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Most Fall people (Falls) are between the ages of 45 and 65.  The Fall season is a continuation of “Building your Wealth”.  Falls are sometimes known as the “sandwich” generation… that is they are sandwiched between young adult children and aging parents.  While the kids have graduated from high school, most Falls will still have their children living at home and to some degree still financially dependent.  In addition, elderly parents are starting to show their age and are often in need of increased physical and emotional support.  Careers or businesses are growing nicely with salary and income levels rising steadily.  Now is the time to start looking ahead to your Winter years when your assets will have to provide an income instead of your work efforts! 

One of the key value added services we provide at Five Seasons Financial is the creation of a detailed set of financial projections and a cash flow plan. These projections help answer a very common concern… “Will we be OK from a financial perspective once we’re retired?”  The modelling software we use accurately accounts for many different income sources including government benefits, employee pension plans, and RRIF/RRSP’s.  Please click on the images to see a sample Report from our financial projections software.

Maximizing RRSP and TFSA contributions are common strategies with Falls.  Ensuring that your investments are properly diversified and consistent with your risk profile is a key consideration.  In some circumstances, it might make sense to use a Fee Based account.  Fee based accounts offer the potential for tax deductibility and fee reductions in some situations.  

It’s also not too early to start thinking about the Fifth Season.  The cold, hard reality is that we are all going to pass away at point in the future.  Knowing the tax ramifications associated with Fifth Season and starting to give thought to how these taxes will be paid is prudent long term planning.

Key planning considerations include:

  • Maximizing your investment savings plans
    • What is a Tax Free Saving Account (TFSA)?
    • What is a Registered Retirement Savings Plan (RRSP)?
    • What is a Registered Retirement Income Fund (RRIF)?
    • What is a non-registered investment account?
      • Using corporate class funds and T-SWP funds
  • Fee based accounts… what are they and how do they work?
  • Taxes at death
    • What are the “deemed disposition rules?”
    • What is joint last to die life insurance?
    • What is “exempt” insurance?
  • Pension Plans
    • Defined benefit vs defined contribution
    • Single life vs joint pensions