death, which is what makes succession planning such an integral part of any financial plan. The process involves two main considerations: life insurance and preparing a will.
Life insurance can ease the financial burden and provide security for your loved ones in the event of your death. A lump-sum payment can be used for mortgage costs or to supplement lost income, helping your successors during a difficult period. Financial security and stability can make it easier to cope with the loss of a loved one.
A 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 guess your wishes. Rather than provincial law determining how your assets are to be divided — a situation that can result in lengthy court proceedings — a clear, carefully considered written will provide clear instructions to your successors. Save your loved ones the stress of dealing with financial issues by planning for your succession while you are alive.
Contact James today to discuss succession planning in more detail.
Buying a home can be one of the most exciting purchases of your life — but it is also a big decision that will have a major impact on financial planning, no matter the stage. Whether you’re looking at a one-bedroom condominium or a five-bedroom house, we will work with you to help plan a mortgage strategy that fits your needs and considers your other financial responsibilities, including both fixed expenses and your retirement savings/lifestyle goals.
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 financial 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 and overall financial plan.
If you are considering taking out a mortgage, contact James today to discuss how to do so in a way that best fits your financial situation.
Financial Planning for Business Owners
Business owners face unique challenges — and opportunities — in terms of financial planning. You’ve worked hard to develop your ideas into a successful business, or perhaps you’re considering moving into self-employment. Regardless of your situation, choose a financial planning strategy that takes advantage of your unique situation.
If you are considering moving to self-employment, connect with James to discuss how to revise your financial plan. Working together, James will help you adjust financially from a situation where a previous employer might have provided benefits, such as health or life insurance or a company pension. Life and disability insurance can be difficult to purchase at first, since many insurers want two years of tax results. In addition, self-employed people can gain tax write-offs for some health insurance premiums.
You may also need to negotiate a bank loan or line of credit to help fund office space, materials, and other business investments. James can help you explore options to effectively secure these start-up expenses in a way that works with your other financial goals.
Tax planning is another important component of a strong business strategy. Depending on your business, considerations may include paying wages or collecting GST. You also need to pay your own CPP and EI, and possibly make quarterly tax installments. As well, you can take advantage of capital cost allowances on equipment such as computers or vehicles, and business expenses such as advertising, salaries, or travel.
No matter what stage of growth your business is in, contact James today to design a tax-efficient business planning strategy.
Business Succession Planning
You worked hard to develop a business, and now is time to enjoy the results. Many entrepreneurs spend years of focused effort building up a business, but then fail to consider how to make the transition to retirement. A financial security advisor can offer expert advice on how to plan an effective business succession strategy.
Entrepreneurs can work to turn equity in the business into capital that can be used to fund retirement. A financial advisor can help business owners with tax-effective retirement strategies, such as using life insurance policies, paying yourself a salary as the business founder, or arranging for an heir to slowly buy up your shares.
Life insurance is another consideration when planning business succession. If the founder is nearing the end of his or her life, a well-planned life insurance policy can help successors transition into business owners. Upon death, successors face estate taxes on business values of more than $500,000 — with the tax-free amount potentially offset by any capital business losses the owner declared during his or her lifetime. Life insurance is one way that successors can cover the remaining amounts.
Smaller businesses may not need to pay estate taxes, but can still benefit from a plan that ensures an equal legacy for their successors. A financial security advisor can help entrepreneurs plan an inheritance that is fairly distributed among all loved ones.
Contact James today to discuss strategies for business succession.
Managing your finances is so much more involved than simply tracking what comes in and what gets spent each month. Informed financial management is a key part of a comprehensive retirement savings (or disbursement) plan. Start by discussing your current financial situation and goals to learn more about how you can better manage your finances. Connect with our office to schedule a consultation and create or update your financial management in accordance with your retirement savings or disbursement goals.