Why Understanding Your Net Worth is Important and Why It’s a Key Element in Your Financial Plan Knowing your net worth is a key factor in planning for your retirement. Knowing what your net worth is and the effect it has on your retirement plan is an essential element to any well-rounded financial plan. If someone were to ask you, would you know your net worth? It’s one of the most common terms in personal […]

6 Tips for Succession Planning

For business owners, succession planning should be a vital part of their strategy – even if the eventual exit from the enterprise is years or decades away.
However, a recent poll found that only 42 per cent of small business owners are uncertain about their retirement and almost half – 48 per cent don’t seek financial advice.
Use these six tips to evaluate if you’re paving a road for success or if you need to clear some bumps along the way.
Often given short shrift, business succession planning is a vital part of being a business owner – even if the eventual exit from the enterprise is years or decades away. These six tips should help pave the way for a successful sale or handover.

 

Are You Ready to Pass the Torch?

Selling a business or passing it on to the next generation can be the most important financial event in an entrepreneur’s lifetime. But Canadian small business owners are not succeeding when it comes to succession planning. A new poll from IPC Private Wealth found 42 percent of small business owners are uncertain about their retirement and almost half – 48 percent don’t seek financial advice.

Take control of your retirement income. Many Canadians are either misinformed or working on the wrong set of assumptions when it comes to planning for their retirement years and retirement income. Getting educated on how much you will need, and where it’s going to come from is a critical part of planning for your future and adjusting to new economic realities. If you are uncertain where to start, I have the perfect tool for you. […]

When it comes to financial planning, retirement is the first thing we all think of. It’s our big reward for years of working, saving and investing for the future. But retirement planning is only one part of any financial plan. Estate planning is just as important as the retirement plan because it impacts your loved ones. It’s a way of planning your last wishes and leaving a lasting legacy. No one wants to think about […]

RRSP? TFSA? Which is the answer for you? When it comes to investment planning, there’s always a lot of questions. Long-term retirement planning or short-term financial goals? RRSP or TFSA? Tax-differed or tax-free? First, what exactly are TFSAs and RRSPs? A Tax-Free Savings Account (TFSA) generates growth that is tax-free. On the other hand, a Registered Retirement Savings Plan (RRSP) compounds your savings and provides tax-deferred growth that is taxable but offers a variety of […]

Time is flying by—your retirement is closer than you think. We have all experienced time passing faster than expected. A week or a month getting away from us, a summer passing by in the blink of an eye, another birthday comes around and we wonder where all that time went. Watch out! This applies to your retirement as well, as many Canadians are finding out each year. They meant to make or review their financial […]

When it comes to saving for your financial goals it’s important to stick with the fundamentals of investing. Far too often we see clients and prospects that stray and pay the price. You really must have discipline and remove the emotion out of your process. In times of rising tides, we become overconfident in our ability to predict outcomes. A bull market at the end of its run is full of investors who feel they […]

Conversation with your heirs about their inheritance is invaluable.   While the biggest inter-generational transfer in Canadian history is taking place right now, a recent poll by IPC Private Wealth indicates the majority of affluent Canadians are keeping their heirs in the dark on how they plan to pass on their wealth. Unfortunately, this lack of communication between parents and children is causing doubt and confusion among heirs and heightens the risk of many benefactors […]