A new year inspires many of us to set new goals and habits. It can also be a good time to review your existing financial goals and determine whether or not they need to be updated.

At Hayes Vickers Private Wealth, we encourage our clients to work toward their goals by being as efficient as possible with their wealth. One of the keys to success in wealth management is financial planning. Whether your goal is; buying a home, funding your children’s post-secondary education, freedom in retirement or transitioning your wealth to your beneficiaries, planning is key to ensuring you achieve your future goals.

Perhaps your goal is to maintain your current lifestyle throughout retirement. To achieve this goal we review your current wealth and savings strategies to project whether you are on track to achieve this goal. We can review your current and future cash flows and work together to set up a family budget. Or maybe it’s important to leave a legacy to your children or a charitable organization. We can discuss efficient solutions to ensure your wishes are achieved. Your financial goals may be aligned with your stage of life. In your late twenties, early thirties, your goal may be to purchase a home. Whereas soon to be retirees may be making travel plans for their retirement and/or looking to purchase a second home somewhere warm.

You should look forward to retirement! Planning is essential to make sure this happens. According to recent studies from the Toronto-based Canadian Imperial Bank of Commerce, twenty seven per cent of retired Canadians expressed regret of not properly planning for retirement and nearly 50% cited financial concerns when they they retirement. 

Your financial plan is the foundation to build and achieve your financial goals. Our four pillars ensure that we tailor your financial plan to you. Understand. Clarify. Plan. Execute. Financial Planning is an ongoing process because your financial goals can change over your lifetime.  Reviewing and updating your plan will make sure we can deal with all of life's unexpected events and evolving goals.

This time of the year there are a couple deadlines that are quickly approaching.

1. The RSP contribution deadline is March 1, 2019. Have a look at your Notice of Assessment to understand how much you can contribute for the 2018 tax year. Contributing to your RSP and/or your TFSA early in the year can be an effective strategy to grow your wealth, as you have a full year of tax sheltered compounding growth! TFSA annual contribution limit for 2019 is $6,000, please review our 2019 TFSA blog to learn more

2. The Income Tax deadline is April 30, 2019. Please visit our 2018 Tax Reporting blog for tips on various tax slips and mail dates for your 2018 taxes. New this year, our clients now have the option of accessing their RBC tax slips online. To be enrolled, please email Lauren and she will send you the Consent Form for Electronic Delivery. Keep in mind, depending on when the change is made to e-delivery, some clients may potentially receive duplicate copies of their tax package.

Review the 2019 Financial Planning Facts for an outline of some general financial planning related information.