This can change with circumstance and time. We are always mindful of helping you reach your goals/dreams while factoring in your risk-comfort level.
A good idea or strategy can have a more profound impact on your long-term success. Using the wrong strategies can be costly over time. Should you pay down your mortgage or put money into your RRSP? Should you draw down RRSPs early to reduce the likelihood of an OAS claw back or reduce the taxes on death? We advise and navigate these considerations and many others to ensure the best choices are made to maximize outcomes for your specific situation.
Paying more than you need to in taxes can also be costly over time. How much should go to RRSPs or TFSAs each year? Which investments should you draw on first in retirement? Would it make sense for you to have a corporation and pay yourself dividends? Should you use corporate savings to pay for your insurance? Strategic tax planning is incorporated into every client’s financial plan.
As life expectancy continues to climb, the number of people diagnosed with Dementia, Alzheimer’s and other degenerative diseases is rising rapidly. Do you have parents who may need care? Might you need care in the future? Do you know what in-home care, assisted living or long-term care costs? Without proper planning, there is a chance that care costs could wipe out savings or place a burden on others in your family. We discuss what this landscape could look like, what steps can be taken to ensure you, or your loved ones, can afford to receive the care that is necessary.
Death, disability, or critical illness that could happen to one of the key family income earners can destroy the best designed plans, especially during earlier stages of life when there is less in the way of assets to cushion the blow of tragedy. Insurance options are an important consideration in any financial plan.