Financial Planning
Financial planning can be a very stressful and personal process.
We are committed to getting to know you, your financial goals, and your personal circumstances. We will help you establish these goals and work towards reaching them while working with us every step of the way. Learn more and partner with Pro Insurance Solutions to design the best possible financial plan for you and your future goals.
Call now at (709) 486-2718 or (709) 486-9293
Registered Retirement Savings Plan (RRSP)
A registered retirement savings plan (RRSP) serves as a means to save for retirement, yet it also offers avenues for financing a first property through the Home Buyers' Plan (HBP) or pursuing further education via the Lifelong Learning Plan (LLP).
The RRSP provides a dual tax advantage: Firstly, contributions are tax deductible, allowing individuals to lower their taxable income and consequently pay less in taxes. Secondly, the funds invested within the RRSP grow tax-deferred until withdrawal, meaning they are not taxed as long as they remain within the plan.
Key advantages of an RRSP
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Contributions made lower your taxable annual income, which means that you enjoy tax savings.
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As long as you do not make withdrawals, you do not pay taxes on the money earned in your RRSP.
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Unused contribution room is carried over to the following year, which means that you can contribute more than your annual limit.
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You can use funds from your RRSP to buy a first property (HBP) or go back to school (LLP).
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You can contribute to your spouse’s RRSP to lower your taxable income and enjoy tax savings.
Tax-Free Savings Account (TFSA)
A tax-free savings account (TFSA) is an excellent option for saving money over the medium or long term. One of its primary advantages is that any interest or returns earned within the account are not subject to taxes, regardless of whether you withdraw funds or not. This tax-free growth can significantly enhance your savings over time.
Moreover, TFSAs offer flexibility, allowing you to access your money at any time without penalty, making it an ideal choice for both planned expenses and unexpected emergencies. This combination of tax benefits and accessibility makes TFSAs a versatile and valuable tool for achieving your financial goals.
Key advantages of an TFSA​
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The income earned on your contributions to the TFSA is not taxable.
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Withdrawals are not taxed and may be made at any time, which makes it an excellent emergency fund.
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Unused contribution room is carried over to the following year, which means that you can contribute more than your annual limit.
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This is the ideal solution for your medium- and long-term savings projects, like a trip or the purchase of a home or car.
First Home Savings Account (FHSA)
An FHSA, or First Home Savings Account, is tailored for individuals in Canada aiming to save for their first home purchase. It merges the benefits of both an RRSP and a TFSA. With an FHSA, you receive a deduction that lowers your yearly taxable income, similar to an RRSP, while also enjoying tax-free returns, akin to a TFSA.
These accumulated funds can later be utilized to finance the purchase of your first home. Notably, withdrawals from the FHSA for this purpose are tax-free, and there's no obligation to repay the withdrawn amounts.
Key advantages of an FHSA
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As with an RRSP, your FHSA contributions reduce your annual taxable income.
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Your savings and returns generated in the FHSA are tax free upon withdrawal.
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Unlike RRSP withdrawals under the Home Buyers’ Plan (HBP), sums withdrawn from an FHSA for the purchase of a first home do not have to be repaid.
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You can carry forward up to $8,000 of unused contribution room, for a maximum annual contribution of $16,000.
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You can transfer funds from your FHSA to your RRSP or your RRIF if you are not using them.
Registered Education Savings Plan (RESP)
RESPs serve a similar purpose for education as RRSPs do for retirement savings. They enable you to set aside funds for your child's post-secondary education, providing them with the invaluable gift of pursuing their dream career.
RESPs allow you to allocate funds for your child's post-secondary education. By doing so, you provide your child with a significant opportunity to pursue their desired career path, granting them one of life's most extraordinary gifts.
Key advantages of an RESP
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Accrue additional funds through government grants, enhancing your savings potential.
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Regain the funds you've invested at a pace that aligns with your financial goals and circumstances.
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Rest assured that there is no financial loss if your child chooses not to pursue post-secondary education.
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Experience the convenience of opening an RESP entirely online, simplifying the process for you.
The Future is Limitless
Whatever your stage in life, we will help you reach your goals and make your dreams limitless. You can trust our 10+ years of experience to create a plan that takes your future goals and objectives into consideration and turns them into reality.
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At Pro Insurance Solutions we analyze your current financial situation and your risk level to build a financial plan that fits your lifestyle. Whether you’re single, married, have children, or retired there's no better time to give us a call and achieve your future goals.
What is probate?
Probate is a process by which a court authenticates the last will and testament of a deceased person. This process includes locating and determining the value of the deceased’s assets, paying their final bills and taxes and distributing the residual value of their estate to the rightful beneficiaries. Many Canadians have concerns about the probate process:
It lacks privacy
The probate process is a public process that can increase the risk of a court challenge from family members or creditors.
It can be costly
Probate fees plus other estate, legal, accounting and executor fees – not to mention payments to other specialists and possibly unintended beneficiaries – can add up quickly.
It can cause delays
The probate process can be lengthy and cause delays in payments to your client’s beneficiaries.
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All of this means that their heirs will inherit administrative responsibilities and lower payouts which are delayed!
The Solution: BMO Guaranteed Investment Funds
By naming a beneficiary on a BMO Guaranteed Investment Fund (GIF) policy, the investments bypass probate upon death – which saves your client’s heirs time and money. Combined with death benefit guarantees and creditor protection, BMO GIFs can be an integral part of a wealth transfer strategy.
