Buying a Home

For most people, buying a home is one of the most important purchases of their life. It is also one of the largest investments they will make. Put the odds in your favour and make this undertaking a source of happiness, rather than cause of financial worry.

Our financial services professionals can help you get the most of your investment as well as ensure your peace of mind in the event of unfortunate events.
 

  • Is your income stream relatively secure?
  • Have you revisited your budget and carefully evaluated the additional expenses to purchase a property?
  • What is your borrowing capacity?
  • Are you a good candidate for the Home Buyer’s Plan?

Protect your new investment and your family financially with:

  • Disability or critical illness insurance for the main income provider
  • Life insurance in the eventuality of the death of one or both income providers

Buying a home is an important step in your life; with proper planning it can be a fun and exciting time, as well.

Having a Child

When you start planning to have a child, there is no doubt that you have in mind full of happy images. To make it as wonderful as it deserves to be, you will have to be able to afford the day-to-day expenses for all stages of your child’s life, and maybe for the brothers and sisters!

This time of reflection and planning will ensure that the best options are available to your family. Here are some topics for you to consider:
 

  • Revisit your budget
  • Consider a savings plan for daily additional expenses; for example to pay for childcare
  • Plan ahead for education and invest in a Registered Education Savings Plan (RESP) as soon as possible. After all, financial support for the education of your child may last 18 years – or longer! An RESP lets you grow tax-free savings to pay for your child’s post-secondary education. Some federal grants are also available.
  • If you have not already done so, you may consider buying life insurance for your child; the premiums would be low and your child would still be insured later in life regardless of health concerns
  • Life insurance for you: If you already have life insurance, you might want to increase the amount of your existing coverage since your needs are greater following the birth of your child
  • Disability insurance and critical illness insurance will help your family maintain its financial stability if your income stops following an accident or serious health problems
  • Update your will and appoint a guardian

Retirement Planning

For many people, the day of retirement is like a dream coming true. For most, it all came together as a result of good planning; for a few others it was good luck. Others may need a modest employment or rental income in their later years. Your plans and opportunities may be different, but our belief is that planning is the best guarantee for a fulfilling retirement.

Here are a few topics that you may wish to consider when planning for your later years:
 

  • Determine if your retiring date is realistic
  • Re-evaluate your savings strategy regularly; mid and long-term
  • Define your anticipated sources of income
  • Plan to purchase income products as an annuity or guaranteed investment funds to maximize your income
  • Ask for information on how some sources of income may cause government benefits to be reduced once certain income levels are reached

In Canada, we are fortunate to have a system which we all fund. However, you may wish to give thought to some other health insurance plans that will cover you in different circumstances.

  • Critical Illness Insurance (CI) – CI pays you a lump sum if you experience one of a specified list of diseases or afflictions such as heart attack, stroke or cancer. The proceeds are not taxable and may be used for any purpose.
  • Long-Term Care Insurance (LTC) – The cost to live in a nursing home can be substantial. LTC insurance makes regular payments if you require institutional or at-home care due to loss of independence.
  • Out-of-Canada Travel Insurance - A simple visit to a hospital in the United States can be a costly surprise.
  • Review your will to make sure the assets you want to leave to your heirs are distributed according to your wishes.
  • Plan your estate to shelter your heirs from paying a substantial tax bill. For example, if you gift a family cottage to a child, their tax bill on any capital gains could be significant

Business Startups

Starting a business requires many unique skills: leadership, determination, ability to stay focused and patience. But above all, it takes time and a lot of work. To make sure your time and money are spent efficiently, planning becomes key for all entrepreneurs.
 

Before the official launch, you will have tested your idea, developed your business plan, found the best associate if desired and of course have proper financing in place. A full range of financial and accounting services as well as advice on legal and tax issues will be important to assure the success of your business.

As an owner of a business, a shareholder of a business or if you are self-employed, you should consider the following:

  • Business succession planning
  • Buy/sell agreements to allow for partner buyout
  • Key stakeholder needs, including coverage in case of death, disability or critical illness
  • Financing debt structure, venture capital
  • Protecting business assets from creditors
  • Tax-efficient investment strategies, savings and estate planning for business
  • Individual Pension Plans
  • Group RRSPs and group health benefits for employees to retain and attract them

A financial strategy will have to be developed and reviewed at different stages of your business growth.