Emergency funds should be held in assets that are not exposed to market fluctuations and accessible (but not too easily accessible that everything becomes an emergency).  Ideally vehicles should keep up with inflation or provide growth and be tax efficient.

Many times employees don’t understand what is and what isn’t covered under their employee benefits program.  Many assume that they have long term disability coverage even though many employers are no longer providing this because of its expense.  In addition,  critical illness insurance is rarely covered in benefits programs.  We will review your current benefits package and make sure that you know if there are any gaps and if you should fill them.

Leaving the workforce creates a complete financial paradigm shift—from accumulating assets to safely and securely creating a lasting monthly paycheck.  Questions include, when should you withdraw from RRSP’s vs TFSA’s.  Many Canadians have the majority of their wealth tied up in their homes,  how to efficiently access this wealth without being forced to sell and move if you don’t want too.  Discussions need to be had regarding the risk of living longer than expected and the future need for long term or in home care.

Each situation is different.  The answer could be one, the other or both!  Without judgement we explore with you where the debt came from, what the current terms are, how it affects your future goals.  We don’t hold the position that owing money is bad, as using leverage, when done smartly, is one of the quickest ways to build wealth.

Unfortunately, the answer to this question is ‘That Depends’.  Both TFSA’s and RRSP’s have their pros and cons.  Part of the process is to explain each registered account and help you make the right decision for you right now.

There is a prevalent belief that you should silo your money.  For example, this $X here is for my short-term goals of wedding and first home purchase and the $Y there is earmarked for retirement.  If it is right for you, we explain concepts and structures so that each dollar you save can be used for BOTH a short-term goal AND for Retirement.

There are no one right answers for everyone, but there is a right answer for you.  We help you find it, and once we do find the right answer for you, we incorporate it into a personalized, written document that you can refer to anytime you need to.

There are pros and cons to each.  Investing in an RRSP does give immediate tax breaks but consider that you are only deferring the liability.  When talking about RRSP’s I pose this question to my clients.  “Would you rather pay tax on the seeds you plant, or on the crops you harvest?”  Paying off your mortgage does give a sense of accomplishment and reduces interest costs.  Caution needs to be taken that by paying off your mortgage you are not losing the control of your capital.

The answer to this question isn’t as simple as the question itself.  Its answer depends both on what you have envisioned your retirement to look like, and how much and where you have allocated your retirement funds.  These are two important pieces to put together your Money Puzzle and one can’t be discussed without the other.