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The importance of a financial plan. Working with us to create your financial plan helps you identify your long and short term life goals.Talk to us to see how we can help you.

Working with us to create your financial plan helps you identify your long and short term life goals. When you have a plan, it’s easier to make decisions that align with your goals. We outline 8 key areas of financial planning:

  • Income: learn to manage your income effectively through planning
  • Cash Flow: monitoring your cash flow, will help you keep more of your cash
  • Understanding: understanding provides you an effective way to make financial decisions that align with your goals
  • Family Security: having proper coverage will provide peace of mind for your family
  • Investment: proper planning guides you in choosing the investments that fit your goals
  • Assets: learn the true value of your assets. (Assets – Liabilities)
  • Savings: life happens, it’s important to have access to an emergency fund
  • Review: reviewing on a regular basis is important to make sure your plan continues to meet your goal
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Do you have unrealized capital losses? Have you maximized your TESA contribution yet?

Do you have unrealized capital losses? Have you maximized your TESA contribution yet? Have you thought about family income splitting? Can you benefit from the New Canada Child Benefit? Have you maximized your RRSP contributions? Is it time wind up your RRSP? Are you meeting the CRA deadlines for 2016 savings? Have you paid your personal tax instalments?

Your Investments

    • Do you have unrealized capital losses?
      • If you own investments with unrealized capital losses, you could consider selling them before year end to apply it against any net capital gains you’ve realized in this year or the prior 3 years. However, make sure you don’t create a superficial loss, contact us to learn more.
    • Have you maximized TFSA contribution yet?
      • In 2016, you can contribute up to $5,500 to your TFSA (this has decreased from $10,000 TFSA in 2015), if you have never contributed, you may be able to contribute up to a total of $46,500.

Family Tax Considerations

    • Have you thought about family income splitting?
      • There are a variety of ways to income split, with the increase to the top marginal tax rates for 2016, please contact us to learn how valuable family income splitting can be.
    • Can you benefit from the new Canada Child Benefit?
      • The Canada Child Benefit is based on family income from the preceding year, please ensure you have filed your tax returns for 2015.

Retirement and Estate Planning

    • Have you maximized your RRSP contributions?
      • You have until March 1, 2017 to make your 2016 RRSP contribution.
    • Is it time to wind up your RRSP?
      • If you turn 71 and you need to wind up your RRSP in 2016, remember you only have until Dec 31, 2016 to make a contribution to your RRSP for 2016.

Key Tax Deadlines and Administration Considerations

    • Are you meeting the CRA deadlines for 2016 savings?
      • Key payments due by December 31, 2016

          • Charitable gifts
          • Medical Expenses
          • Union and Professional Dues
          • Investment counsel fees, interest and other investment expenses
          • Certain child and spousal support payments
          • Political contributions
          • Deductible legal fees
          • Interest on student loans
          • Contributions to your RRSP if you turned 71 during 2016 (you will also have to wind up your RRSP by this date)
    • Have you paid your personal tax installments?
      • If you are required to pay 2016 personal tax installments, remember that your final installment must be paid by December 15, 2016.

 

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