20 February, 2018

Why do you need a financial plan?

Having a comprehensive plan contributes to your well-being

Having a comprehensive plan is important. Studies show that Canadians with comprehensive financial plans enjoy a greater sense of emotional and financial well-being compared to those with limited planning.1

Your financial plan is like a blueprint for your financial future and your dreams. It helps you stay focused and true to your end-goals so you can build a sound outcome for you and your family. Unlike a blueprint, however, your plan won’t be static, because your life isn’t either. Expect your plan to evolve based on your life stage – whether you’re just starting out, planning for the future or planning for change.

Planning for all facets of life

It’s normal to have several goals-based plans that complement your core financial plan. These additional plans support your overall wealth plan and help us work with you to tackle more complex planning areas. These include:

Education planning

Education and new qualifications can increase earning potential and enrich your professional life. However, education can be costly. We can develop a plan to help fund your educational goals while keeping your greater wealth goals in view. As you approach other phases in life, you may want to upgrade your education (and potentially receive tax incentives) or fund the education of a child or grandchild.

Tax and Retirement Planning

Canadians are among the most heavily taxed in the world. Luckily, you have many tools at your disposal to help save on taxes and plan for your retirement. These retirement and investment accounts include RRSPs/RRIFs, TFSAs and RESPs. We can work with you and your tax professional to make sure you are optimizing your tax benefits and plan for a sound retirement.

Estate planning
Many believe that estate planning involves how your assets are handled at death. This is just part of the picture. Canadians are living longer than ever2 and estate planning is a complex process that also makes sure that your affairs are managed according to your wishes while you are alive. With a wealth of experience managing complex family estates, we can ensure planning process runs smoothly for you and your loved ones.

Staying on course

Once your plans are in place, it’s important to revisit them and ensure you’re on course. This means we’ll check-in regularly to see how you’re tracking to your goals and celebrate wins and milestones with you along the way.

Ultimately proper planning will give you clarity and motivation. And if you meander off course, it’s just a matter of recalibrating back to plan. Without a plan, it’s easy to lose sight of your destination altogether.

Call our office to make sure that you have all the right plans in place to achieve your goals and dreams.

1The Value of Financial Planning, Financial Planning Standards Councils (FPSC), 2013

2Statistics Canada, http://www.cbc.ca/news/health/life-expectancy-lancet-1.3993213