New year, new page
The new year is a popular time to reflect back upon the year that was and to look forward to the one ahead. It’s a fresh page upon which you will write your life and the events that happen in it. It’s also a great time to pause and consider what you want that “writing” to be, and to consider a plan that can help you work toward achieving your goals and dreams.
From establishing, reviewing, or refreshing your goals and priorities, to considering what risks or opportunities you need or want to address, leverage, or overcome, we can help. Your Investment Counsellor is available to engage with you and your family to understand what is important to you and what you wish to achieve. Then, leveraging either their expertise or combining that with our team of RBC Wealth Management professionals, your Investment Counsellor can help to deliver the plans and solutions you need.
Your New Year’s resolution “checklist”
Here are five key areas of wealth planning, and five suggested questions to consider within each. Check the box at the bottom of each section indicating if this is:
1. Goals
Your goals and dreams are at the core of your wealth plan. They underpin how your portfolio is constructed and managed. They guide the advice and planning you receive in areas such as life stages, tax, banking and credit management, and estate planning. Your goals will likely change and evolve over time, especially when you experience major life changes or enter new life stages, such as parenthood or retirement, and need to be updated as a result.
Ask yourself:
- What matters most to me in my life? What are my top priorities? Can I list and rank them?
- Within the context of my existing obligations and family or business circumstances, what do I need to accomplish and execute on in my plan to achieve my goal or goals?
- Who or what do I need to support, plan for, and care for in my life and/or in my business dealings?
- Are my goals realistic? What do I need to do to make sure I can achieve them?
- Am I maximizing my efforts in achieving my goals, especially when it comes to partnering with my financial advisors to maximize my plan?
2. Life stage planning
For many Canadians, the goal of working and/or building a business, and the wealth that is accumulated from those efforts, is to achieve a fulfilling and sustainable retirement. For others, the focus is on their family, and ensuring that their children and future generations are secure and taken care of for their lives, either through the passing of wealth or a business (or both). And some of us who are entering our later years or a period of difficult health (for themselves or someone they care for), the focus may be on preparing for and managing through what can be a trying period.
Ask yourself:
- Considering my goals, what life stage’s am I focused on planning for? What is the next life stage on my horizon – and am I prepared for it, financially, psychologically and even physically?
- Have I engaged and discussed this new life stage potential challenges and opportunities, with my spouse, family, friends, advisors, and even my Power of Attorney and Executor/Executrix?
- Am I getting the best advice and planning support to ensure I am set-up to maximize my success?
- If you are a business owner or control a family enterprise: Have I engaged in business succession planning or considered a sale of the business?
- If you have a wealth plan: Does my current wealth plan account for how to manage through a serious illness and/or end-of-life treatment?
3. Tax planning
Taxes are an unavoidable part of life, but they don’t need to be a larger issue than is necessary. Being smart and planning around your taxes can reduce your tax burden and help you build wealth faster – while helping to sustain it over time. This starts by assessing your tax exposure on a personal level, family basis and, of major significance, your business and investments. Tax planning may help address varied and complex tax obligations, while achieving your goals and objectives in the most tax-effective manner.
Ask yourself:
- Am I structuring my financial affairs in the most tax-effective manner? Am I taking advantage of methods to minimize taxes, for instance through trusts or holding companies?
- Have I considered the best way of passing along my wealth to my family and/or beneficiaries, including charities, even while alive?
- Am I set up most effectively to minimize taxes and maximize my investments and income structure?
- If you are a business owner: Is my company ownership structured in the most effective manner to reduce to taxes?
RBC Wealth Management’s Family Office Services:
Partnering with you and your Investment Counsellor to deliver the expertise you and your family need to help achieve what matters in your life.
RBC Wealth Management prides itself on seeing its clients succeed – not just in achieving their investment goals, but across all areas of wealth planning. Our team can assist you on your wealth journey. From taxes to estate planning, we have over 240 professionals who are ready to work alongside your Investment Counsellor to help you achieve your goals – as efficiently and quickly as possible.
Talk to your Investment Counsellor to learn more.
4. Banking and credit needs
Banking and credit needs are a critically important aspect of wealth planning. Convenience, time-savings and efficiency are important aspects of what you expect for your banking. This is especially important when it comes to managing a larger family or a complex family structure, or running a business. Credit is not only an important way to finance a business or important family purchases, but could also be used as a tool to maximize tax effectiveness and reduce risk. The more complex your family and business needs become, the more you need thoughtful banking and credit structures and advice. Your Investment Counsellor and RBC Private Banking can work together to deliver the right account structure, meet your borrowing needs and support your personal and business needs across the globe.
