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Tag: Financial Planning

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

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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