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Quality and choice!

We are dedicated to providing quality client service, sound financial advice, and investment/insurance products that are best suited to meet your needs and goals. Our areas of expertise in comprehensive financial planning include:

  • Retirement planning
  • Estate planning
  • Tax planning
  • Insurance and risk management
  • Cash flow management
  • Employee benefits consulting

 

Investment Products:

A corporation or trust that pools unitholders’ accounts and invests in securities according to specific investment objectives. The shares or units are redeemable from the fund on demand by the investor.

A pooled investment fund, much like a mutual fund, that is established by an insurance company and segregated from the general capital of the company. Its chief distinction from a mutual fund is its guarantee that, regardless of fund performance at least a minimum percentage (typically 75%) of the account will be returned when the fund matures or upon death of the investor. These investments also bypass estate probate.

A contract that provides income payments at regular (typically monthly) intervals, usually for a specified period or for the lifetime of the annuitant. Income payments may begin right away or be postponed to some future date.

A security, usually issued by a bank or trust company that offers a guaranteed rate of return over a fixed period of time – usually for durations of 30 days to five years – at an interest rate higher than the rate paid on savings accounts.

Insurance Policies:

Temporary life insurance that is payable on the death of the insured provided that death occurs within the specified period outlined in the policy. The cost of insurance will increase at the end of the term, at which time, it may be appropriate for the insured to reapply, keep the policy in-force, or let it lapse – depending on their insurance needs.

Permanent life insurance payable on the death of the insured whenever that occurs. Premiums are typically fixed under the contract and payable until death or for a specified number of years. Also known as ordinary life or straight life.

A permanent life insurance policy in which premiums (less expense charges) are credited to a policy account from which periodic charges for life insurance coverage are deducted and to which interest or investment earnings are credited. Usually, the policyholder can vary the amount and timing of premium payments and change the amount of insurance (subject to underwriting). This policy has a built-in savings component.

A form of Accident & Sickness insurance that provides periodic payments when the insured is unable to work as a result of illness or injury. Also called: income protection; income replacement; long-term disability insurance; weekly indemnity; loss of income (or time) insurance.

Insurance that provides financial protection for persons who become unable to care for themselves because of a chronic illness, disability, or cognitive impairment, such as Alzheimer’s disease.

A living benefit product that provides a lump-sum cash payment on the first diagnosis of one of several contractually specified critical illnesses or events.

Account Types:

A savings plan registered with the Canada Revenue Agency under the Income Tax Act. Within prescribed limits, contributions from earned income are deductible for taxation purposes and the growth of the plan is tax-sheltered – a dual advantage of great significance in encouraging retirement savings. The plan must mature no later than the end of the year in which the owner attains age 71. Proceeds are taxable, but when taken as retirement income the owner’s tax bracket will likely be lower, lessening the tax impact.

One of several RRSP post-maturity (the year in which the RRSP holder reaches 71) options available. Each year, it must pay out an amount at least equal to the fund’s value at the beginning of the year multiplied by a percentage factor based on the age of the annuitant (or of the annuitant’s spouse, if younger, if so desired). The fund must be registered with the Canada Revenue Agency.

A savings plan offered by the government as an incentive for Canadians since 2008. Unlike contributing to an RRSP, TFSA deposits are not tax-deductible. Instead, TFSAs feature tax-free investment growth and withdrawals. TFSAs must be registered with the Canada Revenue Agency.

LIRAs contain proceeds transferred from a pension plan. The funds are “locked-in” (inaccessible to the annuitant) subject to the restrictions of provincial pension legislation. For example, no funds may be paid out until the annuitant reaches age 55. There are a few un-locking provisions which vary depending on if the LIRA is under provincial or federal jurisdiction.

Similar to a RRIF, except a LIF receives funds from a LIRA instead of an RRSP. The RRIF minimum withdrawal requirements also apply to a LIF. In addition, the provincial pension benefit acts and the federal Pension Benefits Standards Act imposes limits on the maximum amount that can be withdrawn from a LIF in a year.

An investment plan that allows savings to grow tax-free until a child is ready to pursue a post-secondary education, at which time the money is withdrawn and any government grant or investment growth is taxed in the student’s hands. Contributions to an RESP may be eligible for a matching grant under the federal government’s Canadian Education Savings Grant program, and the Canada Learning Bond.

An investment plan that allows savings to grow tax-free for a child or adult who has a long-term disability. Parents may set up the account on their child’s behalf, or it may be set up by the disabled person as an adult. Contributions to an RDSP are eligible in most cases to receive federal grant and the investments will grow tax-free. These accounts are typically used to save for retirement.

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