Financial Planning for Accountants in Canada
Trust 25+ years of experience
Helping Accountants Manage Their Finances Over a Lifetime
As you progress through business school, graduate and start as an staff member in an accounting firm or private industry, become an accounting practice partner or a CFO in private industry and eventually retire and die, lean on our 25 years of experience advising hundreds of accountants and their families on money matters ranging from retirement to debt and real estate to practice valuations, children’s finances, tax planning and more.
We know your career path will lead to much different financial consequences and situations than the average professional or executive. We know your industry well with more than 25 years of advanced planning working with accountants and specialize on all topics of personal finance.
Why us? Simply put we have above-average relevant expertise, provide objective, impartial advice, offer transparent and value-priced fees and know your profession inside-out. Let’s be clear – getting ahead professionally with finances is more about cash flow, career and taxes – not what investment product or insurance policy you buy. While our financial advisory will offer opinions on all of your finances if asked, we specialize in “structural finance” or the ability to integrate your goals with your cash flows and make decisions about money across your entire financial picture in a consolidated way. Our “big picture” management is a unique service for accountants in Canada and often results in better decision making with less time involved and lower cost.
Want proof? Let us put you in touch with some of our existing accountant clients and let them tell you how we have helped them in ways that their old stock broker or insurance agent never could have.
Accountants & Money: A Lifelong Evolution Requiring Specialized Financial Planning
Phase 1: Newly Graduated Accountant
- Assist with debt minimization
- Assist with decisions about health insurance
- Start an investment plan for a basic RRSP
- Start to save for a home purchase
- Buy vs. lease car decisions
- Oversee tax return preparation and structural tax planning
- Financial planning for future purchase of practice
- Cash flow budgeting
- Financial planning to buy in as partner if you work in public practice
Phase 2: New Accounting Practice Owner
New Partner
VP Finance in Public Industry
- Assist to manage income tax installments and cash flows.
- Oversee tax return preparation and structural tax planning.
- Consider use of corporations and a family trust for legal and tax protection.
- Assist with financing for a larger home.
- Income splitting planning with spouse and children.
- Establish RESP for children.
- Preparation of a Will and estate plan.
- Proper creditor proofing of assets to minimize risk of a loss in a lawsuit.
- Annual cash flow planning: assist with spend vs. save decisions.
- Preparation of a cash flow forecast targeting retirement in twenty+ years.
- Full life and disability needs analysis
- Design of a professional investment program that you will build on during your prime wealth building years.
- Financing for a new practice and professional incorporation.
- Financing discussions to buy into partnership and professional incorporation planning
Phase 3: Established Accountant Mid-Career
- Assist with decisions to buy a cottage and business real estate if desired.
- Big picture manager for decisions on strategic use of money: spend, save, invest, pay down debt.
- Revisions and enhancements to life and disability insurance to reflect new net worth level and lifestyle.
- Focused retirement cash flow analysis with specific savings targets yearly.
- Transition from retail investing in RRSPs to high net worth investing with stocks, ETFs, and bonds.
- Updating of your estate plan and assistance to deal with aging parents.
- Cash flow management to assist with children’s education costs.
- Annual “bonus” planning for prudent use of money. Avoidance of “excessive up-scaling” without proper wealth growth.
- Consider use of specialty products: tax shelters, investment real estate, private ventures, trusts, holding companies and more.
- Tax return preparation and potential capital gains freeze on practice valuation.
- Advice on vacation and business real estate purchases.
Phase 4: Retiring Accountant
- Conversion of wealth from growth to income generation over the final thirty years of your life.
- Tax smart cash flow design that incorporates practice wealth, personal wealth and government benefits.
- Investment management incorporating individual stocks, bonds, and indexing.
- Development of an exit strategy from the practice.
- Revisitation of existing insurance policies for continued need. Exploration of new permanent insurance for estate planning needs, if any.
- Analysis of financial benefits of part time associate role in semi-retirement.
- New opportunities for family income and wealth splitting to minimize taxes.
- Logic of financial assistance to children and for how long.
- Retirement income design.
- Family matters: death of parents, children's marriages and second marriage financial planning.
Phase 5: Retired Accountant
- Annual cash flow review to examine spending levels vs. income on an after-tax basis; net worth preservation to ensure adequate resources for the rest of your life.
- Tax minimization with investments.
- Conversion of RRSP to RRIF and integration of cash flow.
- Use of trusts and joint ownership for estate benefits.
- Downsizing of real estate: what, how, how much.
- Estate management for death of first spouse; assist transition for surviving spouse.
- Updating Wills for new family realities and stage of life.
- Making financial provisions for grandchildren
- Charitable giving and creation of trusts and foundations.
- Healthcare planning for old age and out of country travel.
- Deciding how and when to receive CPP pension.
- Minimize Old Age Security clawback.
Additional Specialized Services
- Divorce financial planning, involving determination of net worth and analysis of possible divisions of assets and levels of payments.
- New child financial planning, involving Will preparation, opening of RESPs for the child’s savings, life insurance updating and cash flow planning for new costs and maternity leave.
- Marriage financial planning, involving the coordination of two net worths, income tax breaks for couples, Wills and insurance for couples.
- Death financial planning, involving estate tax return preparation, advising Executors, consolidation and liquidation of net worth and financial coaching for a surviving spouse or child.
