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Financial Planning

3 Phases of the

Financial Life Cycle

Tate Financial provides you with the advice, expertise and guidance to successfully transition through the 3 phases of the Financial Life Cycle: Wealth Accumulation, Retirement Income and Estate Planning.

Wealth Accumulation

Often associated with setting and realizing some of life’s major goals (buying your 1st home, saving for a child’s education, and saving for retirement), one of the biggest challenges is trying to balance living for today while also meeting tomorrow’s needs.

These are the primary years where you accumulate assets and grow your wealth.

Retirement Income

The key to this phase is to ensure you have a strategy that allows you to generate income in retirement from different sources (RRIF, annuities, pension), and ensure that it not only maintains your standard of living, but that it lasts for the rest of your life.

It’s the time to benefit from years of hard work and enjoy your retirement.

Estate Planning

This is your opportunity to define how you would like to share your legacy, whether it be with family, friends, or charitable organizations.

By planning ahead, you can minimize income taxes and probate fees, thereby leaving more to the people that are most important to you.

Retirement Planning

The Most Important Time for a Successful Retirement is the Five Years Before You Retire and the Five Years After.

If you are considering retirement, you will face some important decisions such as when to start taking your CPP or which pension option is best. It is important to contact us before making these decisions so that we can help you to maximize your income in retirement.

“Will I have enough money in retirement?” As financial planners, that’s a question we are asked very often. Our usual response is to ask another question like, “What will you be doing in retirement?”

Estate Planning & Legacy Options

As We Get Older, We Inevitably Start to Think About Estate Planning and the Legacy We Want to Leave.

The Toughest Part of Estate Planning is Getting the Conversation Started. Estate planning may be the one area of financial management that impacts everyone – after all, it covers both death and taxes. In Estate Planning, our focus is on how our clients want their assets to be dispersed at their death – it requires a plan to do it properly. The implementation of new legislation in some provinces has made significant changes to estate planning and has increased the contestability of wills, making a solid estate plan even more important to have.

In addition to family inheritance considerations, there are many ways that a person can leave a lasting legacy to an organization that will permanently benefit the community. Often, creative and strategic estate planning can allow you to leave a substantial gift to a charity, without a significant reduction to the amount you leave to your family.

Our Financial

Services & Products

Registered Retirement Savings Plan

A Registered Retirement Savings Plan or RRSP is a type of investment account primarily used for personal retirement savings.

There is a list of criteria and restrictions as mandated by the Canadian Income Tax Act that qualify this type of account. There are rules that determine the maximum annual contributions, the timing of the contributions and the claiming of the contribution tax credit, the assets allowed and the eventual conversion to the Registered Retirement Income Fund (RRIF).

Tax Free Savings Accounts

Effective January 1, 2009, Canadian residents (age 18+) have been able to contribute annually to a Tax Free Savings Account (TFSA).

A TFSA allows you to invest and save up to $6000 a year without paying tax on any earnings that may accrue. The income earned on the amount contributed is tax-free, even when it is withdrawn. A TFSA can be used to enhance your overall financial plan and help you to save for both long and short term goals.

Registered Education Savings Plan

A Registered Education Savings Plan (RESP) is a tax-sheltered plan that helps you save for a child’s post-secondary education. An RESP combines flexibility, tax deferred investment growth and government assistance to help reach education savings goals.

Non-Registered Accounts

Cash Investment Accounts

Eligible Investments Include:

Segregated Funds