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How To Calculate How Much Life Insurance You Need

Do you ever wonder if you have enough life insurance or if you’re properly covered? If so, you’re not alone. One of the most common questions we are asked by our clients is whether or not they have adequate life insurance coverage. In this article, we’re going to help you answer this question, and provide some guidance on how to calculate how much life insurance you need.  Why you should have life insurance If you’ve never purchased a life insurance…

Calculate Life Insurance Needs | Ocean 6 Wealth Advisory

3 Ways To Pay Less Taxes As A Canadian Business Owner

As your business grows and you have significantly more wealth personally and in your corporation, one of the challenges you will face is trying to pay less taxes. Fortunately, there are several ways that the government of Canada allows business owners to reduce their taxes. Here are our top 3 tips to help you pay less tax as a business owner: 1. Pay yourself a dividend, not a salary If you pay yourself a dividend instead of a salary, then…

How To Pay Less Taxes | Ocean 6 Wealth Advisory

Becoming the Best Possible Version of Yourself

What are your goals? What are you ultimately trying to accomplish with your life? Not just with money but all areas of your life: relationships, skills, reputation… These are the questions we ask clients when we first meet them. Understanding your goals is so important when it comes to financial planning because if you don’t know where you’re going, you’re never going to get there. When you’re clear on your goals, you can start to apply them to your financial…

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The Things We Wish We Got Taught in School

What did you do with your first paycheck? Ocean 6 Advisor Jacky went straight to CIBC to get advice. Jasmine opened her first investment account. It’s no wonder they turned out to work in the finance industry! In most cases, despite years of education, many of us leave school without the practical knowledge and skills to manage our wealth. And this often means we end up paying too much tax to CRA or too much interest to the bank. We’re…

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The Value You Get from a Financial Advisor

Robo-advisors are on the up. These digital platforms that provide automated, algorithm-driven investment services with little to no human supervision are cheap. But anyone who’s ever had home renovations would agree, “cheap” often ends up costing more in the end. After trying to save a quick buck, you often end up hiring a professional to fix the substandard results. “A Rising tide floats all boats…only when the tide goes out do you discover who’s been swimming naked.” Warren Buffett A financial advisor acts…

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When to Incorporate Your Business

A corporation can be a fantastic financial planning tool. It gives flexibility on how to pay yourself, saves taxes, and helps to accumulate significant wealth. So, when is the right time to make the move and get incorporated? Accountants will often give you two fallback answers, these are: only when you have money left over in the corporation and only when you’re making over $200k per year. The problem is this advice is very generic and if you don’t do…

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Maximizing Your Investment Portfolio

Investment returns, management fees, and efficient taxation are all important when it comes to the big picture on where to invest your money. If you’re confident your dollars are working for you in the right places, you have more time to focus on your goals. In this week’s podcast, we cover how to best structure your investment accounts and get the most out of your money. How do we manage our investments during a pandemic, is there such a thing…

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Creating An Effective Insurance Strategy

Insurance gets a bad rap, but that is often due to a misunderstanding of its overall benefits and not because it isn’t valuable. After all, nobody truly wants insurance, what we want is the significant benefits it can provide. Our newest episode explores the importance of having an effective insurance strategy as a valuable piece of your financial plan. We discuss the purpose of insurance and why you might need it, how to best structure your insurance using your corporation…

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Structure Your Debt So You Can Win

When used correctly, debt can be an effective financial planning tool to help reduce taxes and beat the banks. On this podcast, we tackle some of the burning questions business owners have on how to structure their debt effectively. How should I manage debt when COVID-19 subsides? We don’t know when this is going to end, so our advice is not to wait and make the most of Government benefits available to you right now. These programs are designed to…

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Managing Cash Flow During A Crisis

With so many recent unknowns, it is understandable that cash flow has weighed heavily on people’s minds. That is why we decided to make this the focus of Ocean 6’s first-ever podcast, to share our tips on how to manage your cash flow in an environment that is constantly changing. Listen to the podcast and get the answers to some of our client’s most common questions.  How much cash should I have in my emergency fund? No one could…

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