Strategic Planning Process

Financial strategies are both tactically short- and medium-term processes; while simultaneously taking the long-term strategic view for retirement; potential critical illness and long-term care protection; and estate planning.

The Process

It is a process that we engage in mutually as client and professional advisor, to aim for and achieve your life goals via professional management of your financial affairs. It is a well-rounded interactive process that takes into account all the elements of your entire financial situation. A professional strategy will analyze your situation to identify all the people and/or institutional monetary relationships that often have conflicting objectives.

Goals and Objectives

While implementing financial tactics we address various concepts, while looking at your over-all life needs: assessing your capital needs, investment plans,registered investments and tax reduction strategies,retirement planning, education planning where applicable, as well as any special needs such as planning to care for child dependents.

Contact us to discuss your needs.

Benefits of a Financial Plan

A good financial plan is multi-faceted: It must anticipate change and reflect your specific financial goals and objectives, while considering your level of investment risk tolerance.

Your plan should be flexible enough to anticipate life's many fluctuations. Financial circumstances and responsibilities change over time, such as: a career or income changes; the birth and education of your children or grandchildren; major purchases such as a home; retirement; and other life events, such as a disability or need for long-term care. We'll help you create a plan just right for you. You can know you have a financial plan that provides you with the confidence that all of your financial resources are working together toward your long-term financial goals.

We'll help you create a plan just right for you. You can enjoy peace of mind knowing you have a financial plan that provides you with the confidence that all of your financial resources are working together toward your long-term financial goals.

We can help you devise a plan that addresses objectives such as: investment and retirement planning; reducing income and estate taxes. A personalized financial plan that reflects your changing life needs is unique—that is why we'll support you with a financial needs analysis that will help you make wise financial planning decisions designed to meet your long-term and short-term goals.

We can help you devise a plan that addresses objectives such as: investment and retirement planning; reducing income and estate taxes.

A personalized financial plan that reflects your changing life needs is unique—that is why we’ll support you with a financial needs analysis that will help you make wise financial planning decisions designed to meet your long-term and short-term goals.

Tax Reduction Strategies

If you own a business, and your children and/or spouse work therein, consider paying them a reasonable salary from the business. If this is their only income, or they only work part-time elsewhere, they may not need to pay personal income tax if they earn below their personal tax exemption.

If you own a business, pay yourself enough income before the year-end. Focus on allowing for your desired level of RRSP contribution room for the next tax year - perhaps even the maximum.

Keep your tax records for seven years because if you are audited, CRA can back-review your personal income tax returns for up to seven years. Copies of returns, RRSP contribution slips, medical receipts, support for self-employed revenue and receipts, all preparatory source documents, and T-slips may be requested to summarily assess your taxable income. Do your taxes right, and keep the proof. Avoid paying for past income tax, penalties and interest.

Be detailed in your record-keeping regarding your expenses to make sure they are allowed. CRA may investigate whether your deducted expenses were for personal use or for business use. So long as you can support these deductions with proper documentation, such as detailed receipts, you'll not create a tax liability

All family members should file together because this allows everyone to maximize the best use of credits or transfer of unused credits from each other's tax return (for spouse, common-law partner, children, certain relatives if they live with you), such as medical expenses which can be claimed on a family basis.

Use the Internet if you expect a tax refund for a speedier refund. Where you have money owing on your tax return, you can file early and make your payment by April 30. If CRA owes you money, they will pay you quicker if filed on the Internet. Where you give them deposit information, money can be deposited right into your bank account. Another advantage is that you will not need to photocopy and send receipts with your tax return. But caution, the downside is that you are more likely to be contacted for a formal review to verify income and expenses not previously articulated by sending a paper return (you may need verification for up to seven years). Discuss this with your accountant.

Year-end sensitive tax planning

Year-end tax planning ideas may need to be implemented all year round, because some of the planning may require expenditures on a monthly basis in order to benefit you by year-end.

Maximize your deductions and credits

You must complete transactions for many items that qualify for tax deductions and credits by December 31 each year-end, to qualify, including: medical expenses, tuition fees, child care costs, charitable and political contributions, child support and alimony, safety deposit box fees, deductible accounting and legal fees, professional fees, and union dues.

Contribute to a Registered Education Savings Plan (RESP)

In order to qualify for the government-sponsored Canada Education Savings Grant you must make your annual RESP contribution before each year-end by December 31, to qualify.

Capital Cost Allowance

Business owners and some employees may claim capital cost allowance on depreciable business assets such as automobiles, aircraft and musical instruments required to be used in their business or employment. It makes sense to make the purchase prior to December 31 and take the first deduction in the current year versus purchasing early in the next year. Because you can claim the capital cost all year, this allows for a speedier use of the first deduction.

Disclaimer: A tax and/or legal expert such as an accountant or tax lawyer can help you in special tax areas, and can give you guidance about various topics for which we often can provide a financial product to solve.

You should consult a lawyer or accountant to get detailed tax information, especially if you own a business.