Educational Videos

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When I was 14, my father was diagnosed with cancer. The doctors gave him six months to live and six months later almost to the day he passed away. My mother was my father's power of attorney and she was spending 7:00 in the morning until 11 o'clock at night every day, Monday to Sunday at the hospital with him. So then fell to my siblings to do that. I remember distinctly my siblings coming over and going through the bills and writing checks. This isn't about whether or not you're capable, this isn't about whether or not you have some sort of expertise as a financial professional or anything like that, it comes down to how you're going to use probably one of the most scarce resources, all of us have individually as individuals have. And that's our time. And if I had to be my mother's power of attorney, I would rather spend the time, that time with her. And I think that's the freedom that you get with the service.

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We're dealing with baby boomers that upto the stage of retirement, that are caught in the sandwich generation. Still dealing with the care of their parents, also still dealing with their children. And the concern they have is just the time management for the most part.

The sandwich generation is real. It is absolutely real. We want to be able to step in when that need arises and be available for families, to help them through what is probably the most difficult situation they're ever going to have to deal with.

Being appointed as an attorney is a huge responsibility. Because you need to make financial decisions, and look after the financial assets of that individual throughout their lifetime.

One of the things that a lot of people don't realize is that they are taking responsibility. And they have to do it properly. They have to do it efficiently.

But we're here to help, I am going to be your contact. And so we are going to work together as a team. You choose what you'd like us to do and will do it and maybe there's certain things you want to take care of yourself certain aspects of the administration, maybe you want to look after the taxation, but you don't want to have to deal with the audit administration. The payment of bills, dealing with pension department, going to the various financial institutions to have the assets collected and transferred. The benefits in appointing us is that you have qualified professionals with the expertise, we have the resources to provide the accounting, to provide the investment management, to do the tax returns.

For the individuals who entrust us with the responsibility of acting on their behalf, it's giving them time to then go and invest with that family member or that friend. And to create those memories that 20 years later, you're going to look back on and say I'm really, really glad I did that.

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These days it can seem like there's a tax on everything and with Canada's progressive tax system the more income you earn the higher your tax rate.

If you face a high tax burden, you'll be interested in how you can reduce it or at least manage it.

One way is with insurance.

Most people think of insurance for their home, their Auto and life.

But did you know that life insurance can help cover the taxes due when your estate is settled?

What's more there are Insurance based investment strategies that can provide tax free income during your retirement and tax-free benefits to the beneficiaries of your Estate.

Another way is with family income splitting.

Family income splitting involves transferring investment income that would otherwise be taxed at your higher tax rate to family members who are taxed at lower rates.

Here are two additional ways to split income with your family.

One, a family trust which enables you to provide funds for your children or grandchildren’s needs while reducing taxes.

Two, a spousal loan strategy which enables your lower income spouse to earn investment income at their lower tax rate.

Here's some other ways to reduce tax.

If you have an RRSP contribute as much as you can to maximize the tax deferred growth over time.

Also take advantage of the tax free savings account if you haven't done so already to earn tax-free investment income.

Next look at your non-registered savings and how the different types of investments are taxed.

Capital gains and dividends from Canadian corporations received preferential tax treatment while interest income from GICs or bonds is fully taxable at your marginal rate.

Here's a tip - put more of your interest-bearing investments in your registered accounts like your RRSP where they are sheltered from taxes, then put more of your taxed advantage dividend-paying investments into your non registered accounts.

And here's one more tip.

Always make sure you speak with a qualified professional tax advisor to get the right tax advice for you.

Well, it is important, but it is only a piece in the picture.

Make sure that whatever you do, if you are successful, you give back. That's really important, giving back to society.

My family never really talked about money too much. It was much more about what they're passionate about doing.

And it's funny because there's a different perspective between men and women.

Women are out there championing their own purpose and their own things that they're passionate about. And I'm just so proud of the way that it's evolved for Canadian women.

I think as being women, we are key to messaging how to contribute, how to give back, and how privileged we are to have what we have, growing up in Canada, living the standard of living that we have here.

You're not just talking about leaving wealth behind so your kids can be comfortable. This is a compass for them, that we got you to this point. Where are you going to go from here with all the resources, with all the safety nets that you have?

There's no question that the Family Foundation is a core part of my legacy. That was our way of giving back in investing. It's become a way of the family really identifying itself as different than other families because we have a family mission. My involvement in various boards, ranging from UNICEF to United Way, that is my legacy.

I've thought about legacy a lot since having kids. I'm a third generation of working moms. And it's important for me to show them the value of working and taking pride in what you've been trained to do, and at the same time, being able to give back.

For me, there's kind of two parts to the way that I see my legacy. I've got our family foundation and my wealth with my husband. And that's sort of one part. For me, personally, it's the fact that I want to leave the world a little bit of a better place. And I want to have instilled those values in my family so that they continue that type of work. It's more hands-on. It's more direct. It's more-- you're not just writing a check. You're actually more and more involved.

For me, particularly, it's through the arts and having a strong voice to mentor kids, the next generation.

My message to my adult children-- work hard, but go with your passion. Experience life fully. Preserve your wealth, but you're stewards. You're stewards of a very important legacy. And grow it. Go and grow it.