OUR SERVICES
RETIREMENT PLANNING
Retirement issues are becoming increasingly worrisome for many Canadians, especially in Toronto, where the cost of living continues to rise. With expenses such as mortgage payments, food costs, and high taxes, it is becoming more difficult to retire comfortably. Moreover, as life expectancies continue to increase, retirement may last almost as long as one's career, leading to concerns about having enough money to sustain oneself for such an extended period. Additionally, changes to corporate pension plans and uncertainty about the future of government healthcare plans mean that Canadians are largely responsible for funding their own retirement. Depending on your specific needs, various retirement strategies might include:
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- Contributing to accounts such Registered Retirement Saving Plan (RRSP) or Tax Free Saving Account (TFSA) to benefit from tax advantages and long-term growth.
- Contributing to Insured Retirement Planning with an insurance company to receive tax sheltered benefits and tax free income stream during retirement
- Investing in leverage investments to potentially generate higher returns and take advantage of tax benefits
- Understanding how government benefits work and factoring them into your retirement income calculations.
- Annuities: Exploring annuities as a way to receive a regular income stream during retirement, either immediate annuities or deferred annuities.
ESTATE PLANNING
Estate planning is one of the most overlooked- area of wealth management. It is also one of the most critical, helping you to create a meaningful and lasting legacy. Do you realize that the Federal Estate Tax can be the largest single tax payment a person ever makes?
A well-crated estate planning strategy can help:
- Arrange for efficient distribution of your assets
- Maximize the amount of assets left to heirs
- Create inter-generational wealth
At Wealth seekers, we provide estate analysis and development of strategies and techniques for minimizing estate taxes and other costs. Recommendations are also made to assure that your estate is distributed according to your wishes.
Depending on your specific needs, various estate planning strategies will….
- Help reduce or eliminate Estate Taxes
- Work to minimize Income Taxes
- Techniques to avoid probate and reduce costs and delays
- Help to ensure desired disposition of assets
- Help to ensure adequate income and liquidity in the event of death
- Help to ensure adequate retirement income
- Help to ensure continuity in the event of incapacity
- Maintain privacy
- Work to protect assets from creditors and legal judgments
BUSINESS PLANNING
At Wealthseekers, we help all types of business owners who have corporate accounts or numbers companies. We focus on five key things:
1. Find tax efficiencies
2. Insure your human capital
3. Think future – yours and your business
4. Protect yourself and loved ones
5. Find great rates
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Furthermore, the answers to these questions could potentially indicate whether the current plans for your business are helping you work towards your personal financial goals in the most effective fashion.
- Do you have a corporate will and minute book?
- Do you have a written succession plan for your family business? Are all parties in agreement?
- Is your buy-sell agreement valuation up-to-date?
- Is it fully funded in the event of a disability or death?
- Do you have adequate life insurance coverage in the event of your or your spouse’s death?
- Will the full amount of life insurance proceeds be available for your estate’s liquidity needs?
- Are you deducting a portion of your health insurance costs?
- Do you have separate disability plans for the key persons in the business?
- Have you considered inflation as you plan for retirement?
- Have you maximized tax-deferred and after-tax savings for income at retirement?
