Financial Planning

Wondering how to plan for retirement?

Financial Planning in Canada is the process of meeting the goals of your life through the proper management of your financial resources. It covers all matters related to your estate and your current financial situation and includes such elements as day-to-day cash flow management, choosing and managing your investments, retirement and estate planning, your insurance needs and tax planning. The financial planning process is a comprehensive exercise, a logical step-by-step approach undertaken with you to deliver a tailored, overall strategy designed to satisfy your immediate concerns as well as your long-term financial security.

Reasons to have a financial plan:

  • Prioritize Your Financial Goals – You may get what you want today but not be able to get what you need a few years from now. Example: If you buy a new car now, will you have enough savings later to buy a house or go back to school?
  • Save Money to Reach Your Goals – You may find it easier to save when you know what you’re saving for.
  • Focus on the Bigger Picture – Your financial plan considers everything from watching your spending to managing your investments. Example: You may grow your savings, but then pay more tax on your money than you need to.
  • Get on the Same Page – If you have a partner but no plan, you could end up making very different choices about spending and saving. Then neither of you will get where you want to go.