Being knowledgeable about your entire financial situation is imperative to our continued joint success. Life changes - and so will your goals and objectives.

Our team of wealth management professionals is always here to advise and assist you with transforming your vision and goals into concrete financial planning objectives. We'll help you get there.

What Wealth Management means to us:

Wealth Management is a collection of services, not a product. It's a philosophy that involves the total organization and optimization of a family's financial affairs. The 5 main services include: 20% Investment Management, 20% Risk Management, 20% Will and Estate Planning, 20% Financial Planning, and 20% Tax Planning.

Financial Planning

A comprehensive financial plan is created from a detailed analysis of your current situation. Our team explores opportunities that keep you on the road to the retirement you've always envisioned. Financial planning will give you the confidence that you will not outlive your money and that you will achieve financial security. Financial planning is the "big picture" of all your investment, financial, family and personal circumstances at once.

By seeing your entire financial situation laid out by a professional Financial Planner, you can realize efficiencies in your investing, capitalize on opportunities that may have been overlooked and answer the following questions:

  • Will my family be financially secure if the unexpected happens?

  • How can I reduce the taxes I pay?

  • Can I retire on time? Can I afford the retirement I want?

  • Can I recover from investment losses? Am I still on track to reaching my goals?

The value of a comprehensive plan is realized once you can put the recommended strategies in place.

Credit and Lending

Clients of RBC Dominion Securities may from time to time need credit and lending services to fulfill an immediate need. We can refer our clients to high-net-worth specialists at RBC Private Banking, whose sophisticated suite of credit solutions can allow you to take on new and more challenging initiatives. Working with an RBC credit specialist, we assess your credit and lending needs to reduce or eliminate unnecessary debt, restructure your existing debt so that the interest is tax-deductible wherever possible and consider the use of "good debt," such as a spousal loan strategy or non-recourse mortgage to potentially reduce taxation.

Taxation

To navigate the tax system in Canada in an ethical and financially smart way demands special knowledge. More than correctly filing one's tax returns, tax-efficient wealth management finds strategies to minimize tax while working toward the investing and wealth management goals and using every dollar wisely:

  • Family income splitting can help reduce your family's overall tax burden. One example is to utilize an income splitting strategy using prescribed rate loans.

  • The Registered Retirement Savings Plan (RRSP) allows you to save for retirement with tax-deferred growth.

  • The Tax-Free Savings Account (TFSA) allows investors to contribute a maximum of $6,000 annually, tax-free. Income or gains inside the TFSA are not taxed and there is no tax penalty if you wish to withdraw the funds.

  • Family Trusts allow high-income Canadians to save taxes by earning capital gains in the hands of children or grandchildren that pay little or no taxes. If you have low-income children or grandchildren and surplus non-registered capital you can transfer to the trust, there are three major benefits of setting up a family trust:

    1. Children or grandchildren with no other income can earn approximately nearly $20,000 per year (varies by province) tax-free through the trust due to their basic personal tax amount (varies by province). Capital gains earned in excess of $18,000 are still taxed in the name of the child or grandchild but at a much lower tax rate than the high-income parent or grandparent.

    2. The parent or grandparent is permitted to loan monies to the trust (with or without interest) so they will never lose access to the loan capital.

    3. Investment income earned in the trust can be used to pay for the child or grandchild's expenses, such as tuition and extracurricular activities.

  • Evaluating Tax Shelters. A tax shelter is an investment that provides significant deductions against your other taxable income, allowing you to reduce your total taxable income and thereby reduce the amount of tax payable to the CRA. Although the main selling feature of a tax shelter is the tax deduction, like any investment it should be evaluated based on its quality, instead of for the tax reasons alone.

Planning for a successful retirement means taking into consideration the tax implications of your financial plan. Implementing tax-efficient strategies will help maximize your wealth. We work with you to ensure these strategies are built into your overall financial planning process. After all, it's not what you make, it's what you keep.

Retirement Planning

We are well-versed in the many options our clients have when planning for and approaching retirement. Depending on your current financial situation, age and stage of the planning process, you might consider the following solutions:

  • Registered Retirement Savings Plans (RRSPs) are tax-sheltered investment vehicles for retirement savings. Contributions to an RRSP result in a tax deduction while income earned in the plan compounds on a tax-deferred basis, until the end of the year you turn 71.

