Financial planning for the future

Jan 14, 2020
picture of a family

Say that a couple is struggling with a decision about whether to help their child purchase a home. The couple wonders, and worries, if the cash outlay will interfere with their retirement.

We often help with this type of financial planning situation – when you must look to the future to make a decision today. In this case, the look to the future is estimating the amount that the couple needs to retire. With that projection, we can ultimately determine how much of a cash outlay the couple can afford.

Projections lead to solutions

Here are a few more examples of projections we create to help individuals make financial planning decisions.

Vacation property

A vacation property owner is deciding whether to transfer the property to her children now or through her will, based on tax implications. To help her decide, we present the current tax that would be payable on capital gains and an estimate of the tax amount at life expectancy.

Retirement income

An individual nearing retirement wants to know the best time to begin Canada Pension Plan (CPP)/Quebec Pension Plan (QPP) benefits and Old Age Security (OAS) benefits. We show how the monthly and cumulative dollar differences compare when starting at earlier and later years.

Tax planning

A retiree is determining how to cover the tax payable on estate assets. We begin the process by putting together a projection of the estimated amount of the eventual tax liability.

Retirement planning

A business owner is planning retirement savings, and we create projections to compare the performance of a registered savings plan, registered pension plan and accumulating funds within the corporation – a choice that’s more exacting in light of the new passive income rules. 

Whenever you face a situation that calls for a look into your financial future, please give us a call. We’ll provide the projections you need and help you make an informed decision.

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