Unexpected shortfalls and excessive expense can befall any Canadian family, with the following representing some of the most common causes:

  • Permanent or Temporary Loss of Employment
  • College or University Tuition Fees
  • Retirement
  • Business Startup Costs
  • Illness or Injury
  • Bereavement

 

Here at Prudent, we are dedicated to offering our help and financial planning services to create an ideally suited strategy to help any person or family deal with any of the above and much more besides. Our fully qualified and extensively experienced Certified Financial Planner are able to create both long and short-term financial plans to ensure that none need face their problems alone.

With the help of Prudent, you will be able to identify and address your situation:

  • Along and Short-Term Financial Goals
  • Existing Financial Situation
  • Tax efficient investment planning
  • Need for Insurance
  • Investment Options
  • Educational Costs
  • Mortgage Situation and Future
  • Will Organization and Review

By meeting with our experienced staff on a one-to-one basis, we are able to help you decipher each and every challenge, opportunity and prospect in terms of your financial future in order to carve out a roadmap for security and stability. None of us knows what is to come around the next corner, but with the help of Prudent’s financial planning, you can ensure that you are ready for anything life might have to throw at you.

We treat every client we come into contact with uniquely in accordance with their current situation, their needs and the issues they are facing. Our financial advices service is uniquely tailored to you and you alone.

Personal Financial Planning

Families across the country run into any number of financial hiccups every day – life somehow has a habit of throwing out curveballs when we least expect them. Adapting to changes and meeting challenges can be incredibly difficult when finances aren’t up to scratch, which means that thinking ahead with sensible financial planning is crucial.

Savings

Let’s face it — saving money is hard. Saving a lot of money and saving over a prolonged period of time can seem almost impossible. Lots of people choose not to because they don’t think they are capable. However, there are options out there. A TFSA is one such viable option. TFSA, or tax-free savings account, is an account that allows you the benefits of a savings account but allows you the flexibility to withdraw without penalty and earn investment income that is tax-free. Let’s look at how all of this works.

Education

Yearly the costs of post-secondary education are rising, and although there are a variety of student loans offered, the amount to repay after graduation can be crushing.

A Registered Education Savings Plan or RESP aids a family in saving for a child’s college education. It is registered through the government of Canada and allows education savings to grow tax-free and also gain some funds through government grants or Canadian Education Savings Grant or CESG.  Studies have shown that even a small amount of savings in an RESP increases the possibility that a child will carry on their education following high school.

Retirement

As the lifespan of people are increasing, the money saved for retirement must last longer. Prudent financial preparation for old age can help you enjoy the benefits of your hard-earned savings.

A Registered Retirement Savings Plan or RRSP, will aid you in saving money for your retirement tax-free.  The contribution limit each year is 18% of your annual income plus contribution from previous years.  Contributions are made until December 31st of the year you turn 71.  You may open an Individual plan for yourself or a Spousal Plan.  There are also many options in savings such as mutual funds, GICs, or segregated funds.

Disability

Until the age of 37, the possibility of suffering a disability (affecting the sufferer for a minimum of 90 days) is 8 times that of the possibility of death. The statistics are much the same for a person of any age and offer a scary reality check, in terms of the risk of disability. So many people, whether in a family, single or elderly, seek insurance, covering them in the instance of death, theft or fire. While seeking a life-insurance policy is a responsible choice, it does not cover a person in the case that they become disabled and unable to work. Losing your major source of income could differentiate between financially and physically coping or being left with no options and possibly no home. Disability Insurance can allow much needed piece of mind.

Critical Illness

Illness is defined as a disease of the mind or body, resulting in poor health or indisposition. Critical defines an illness as being a condition involving danger and possible death. Critical Illness is something that most people experience in their lives at some point, either personally or relatively via family or close friends.

Wealth Protection

Adequate life insurance coverage can provide you and your family with a guarantee that your current lifestyle and family goals will be provided for in the event you face with a crisis. While life insurance is considered a key component of most financial plans, the first step is to assess your personal situation and establish your needs.