  • The Registered Retirement Income Fund (RRIF) is an option for the end of the year you turn 71, when your RRSP must be collapsed. Your RRSP assets are transferred to the RRIF on a tax-deferred basis, and you can withdraw a certain amount of income every year to cover retirement expenses.

  • An Individual Pension Plan (IPP) allows for much higher tax-deductible contribution amounts than the maximum permitted for RRSPs, and are most ideal for those who are 40 years of age or older and preferably are the owners of a corporation. Although there are no specific criteria related to the salary of the individual, the financial advantages of IPPs increase in relation to the individual's salary.

  • An insured annuity combines two individual products: a life annuity contract and a life insurance policy. By using a portion of each annuity payment to pay premiums on an insurance policy, you can ensure that an amount equal to your original capital is restored when you die. You receive a guaranteed stream of income plus a return of your initial deposit, as you would with a fixed-income investment like a GIC or bond, but with greater return potential.

No matter how far or how soon your retirement may be, it is never too early to plan or discuss your options.

Education Savings

An education is one of the greatest gifts you can give to children or grandchildren - and with proper planning and investing you can help a family member, child or grandchild achieve their academic and career dreams. You may already be familiar with the Registered Education Savings Plan (RESP) that allows you to save for educational goals. If you'd like to invest beyond an RESP, we can help facilitate other solutions such as trusts that allow you to maximize the potential of a student or soon-to-be student. No matter how young a student may be, it's never too early to start saving for their future.

Charitable Giving

If you wish to support charitable causes and organizations, and do more than send cash donations, you can maximize your impact by setting up a charitable foundation on behalf of yourself or your family. The RBC Dominion Securities Charitable Gift Program enables you to set up a charitable foundation without great cost or time commitment. It can help you demonstrate a charitable spirit in the family and create a longer-term legacy gift for a cause that is important to you.

Insurance

When you work with us, insurance can be used to protect the value of your estate, ensure you can retire comfortably, keep your family financially secure and even be used to grow your wealth over time.

Some examples of insurance-based options include:

  • Tax-exempt life insurance in which non-registered investments are invested in a tax-exempt life insurance policy (subject to certain limits) that provides immediate estate value and tax-sheltered growth on the cash value within the policy. Proceeds are transferred outside of your Will at death (avoiding probate fees) and paid tax-free to your heirs.

  • Buy/Sell Agreements that allow corporations to facilitate the smooth transfer of shares or other business assets from a departing or disabled shareholder to the remaining shareholders.

  • Insured annuities that combine a life annuity contract and a life insurance policy. Each annuity payment can be used to pay premiums on an insurance policy, so your original capital is restored at death. Annuities provide a guaranteed stream of income and return of initial deposit (as with GICs and bonds) with greater return potential.

  • Key person insurance for business financial rescue when cash is needed most - to help find a replacement or temporary management in the event of the death of the business owner or a key employee.

  • Long-Term Care and Critical Illness insurance both help ensure that, in the event that you experience an accident or become critically ill, you and your family can focus on your recovery without undue financial hardship.

Integrating insurance solutions into a plan is not only about a life insurance policy. Each client has a unique situation and must take certain precautions to protect themselves from potential risks. We work closely together with our insurance specialist to help identify any opportunities that may enhance or protect your wealth.

Estate Planning

Estate planning allows you to create a legacy to leave your family and beneficiaries. With a proper estate plan in place, you can feel confident that your family will be financially secure and minimize the impact of taxation upon transfer of your wealth.

If you have an existing Will or are already working with a lawyer, We can help to ensure your estate is structured in a tax-efficient way and that wealth can transfer seamlessly.

Although every estate plan is different from the next, there are many important considerations in common, including:

  • Valid and current Wills and Powers of Attorney for all adults in the family

  • Evaluation of insurance coverage (i.e. do you have sufficient coverage?)

  • Ownership structures (i.e. the use of Joint Tenancy agreements)

  • Planning for incapacity

  • Advanced estate planning opportunities (i.e. the use of Living Trusts)

  • Tax-efficient estate structuring to reduce taxes and probate at death

  • Planned gifting arrangements for long-term charitable giving

  • Pre-planned funeral arrangements

Most people tend not to think about what will happen if they become incapable of managing their affairs (or die) until later in life. Estate planning is an essential part of the financial planning process. We help simplify the process for our clients and help them to protect their families, assets and legacies.

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