Financial Planning

Retirement - RRSP RRIF Pension - Personal

How much will I need to secure a comfortable retirement?
How can I live the life I want now & save for a comfortable future?
How can I generate a continuous income stream during the retirement phase of my life?
These are all questions you have probably asked yourself...

Our comprehensive retirement planning process will provide you with the financial strategies and tools you need to build and manage your retirement nest egg. We can help you with:

1. Adjusting Investment Strategies & Products for Different Life Stages:
   
   
   • Accumulate Savings (pre-retirement) . The key to this phase is selecting investments that provide you with maximum long term growth and tax savings within your level of risk tolerance.
     
     
   • Withdraw Income (post-retirement) . The key to this phase is effective product selection & withdrawal strategies to optimize your income payments while allowing your assets to continue to grow tax deferred.
     
     
2. Your best investment options to help you accumulate savings for retirement and then withdraw income to fund your retirement: Segregated Funds, Mutual Funds, GIC's, Annuities, Life Insurance as an Investment, and the newest innovation just recently available in Canada - the "GMWB":
   
   
   • We can help you understand the different features of these products, what opportunities they offer you and how they fit your goals, budget, risk tolerance & time frame.
     
     
   • We can explain how and where these products fit a pre-retirement savings plan and a post-retirement income plan.
     
     
3. Retirement Income Assessment
   
   
   • We can determine what your retirement income will be based on your current circumstances, what you will need to secure a comfortable retirement lifestyle and then design a plan to help get you there.
     
     
   • It is important to understand how Canada 's Pension System works as well as how it relates to your personal retirement savings. See how sources of post-retirement income including CPP (Canada Pension Plan payments), OAC (Old Age Security payments), and Employer Pension (if available) will impact you.
     
     
   • Understand how to optimize your retirement income withdrawals from your investments. The following key points effect how much of your withdrawals you keep, how much you pay in tax, and how well your retirement savings may continue to grow while you withdraw income:
     
     
     1. Withdrawal amounts & income tax treatment.
     2. When to start your withdrawals and how to schedule them.
     3. Where to take your withdrawals from and what to leave to grow for future access.
        
        
4. Determine the best time to start taking CPP (Canada Pension Plan) payments. Early (reduced) eligibility begins at age 60 and may prove beneficial for certain individuals with specific needs.
   
   
5. There are many types of Retirement Tax Deferral Plans available to help you save for and then fund your retirement. It pays to know your options. We can help you understand the different features of these plans and how they affect you:
   
   
   • RRSP (Registered Retirement Savings Plan)
   • Spousal RRSP
   • LIRA, LRIF, LIF (Locked-In Retirement Account, Locked-In Retirement Income Fund, Life Income Fund).
   • RRIF (Registered Retirement Income Plan).
   • How to transfer a Registered Savings Plan to Registered Income Plan without triggering any taxes.
   • RPP (Registered Pension Plan) Transfers - Transfer options available to you that offer greater choice & control over how you invest your assets.
     
     
6. Determine your optimal RRSP contribution amount to maximize your annual tax refund.
   
   
7. Take advantage of RRSP Investment Loans - top up your RRSP contribution amount & pay down your loan with your tax refund.
   
   
8. Take advantage of income splitting opportunities with Spousal RRSPs. We can show you how to effectively allocate funds to Spousal versus Non Spousal RRSPs in order to reduce tax payable on retirement income for couples.
   
   
9. If you are a high income earner and have exhausted your RRSP contribution room yet still have funds available to invest, there are alternative investment and tax deduction opportunities available:
   
   
   • We can explain when you should consider Non-Registered Retirement Investments and show you which products are best suited for this type of strategy.
     
     
   • Consider leveraged investments and the tax deductibility of investment loan interest as an alternative to the RRSP tax deduction.
     
     
10. Consider retirement product options (such as Annuities and GMWBs) that provide guaranteed income streams during retirement.
    
    
11. There is an alternative to the reverse mortgage available to the retiree. This alternative, called the Super Line of Credit, allows you to access the equity in your home tax free to provide additional retirement income. We feel The Super Line of Credit offers significant benefits not found in a traditional reverse mortgage.
    

Group RRSP & Pension - Corporate

Add value to your business and enhance employee retention & productivity as we provide you with both the administrative service and investment expertise.

Deciding which plan is right for your business depends on:

• your cash flow
• cost & tax benefits to you
• cost & tax benefits to your employees
• as well as who will be making the contributions

We offer:

1. Group RRSPs - of which you have 2 options available:
   
   
   • Employer Matching Contribution Plan - The employer matches the employee RRSP contribution amount.
     
