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Why Life Insurance Is The Most Efficient Financial Planning Tool

Life insurance is so often misunderstood. We meet clients who love life insurance and ones who don’t want to talk about it at all. But there’s a reason why people invest in life insurance for years. It happens to be one of the most efficient and versatile planning tools in the financial landscape. At a basic level, insurance is used to cover debt and provide income replacement for your dependents when you are no longer around. Imagine yourself as a…

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Stop Giving Half Of Your Retirement Savings to CRA

Traditionally Retirement Savings Plans (RSPs) were the number one tool for Canadians to build their retirement funds. But if you’re a successful business owner, the chances are that you’ll never see the real benefit of an RSP because you’ll still have a high income in your retirement years, they’re just not set up to help you win. RSPs are designed for people to invest while they’re at a high-income bracket with the expectation they’ll be at a lower income bracket…

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How to Know If You’re Getting The Right Financial Advice

Whether they’re an accountant, investment advisor, insurance specialist or financial planner, anyone in Canada can offer financial advice. But how do we know the advice they’re giving us is right for us? Helping people get transparency on the role of each financial profession and understanding what each of these roles means for us is something that is very close to our hearts. Historically financial professionals in Canada have been trained to sell products such as insurance, mortgages, or investments and…

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Why You Should Scrap Your Budget For An Effective Cash Flow Plan

You can be forgiven for seeing a cash flow plan and a budget as one and the same. But in our experience, an effective cash flow plan is one of the most useful tools a business owner, incorporated professional or entrepreneur can use to organize and clarify their financial future.  Or anyone for that matter. Here’s why… A strict budget is like a strict diet. When you go over budget you feel like you have failed. Often being on a…

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5 Ways To Use Your Corporation To Invest And Save Taxes

Many business owners and incorporated professionals don’t properly utilize their corporations when it comes to current, future, and end-of-life investment and tax-saving opportunities. If you own a corporation and want to maximize your investments and save on taxes today, during retirement, and at death, here are five ways you can use your corporation to invest and save taxes: 1. Pay yourself a dividend Make sure you pay yourself a dividend and not a salary. Paying yourself a dividend will save…

Corporate Investing Strategies | Ocean 6 Wealth Advisory

When To Pay Off Debt And When To Invest

One of the most common questions we get from our clients who are incorporated professionals and have corporate investment accounts is when to invest their corporate earnings and when to pay off personal debt. For every dollar that you earn that is not allocated to your essential expenses, you have the choice on how to allocate that money. You can pay off your debt or invest it. Which option will you choose to ensure you get the most of every…

When To Pay Off Debts | Ocean 6 Wealth Advisory

How To Use Life Insurance For Retirement

One of the biggest advantages of owning your own company is the ability to deduct business expenses so you are paying those expenses with pre-tax dollars. But what many entrepreneurs don’t realize is that although there are many things that are not deductible, there is still a big advantage if you buy them in your corporation.So instead of buying life insurance with your personal (after-tax) income, you can purchase it through your corporation with (after-tax) income which has been taxed at a much lower…

Life Insurance For Retirement Income | Ocean 6 Wealth Advisory

6 Estate Planning Tips To Help Your Family Financially When You Pass Away

For most of us, the biggest tax bill we will ever pay in our lives is at death. Unfortunately, planning how to reduce that bill right before that inevitable day is often too late.  Here are some estate planning tips that can help reduce your tax burden and make things easier for your family financially when you die.  Disclaimer: Estate planning is a complex process that needs to be carefully reviewed on a case by case basis. Though this review…

Estate Planning | Ocean 6 Wealth Advisory

How Most Financial Advisors In Canada Get Paid

Do you know what you are paying your financial advisor for? What value are you getting for the fees you are paying your financial advisor? Or do you even know you are paying your financial advisor fees?  Historically, what we see in our industry has been very backward. Most financial advisors are giving away free advice in the hope that clients will buy products from them or invest money with them. This model leaves the availability of advice to a…

How Financial Advisors Get Paid | Ocean 6 Wealth Advisory

How To Decide How Much Money To Take Out Of Your Corporation

As a business owner or incorporated professional, learning how to efficiently manage your cash flow is an important stepping stone to getting clarity in your finances. An unclear cash flow strategy and the failure to separate your personal and business finances will result in paying thousands of dollars to the CRA unnecessarily, which then becomes a tax problem.  Here are some tips to help you manage your cash flow and decide how much money to take out of your corporation:…

Taking Money Out Of Your Corporation | Ocean 6 Wealth Advisory

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