Calgary Financial Planner
There are many reasons why wealth management is essential for the success of individuals and businesses.
But, at its core, wealth management is about creating a financial plan that allows you to live the life you want to live and achieve your goals, whether that means saving for a down payment on a house, investing in your retirement, or creating a legacy for your loved ones.
One of the main benefits of wealth management is the ability to get a clear, comprehensive view of your financial situation. This includes not just your investments but also utilizing your non-registered assets, Tax-Free Savings Account (TFSA), a Registered Retirement Savings Plan (RRSP), and a Registered Education Savings Plan (RESP) in a proper way to be to your advantage. By understanding your financial assets and liabilities, we can create a personalized investment strategy suitable for your risk tolerance, time horizon, and other needs.
Tax-Free Savings Account (TFSA)
A Tax-Free Savings Account (TFSA) is a type of investment vehicle in Canada that allows you to earn tax-free investment income. You can contribute to a TFSA and withdraw from it anytime without incurring taxes on the withdrawals or the investment income earned within the account. The amount you can contribute to a TFSA is limited by an annual contribution limit set by the Canadian government, which may change yearly. TFSAs are a popular choice for Canadians who want to save for short-term or long-term financial goals, such as buying a home, retirement, or paying for a child’s education. They are a flexible and tax-efficient way to save and invest.
Registered Retirement Savings Plan (RRSP)
A Registered Retirement Savings Plan (RRSP) is a type of investment account in Canada designed to help you save for retirement. Contributions to an RRSP are tax-deductible, which means that you can claim a tax credit for the amount of money you contribute to your RRSP. The investment income earned within an RRSP is tax-sheltered, which means that it is not taxed until it is withdrawn from the RRSP. RRSPs have annual contribution limits set by the Canadian government and may change yearly. You can contribute to an RRSP until the end of the year when you turn 71. RRSPs are a popular choice for Canadians who want to save for retirement and reduce their current tax burden.
Registered Education Savings Plan (RESP)
A Registered Education Savings Plan (RESP) is a type of investment account in Canada designed to help you save for a child’s post-secondary education. Contributions to an RESP are not tax-deductible, but the investment income earned within the RESP is tax-sheltered until it is withdrawn to pay for the beneficiary’s education. The Canadian government also provides grants to assist with the cost of education through the Canada Education Savings Grant (CESG) and the Canada Learning Bond (CLB). These grants are based on the amount contributed to the RESP and are intended to help families with low and modest incomes save for a child’s education. RESPs are a popular choice for Canadians who want to save for a child’s post-secondary education and take advantage of government grants.
Registered Disability Savings Plan (RDSP)
The Registered Disability Savings Plan (RDSP) is an investment tool helping people with disabilities plan for their future. There are many advantages to the program including a number of grants and bonds that participants can receive.
Another critical aspect of wealth management is adapting to changing circumstances and market conditions. We understand that your financial goals and priorities may change over time, and we are here to help you adjust your investment strategy accordingly. This may involve rebalancing your portfolio, updating your asset allocation, or changing your tax planning strategy.
At our wealth management firm, we take a holistic approach to invest. This means that we consider the impact that investment has on your overall financial situation, and we work with you to create a strategy that maximizes your potential for growth while also controlling risk. In addition, we believe that building long-term relationships with our clients is key to delivering sound advice and helping them succeed financially.
If you are interested in learning more about wealth management and how it can help you achieve your financial goals, we encourage you to book a meeting with us. Our experienced professionals are here to help you make the most of your money and build a solid financial foundation for the future.