     
   • 100% Employee Contribution Plan - If your business is on a budget you can still add value to your employees' compensation package. The employee pays 100% of the contribution amount through payroll deductions and receives immediate tax savings as well as outsourced retirement savings planning advice and service.
     
     
2. Defined Contribution Registered Pension Plan (DCRPP) Services.
   
   
3. Opportunities for Businesses to reduce corporate tax payable via Group RRSP Plans.
   
   
4. We provide day to day administrative support to reduce the overhead on your business administration expenses.

Registered Education Savings Plan (RESP)

Your child's education is important. There are several different opportunities available to help you fund your child's college or university expenses:

1. Single Beneficiary RESP's & Family RESP's: What are the advantages and disadvantages of each and which option is right for you?
   
   
2. We apply on your behalf for the CESG (Canada Education Savings Grant) for your child's education savings plan. We can show you how to secure up to $7,200 (per child) of grant money pending qualification.
   
   
3. The opportunity to grow your child's savings depends on what investment options you choose.
   
   
4. We provide you with tax strategies on RESP savings and withdrawals.
   
   
5. Should your child choose not to attend a post-secondary institution: You have the option of rolling unused RESP's (within limits) into your RRSP or you may transfer one RESP to another RESP.
   
   
6. RESP's are offered through Manulife Securities.
   

Taxation & Estate Planning

It's not just how much you earn... its how much you get to keep and how much you pass on to your beneficiaries in the future. A clear understanding of taxation rules and how they apply to investments and estate assets gives you the opportunity to realize significant tax savings for yourself, your family and/or your business:

1. We provide access to Non-registered Tax Preferred Investment Options:
   
   
   • Investments that generate capital gains & dividend income are taxed at significantly lower rates than fully taxable interest income.
     
     
   • Consider annuities which provide a stream of income for life in exchange for a deposit. These lump sum payments are considered a partial return of capital and are taxed at relatively low rates.
     
     
   • Products that qualify for "deferred" tax treatment provide you with the opportunity to stay invested longer and potentially compound growth on funds that would have otherwise been paid out in tax.
     
     
2. We structure your Investment Portfolio with Current Tax Rules in Mind:
   
   
   • Defer & Minimize Tax through Tax Sheltered Registered Investment Plans (RRSP's).
     
     
   • Consider income splitting strategies to reduce the tax bite for both non-registered investment income and retirement income.
     
     
   • Take advantage of investment opportunities that qualify for the Pension Income Tax Credit as this provides tax free investment income (within limits) for Seniors (aged 65+).
     
     
   • We can help you consider early CPP Withdrawal Options to determine whether or not it would be beneficial in your particular circumstance.
     
     
3. What circumstances allow for non-taxable transfer of Investments to Spouse & Dependents.
   
   
4. Restructure your investments to reduce exposure to probate on death.
   
   
5. We can show you how certain investments offer the potential for creditor protection.
   
   
6. Life insurance provides an opportunity for tax free funding of Estate Tax Liabilities. We encourage you to consult a professional regarding the weighing of cost versus benefits.
   

Insurance Planning

We know how important it is to meet your needs with the right product & strategy. Protect yourself, family & business from the expected & unexpected life events...and let us show you how insurance can be used as an investment tool:

1. How do you determine what your protection needs are? We provide Capital Needs Analysis: How much insurance protection do you need? What do you need coverage for and for how long? Do you need temporary mortgage insurance or permanent estate tax coverage...
   
   
2. Which type of insurance best fits your needs? Term Insurance, Term-to-100, Whole Life or Universal Life? We can explain which product is most suitable to your specific needs and circumstances.
   
   
3. We negotiate on your behalf to help you get the most out of your insurance solutions.
   
   
4. We feel that quality carriers and products matter: We advise which insurance companies are most suitable with regard to your specific needs and clarify complex & innovative product features which may prove to be of considerable benefit to you.
   
   
5. Applying for Coverage - your medical underwriting determines your insurance premium costs. We can provide you with guidelines that provide for accurate medical underwriting which helps you contain costs.
   
   
6. Uninsurable? You may want to consider Guaranteed Issue Life Insurance. Coverage is provided without medical questionnaire (premium rates are higher than traditional insurance) and everyone can qualify regardless of heath issues or other reasons.
   
   
7. Combining your budget now with a premium guarantee for later (with your growing needs in mind): Options to secure additional coverage in the future without additional medical underwriting.