Saskatoon Directory in our Trusted Saskatoon Financial Services category.   

tip on choosing a advisory team with the right mix of expertise:

The world of financial planning is large and grows increasingly complex every day. There are many types of financial advisors, ranging from do-it-yourself discount brokers to full-service wealth managers who offer customization and long-term planning. Your choice depends on your needs and preferences. 

When you want to buy flowers, you could visit the grocery store for a handy, prepackaged bouquet of moderate quality, or see your florist for a customized arrangement of the finest quality and freshness that suits your colour scheme and budget. 

In terms of wealth management, do you seek specialized service based on a strong relationship with an advisor who knows you and your family and provides customized solutions to your specific needs? Or do you want fast, short-term trading services and timely investment ideas?

·         Specialty solutions as unique as you are.

·         A team of highly-trained and experienced professionals to guide you through investing and financial planning every step of the way.

·         An approach that is comfortable, convenient and specific to your needs.

·         High-quality expertise in a full spectrum of investment options.

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Saskatoon Directory  in our Trusted Saskatoon Financial Services category.

Do you know if the fees charged by your investment advisor qualify to be deductible for tax purposes?

Comprehensive investment counsel fees are often charged to clients based on the value and composition of their assets. The fees charged typically cover a range of services including investment advice and account management services. In some circumstances, these fees may be deductible by clients for tax purposes.

Investment counsel fees paid are deductible where the fee is reasonable. Fees charged on registered accounts such as RRSPs, RRIFs, TFSAs or RESPs are not deductible as the securities of the plan belong to the trust and not the annuitant. This is the case regardless of whether the fees are paid directly by the registered account or directly by the annuitant.

Are you aware of what fees you are paying? Are they deductible? Are they reasonable?

Talk to your investment advisor about these. Talk to your tax preparer to ensure you are deducting what you can.

Looking for more transparency on what your fees are?

When it comes to retirement planning, government pensions are something you will want put into your plans. In retirement your income comes from many sources and it becomes a little bit of a balancing act. With the help of a skilled financial advisor these can be juggled each year so that you do not pay excess taxes!

A tip on the Year-end Tax Planning Checklist:

There may be some things that you can do in the new year to help keep your 2013 taxes as low as possible, such as RRSP contributions. There are MANY other things you can do, but must be done in 2013! You could be running out of time to pay less taxes than you need to. In our Saskatoon office of RichardsonGMP, our team of dedicated experts are here to help you with things like tax efficiency and more. See our attached 2013 tax planning checklist and call us today to help with any of these for 2013 or to get a head start on 2014! 

2013 Year-end Tax Planning Checklist 

 Put tax loss selling strategies to work by following these steps:

Prior to December 31, 2013:

• Make charitable donations. Donating qualifying securities instead of cash can increase your tax savings.
• Contribute to your child’s RESP.
  
• Withdraw funds from a TFSA, if needed. Any withdrawals will increase your contribution room in 2014.
• If you are age 71 this year, you must convert your RRSP to a RRIF. Consider the following:
  • Use your younger spouse’s age for minimum payment calculations.
  • Consider an advance contribution to your RRSP for earned income from this year.
• For Corporations:
  • Pay non-eligible dividends prior to year-end as the tax rates will be changing in 2013.
  • Consider delaying the sale of a business until after 2013 to take advantage of the increased Capital Gains Exemption; increased to $800,000 beginning in 2014.
• If you own an insurance policy with a “10/8” strategy, you should contact your insurance advisor to properly restructure this strategy. Certain tax benefits could be denied starting January 2014. Additional complications can arise if you do not unwind this strategy before March 31, 2014.

Changes for 2013:

• If you hold foreign property with a cost base greater than $100,000, file the Foreign Income Verification Statement (Form T1135). Beginning in 2013, additional information must be disclosed to CRA.
• If you are a U.S. Person for tax purposes, understand your IRS reporting requirements. U.S. Persons (even those who are resident in Canada) have tax reporting requirements in the U.S. For example, U.S. persons are required to report any holdings in Passive Foreign Investment Companies (PFICs).

Note: Beginning in 2014, Canadian financial institutions are required to report certain information on U.S. persons as a result of the U.S. Foreign Account Tax Compliance Act (FATCA).

We recommend you discuss these strategies with your professional investment, tax and legal advisors prior to implementation to ensure they fit within your overall wealth plan.

Find a Trusted Saskatoon financial expert. 

The comments contained herein are general in nature and are not intended to be, nor should be construed to be, legal or tax advice to any particular individual. Accordingly, individuals should consult their own tax advisors for advice with respect to the tax consequences to them, having regard to their own particular circumstances.

When it comes to retirement planning, government pensions are something you will want put into your plans. In retirement your income comes from many sources and it becomes a little bit of a balancing act. With the help of a skilled financial advisor these can be juggled each year so that you do not pay excess taxes!

Tip on having the right mix in your Investment Portfolio:

Will Retirement catch you off balance?

Savings are important for a secure retirement. But so is having the right mix in your investment portfolio. Over time, as markets change, your portfolio can get out of balance, becoming riskier than you want. That is a problem, especially as you approach the time when you will need to start withdrawing those savings. 

Whatever your age, I can help you build and, review and rebalance regularly the right investment mix for your unique goals and objectives. You will also have the confidence to know the right investments are in your portfolio when investing through me as a full-service broker. I have access to most investments available in North American Markets, so I will find the right investment that would fit your objectives. 

 Trusted Saskatoon financial expert.

The comments contained herein are general in nature and are not intended to be, nor should be construed to be, legal or tax advice to any particular individual. Accordingly, individuals should consult their own tax advisors for advice with respect to the tax consequences to them, having regard to their own particular circumstances.

A great tip on What to expect when working with a Financial Advisor & Wealth Management Expert:

When you choose to invest your time with me, we will work through our disciplined and thorough approach to wealth management.  Through comprehensive information-gathering, analysis, decision-making and evaluation, you will develop a truly comprehensive and personalized strategy.

1. Identifying your financial goals and objectives

• I will gain a clear understanding of your financial goals through in-depth discussions with you and, if you wish, your family members and other professionals, such as your accountant or lawyer
• I will set out your unique personal profile to guide the creation of your customized strategy and to be the benchmark for your success  

2. Determining your optimal asset allocation

• I will conduct a thorough asset allocation review based on your goals and objectives
• This will indicate a suitable investment strategy, diversification plan, investment portfolio and asset mix to help you meet your specific financial goals

3. Recommendations appropriate for you

• Investment recommendations will be clear and backed by prudent research and analysis
• Insurance solutions will be backed by your unique needs analysis
• The reasons behind all options and recommendations presented, and their relevance to your financial objectives, will be fully explained
• Provide a written Finacial Plan for us to work from with clearly outlined objectives and expectations 

4. Monitoring your portfolio and keeping you informed

I will:

• Monitor the investment solutions developed for you so that they can be kept current with your changing needs
• Provide regular reviews, along with comprehensive reporting to help you know where you stand and the reasons for any adjustments that are recommended. 

Trusted Saskatoon financial expert.

The comments contained herein are general in nature and are not intended to be, nor should be construed to be, legal or tax advice to any particular individual. Accordingly, individuals should consult their own tax advisors for advice with respect to the tax consequences to them, having regard to their own particular circumstances.