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Joanne Shaw, B.A.
Joanne Shaw, B.A.
Financial Advisor

CANFIN Strategic Wealth Planning

Wealth management covers many necessary disciplines as we help you achieve your financial goals. The following wealth management skills may be engaged as we work together.

Financial strategies are both tactically short- and medium-term processes while simultaneously taking the long-term strategic view for retirement, potential critical illness and long-term care protection, and estate planning.

The Process

As client and professional advisors, we engage in a mutual process to aim for and achieve your life goals via professional management of your financial affairs. It is a well-rounded interactive process that considers all the elements of your financial situation. A professional strategy will analyze your situation to identify all the people and/or institutional monetary relationships that often have conflicting objectives.

Goals and Objectives

While implementing financial tactics, we address various concepts while looking at your overall life needs: your capital needs, investment plans, registered investments and tax reduction strategies, retirement planning, education planning where applicable, and any special needs such as planning to care for child dependents.

Benefits of a CANFIN Financial Plan

A good financial plan is multi-faceted: It must anticipate change and reflect your specific financial goals and objectives while considering your level of investment risk tolerance.

Your plan should be flexible enough to anticipate life's many fluctuations. Financial circumstances and responsibilities change over time, such as a career or income changes; the birth and education of your children or grandchildren; major purchases such as a home; retirement; and other life events, such as a disability or need for long-term care. We'll help you create a plan just right for you. You can know you have a financial plan that gives you the confidence that all your financial resources are working together toward your long-term financial goals.

We'll help you create a plan just right for you. You can enjoy peace of mind knowing you have a financial plan that gives you the confidence that all your financial resources are working together toward your long-term financial goals.

We can help you devise a plan that addresses objectives such as investment and retirement planning and reducing income and estate taxes. A personalized financial plan that reflects your changing life needs is unique—that is why we'll support you with a financial needs analysis that will help you make wise financial planning decisions designed to meet your long-term and short-term goals.

No Fee or Fee-Based Financial Planning

We can offer both fee-based planning and plans without cost. Our advisors are credentialed to conduct financial planning analysis to maximize your net worth over time.

Your Dreams are unique ... and we believe you should have a choice!

Everyone's dreams, needs and financial situations are different. The level of financial planning services and related products you may need will also be unique and directly affect the compensation/fee you pay. We can tailor our fee structure to your unique situation. But here is the excellent news...

Your initial meeting is complimentary!

Your initial consultation with a financial advisor is at no cost or obligation to you. Although the initial consultation will not include a written plan or any recommendations, the advisor will answer your questions about initial and ongoing costs and fees and let you know what you can expect to receive. The options are transparent, flexible and affordable, as explained below. Being informed, you are free to choose!

Financial Planning, Implementation and Monitoring fees:

Fee-based planning is where you pay a fee for ongoing financial advice that you receive from your advisor. This fee varies from client to client based on the time and complexity of your financial situation, mutually agreed to in writing between you and your advisor before he/she commences working for you. The various options are:

Fee-For-Service If you require pure advice, planning, counselling or monitoring with a written set of recommendations/action steps, this is best done with one of our advisors who is qualified as a Certified Financial Planner (CFP) or a Registered Retirement Consultant (RRC) on a fee-for-service basis (hourly billing based on an estimated time frame). Any ongoing advice would be charged at an hourly rate. Generally, this method of payment is advice centric and you are able to implement their recommendations elsewhere or with a product/service advisor of your choice.

Traditional This is when the financial services industry pays us only when we utilize product solutions. Some products already have a “built-in” compensation, which cannot be deducted or negotiated; this is typical of insurance products. Compensation is paid to the representative by the company issuing the product. Advice is associated with the product you are buying.

Asset-Based (Commission Free) Option: This method allows you to pay a set fee based on your investments with us. It is usually a percentage charge (typically 2% to 0.25%, depending on the portfolio size). This fee covers the time we will spend creating your portfolio, executing transactions, monitoring, adjusting, and servicing your portfolio and giving you advice through regular reviews with you. Depending on the investments you choose, additional fees may be embedded in the product cost, which is disclosed at the time of establishing and servicing your account. This option is more suitable for high-net-worth individuals. The fee rate generally decreases as the amount of money invested increases.

Free/Pro Bono Guidance Can't afford a Certified Financial Planner but need assistance? If this is your situation, we will undertake it voluntarily and without payment after our initial consultation and evaluation. At CANFIN, we believe financial literacy, sound money guidance and financial planning are not exclusively reserved for those who can afford to pay. To qualify for this option, we rely on the honesty of the person requesting our service and the generosity of participating CANFIN advisors. The government does not fund this service; our participating advisors are volunteers who wish to give back to the community. Pro bono services offered may be of immense value to someone who can avert bankruptcy. For example, a family in financial trouble might need advice but cannot pay for it. Pro bono services are the only help available when the family needs it most.

Note: The hourly cost, commissions, fees used here are not exhaustive and are used solely for illustration purposes and may be higher or lower, depending on the complexity, skills, education and, product, etc.

Tax Reduction Strategies

Tax planning is one of the key strategies of a financial plan. This applies to developing a good retirement savings and income plan (RRSP and RRIF), how to use a Tax-Free Savings Plan (TFSA) wisely, and an Educational Savings Plan (RESP), among other tax-favoured plans.

All family members should file together because this allows everyone to maximize the best use of credits or transfer of unused credits from each other's tax return (for a spouse, common-law partner, children, or certain relatives if they live with you), such as medical expenses which can be claimed on a family basis. Our tax specialist can fill in your tax return to help you maximize your tax advantages.

You can use the Internet if you expect a tax refund for a speedier refund. Where you have money owing on your tax return, you can file early and pay by April 30. If CRA owes you money, they will pay you quicker if filed online. When you give them deposit information, money can be deposited right into your bank account.

Maximize your deductions and credits.

You must complete transactions for many items that qualify for tax deductions and credits by December 31 each year-end to qualify for medical expenses, tuition fees, child care costs, charitable and political contributions, child support and alimony, safety deposit box fees, deductible accounting and legal fees, professional fees, and union dues.

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