Ask yourself:
- Is my banking working to create convenience and efficiency for me and my family? Do I need support to engage in cross-border and/or global banking?
- Do I, my family or my business need access to capital to achieve our goals? Or to diversify my income, either personally or for my business?
- Have I engaged in an analysis of my borrowing needs in order to maximize my tax efficiency and cashflow? Am I taking advantage of credit structures that could boost my after-tax income or to minimize my tax liabilities?
- Is my business structured to most effectively manage my cashflow and get my excess capital working for the business? Could I benefit from revolving or structured financial solutions that will enhance efficiency, reduce taxes and maximize returns?
- If you are dealing across borders: Have I considered my currency and foreign jurisdiction exposure? Do I have access to important tax and business law advice and guidance to ensure I are maximizing my global business dealings?
5. Estate planning
Estate planning is about much more than determining who gets what from your estate. Estate planning often begins with determining how you wish to be cared for if you become incapacitated, and who will have power or control over your financial affairs in that circumstance. Despite many of our wishes to leave a legacy, or to establish charitable giving within our lifetimes or after, a significant number of Canadians have no Will or have not updated their Will in over five years.
Ask yourself:
- Do I have a Will, or have I updated my Will in the last five years, especially if I have experienced changes in health and family?
- Have I established Power(s) of Attorney (PoA), for both financial as well as health matters? Do the appropriate people know how I wish to be cared for if I became incapacitated? Do my Investment Counsellor and other key advisors know who my PoA(s) is/are? Do they have the correct documentation on hand to ensure my interests are being protected and managed as I wish?
- Have I had a conversation with my family, beneficiaries, Executor/Executrix, concerning my wishes for my estate if I were to die?
- Have I considered and taken action to establish my legacy, particularly in the area of charitable giving? Do I wish to and/or have I established a charitable trust or plan to see my legacy established now or in the near future?
- Have I considered what I would do with my business if I became incapacitated or died?
Next step: Contact us
These are five key areas of wealth planning that we believe are important to reflect upon from time-to-time and to consider as you progress through life. These questions are designed to prompt you to engage with your Investment Counsellor in areas you feel need to be addressed to help you achieve your goals.
Whatever your wealth goals, we are here to help you. Once you have had a chance to review the above and determine what areas, if any, you may want to address with your Investment Counsellor, contact us and we’ll work together to help you – and together resolve to achieve your new year’s wealth resolutions.
Past performance is not indicative of future results. Counsellor Quarterly has been prepared for use by RBC Phillips, Hager & North Investment Counsel Inc. (RBC PH&N IC). The information in this document is based on data that we believe is accurate, but we do not represent that it is accurate or complete and it should not be relied upon as such. Persons or publications quoted do not necessarily represent the corporate opinion of RBC PH&N IC. This information is not investment advice and should only be used in conjunction with a discussion with your RBC PH&N IC Investment Counsellor. This will ensure that your own circumstances have been considered properly and that action is taken on the latest information available. Neither RBC PH&N IC, nor any of its affiliates, nor any other person accepts any liability whatsoever for any direct or consequential loss arising from any use of this report or the information contained herein. This document is for information purposes only and should not be construed as offering tax or legal advice. Individuals should consult with qualified tax and legal advisors before taking any action based upon the information contained in this document. Some of the products or services mentioned may not be available from RBC PH&N IC; however, they may be offered through RBC partners. Contact your Investment Counsellor if you would like a referral to one of our RBC partners that offers the products or services discussed. RBC PH&N IC, RBC Global Asset Management Inc., RBC Private Counsel (USA) Inc., Royal Trust Corporation of Canada, The Royal Trust Company, RBC Dominion Securities Inc. and Royal Bank of Canada are all separate corporate entities that are affiliated. Members of the RBC Wealth Management Services Team are employees of RBC Dominion Securities Inc. RBC PH&N IC is a member company of RBC Wealth Management, a business segment of Royal Bank of Canada. ® / ™ Trademark(s) of Royal Bank of Canada. RBC, RBC Wealth Management and RBC Dominion Securities are registered trademarks of Royal Bank of Canada. Used under licence. © RBC Phillips, Hager & North Investment Counsel Inc. 2025. All rights reserved.
