PLANNING

PLANNING

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Strategic Planning Process

Financial strategies are both tactically short- and medium-term processes.

Benefits of a Financial Plan

A good financial plan is multi-faceted

Tax Reduction Strategies

There are numerous avenues available to you.

Strategic Planning Process

Financial planning is a process of setting and achieving financial goals that help you and your family attain financial stability and security. The process of financial planning typically includes an assessment of your current financial situation, identification of your financial goals and objectives, development of a financial plan, and ongoing monitoring and adjustment of the plan as necessary. Our process is personalized to your specific situation, taking into account your income, expenses, assets, liabilities, and risk tolerance.


The financial planning process is important because it helps you achieve your financial goals and manage your finances more effectively. A financial plan can help you save for major purchases, such as a home or a child's education, prepare for retirement, and protect against unexpected events, such as job loss or illness. The goals and objectives of financial planning should include building an emergency fund, reducing debt, maximizing retirement savings, and protecting assets through insurance. Ultimately, the goal of our financial planning process is to achieve financial independence and security, allowing you to focus on other important areas of you life.


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Benefits of a Financial Plan

A financial plan is a comprehensive and dynamic document that outlines an individual's or family's financial goals, resources, and strategies for achieving those goals. It helps people to make informed financial decisions and maintain financial stability. There are several benefits of having a financial plan.


Firstly, it provides a clear picture of one's current financial situation, including income, expenses, debts, and assets. This understanding helps people to prioritize their financial goals and develop a plan to achieve them.


Secondly, a financial plan helps to identify potential risks and opportunities, such as market fluctuations or unexpected expenses. By anticipating these events, people can prepare and make informed decisions to minimize their impact.


Finally, a financial plan can help people to track their progress towards their financial goals and make adjustments along the way.

In conclusion, having a financial plan is crucial for achieving financial stability and realizing one's financial goals. It provides a clear picture of one's current financial situation, identifies potential risks and opportunities, and helps people to track their progress towards their goals. A financial planner can assist in developing a personalized financial plan that aligns with one's unique goals and circumstances, providing guidance and expertise to navigate complex financial situations. With a financial plan in place, people can make informed financial decisions and take control of their financial future.


A personalized financial plan that reflects your changing life is incredibly important, that is why we’ll assist you with an analysis of your financial needs and  help you make the vest financial planning decisions to meet your long and short-term goals.

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Tax Reduction Strategies

Tax reduction strategies can be crucial for individuals and business owners looking to minimize their tax liabilities and maximize their after-tax income. One effective strategy for individuals is to take advantage of tax-advantaged accounts, such as RRSPs, IRAs, and health and education savings accounts. By contributing pre-tax dollars to these accounts, individuals can lower their taxable income and reduce their overall tax bill. These deductions can further reduce an individual's taxable income and result in lower taxes owed.


For business owners, tax reduction strategies can vary depending on the type of business structure they have. For example, owners of sole proprietorships and partnerships can take advantage of deductions for business expenses such as rent, supplies, and travel. Owners of corporations can consider strategies such as income splitting, which involves paying themselves a lower salary and distributing the remaining income as dividends, which are taxed at a lower rate. Business owners can also take advantage of tax credits, such as the research and development tax credit or the work opportunity tax credit, which can lower their tax bill.

Another effective tax reduction strategy for both individuals and business owners is tax-loss harvesting. This involves selling investments that have decreased in value and using the resulting losses to offset capital gains, thereby reducing the tax liability. By employing a combination of these and other strategies, individuals and business owners can potentially reduce their tax bills and keep more of their hard-earned money. However, it's important to consult with a tax professional to ensure that these strategies are implemented correctly and in compliance with tax laws. 


We would be happy to assist you with these strategies

  • Year-end sensitive tax planning

    Year-end sensitive tax planning is the process of analyzing an individual or business's financial situation before the end of the tax year in order to optimize tax savings. This type of tax planning takes into consideration various factors such as income, deductions, and credits in order to minimize tax liabilities and maximize tax benefits. 


    Year-end sensitive tax planning can involve a variety of strategies, including accelerating or deferring income or expenses, making charitable contributions, utilizing tax-advantaged retirement accounts, and reviewing investment portfolios. By engaging in year-end sensitive tax planning, individuals and businesses can potentially lower their tax bills and improve their overall financial health.


  • Maximize your deductions and credits

    Maximize your deductions by  completing transactions that qualify for tax deductions and credits by December 31 each year-end. This may include: child care costs, child support, tuition, medical expenses,  charitable and political contributions,  safety deposit box fees, deductible accounting and legal fees, professional fees, and union dues.

  • Contribute to a Registered Education Savings Plan (RESP)

    The government-sponsored Canada Education Savings Grant requires that you make your annual RESP contribution before each year-end by December 31, to qualify.

  • Capital Cost Allowance

    Capital Cost Allowance (CCA) is a tax deduction that allows individuals and employees to write off the depreciation of certain assets used for business or employment purposes over time. This deduction is available for assets such as buildings, vehicles, furniture, and equipment. 


    The CCA deduction allows taxpayers to reduce their taxable income by a portion of the cost of these assets each year, reflecting the decreasing value of the asset as it ages or becomes obsolete. However, the amount of CCA that can be claimed each year is subject to specific rules and limits set by the Canada Revenue Agency (CRA), and it is important to consult with a tax professional to ensure compliance with these regulations.

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.

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