PROFESSIONALS
SELF-EMPLOYED
If you’re a self-employed contractor, financial planning is a must! However, financial security isn’t guaranteed the way it is if you work for a large company and dealing with taxes and cash flow issues can get complicated.
At Holder + Taylor, we will provide you with a plan so you can feel confident with your finances.
The Preparing Stage- Newly Established Contractor
Financial planning is critical at this stage, as finances can be confusing if you’re a self-employed contractor. We’ll focus on the following:
- First, cash flow management ensures your business stays afloat.
- Tax planning –when and how to pay your taxes and discuss tax credits you’re eligible for.
- Debt management can be helpful when starting a business, but you need to ensure your debt is working for you.
- Finally, risk management – buying life, critical illness, and disability insurance to provide you with a financial cushion.
The Preparing Stage- Established Contractor – Early Career
You’ve now got the hang of cash flow management and how tax planning works for self-employed contractors. Next, we can discuss your long-term personal and professional financial goals, such as buying a house or expanding your business and implement a plan to achieve them.
We’ll also review your insurance coverage to ensure it’s still adequate and cover the best ways to continue paying down debt while saving for your future.
The Confident Stage- Established Contractor – Mid-Career
At this point in your career, you’re ready to start thinking about retirement and succession planning. First, we’ll explain your different retirement savings options, including contributing to RRSPs and TFSAs or creating an Individual Pension Plan (IPP).
You might also be thinking of making more significant purchases, such as a vacation property, or further expanding your business, such as bringing on more employees or purchasing equipment.
At this stage, you must create a succession plan for your business. The purpose of a succession plan is to have instructions in place for your business if you retire, become ill, or die suddenly. Insurance is a must-have for funding your succession plan.
Established Contractor – Late Career
You’re starting to look forward to retirement, and we want to make sure you’re financially ready for it. So we’ll answer pressing questions such as: “Do I have enough to retire?; When should I retire?”
When you’re a self-employed contractor, it’s vital to consider your goals regarding the future of your business. We can discuss various options with you, including selling your business or passing it off to family members and explain each option’s different tax planning implications.
It’s also time to make sure your estate plan is updated.
Retirement
You’re now ready to relax after so many years of hard work. It’s time to pursue your other passions and spend time doing what you love best. We’ll revamp your financial plan to reflect your new reality, such as private and government sources of income, such as CPP and OAS.
We’ll also review your estate plan and ensure it’s up to date.
Contact Us to Learn More
We can help you create your best financial life now! So, reach out to us today to get started.
DOCTORS
After you graduated medical school and completed your residency, you figured life would slow down! However, you still feel like there are never enough hours in the day to get everything done – and that includes financial planning.
No matter your career stage, financial planning is a must! At Holder + Taylor, we can help you safeguard your financial future.
The Preparing Stage- Newly Graduated Doctor
We’ll establish a financial baseline to understand where you currently stand financially. We’ll review your current debts and help set up savings and debt repayment plans. We’ll discuss your insurance options, such as life insurance, critical illness, and disability insurance, to ensure you always have the means to repay your debt and provide a financial cushion. We also help you plan for the future, including setting up an RRSP and saving up for a home down payment.
The Preparing Stage- Established Doctor – Early Part of Career
You’ll have paid off a significant portion of your student loan at this stage. After that, you can start focusing on new goals, including opening RESPs for your children, reviewing your corporate structure, investing for retirement and estate planning. It’s also essential to ensure you have proper tax planning in place.
At Holden + Taylor, we want to ensure you grow your savings, increase your net worth, and have a clear savings and tax plan to ensure you have financial confidence.
The Confident Stage- Established Doctor – Mid-Career
Your career is now in full swing and worrying about debts is a thing of the past. Instead, now is the time to continue focusing on a variety of goals, including retirement planning, tax planning, estate planning, and legacy planning. In addition, you may need to provide financial support to children going off to higher education, your aging parents, or both.
We can review and update your financial plan to reflect these new goals and provide you with the professional guidance you need to make the most of your money. At this stage, we’ll make sure we do a review of all your taxes and provide you with a written tax plan. It’s also pertinent to look at accessing Holden + Taylor’s network of professionals so we can provide comprehensive recommendations on your overall finances.
The Abundant Stage- Established Doctor – Late Stage of Career
You’re getting near the end of your career and starting to think long and hard about your retirement years. You need to decide if you want to sell your practice or work part-time in the future and determine your cash flow and insurance needs during your retirement years. At this stage, you may also pursue other passions and ensure your legacy is protected.
We can review your existing financial documents (tax plan, estate plan, savings plans etc.) and help you determine the best way to exit your practice while protecting your financial future and your legacy.
The Abundant Stage- Retired Doctor
Now that you’re retired, it’s time to revisit your entire financial plan. You may wish to modify your insurance coverage and ensure that you have multiple sources of income, including CPP and OAS.
We can revisit your legacy and estate planning to ensure you can pursue your passions today while also being able to leave a legacy for your heirs and causes that are important to you. It’s also crucial to access our network of professionals to ensure your estate plan is set up to fulfill your final wishes.
Holden + Taylor Can Help You Make the Most Of Your Money
We aim to ensure you reap the benefits of all your hard work. So call us today to get book an appointment with us.
LAWYERS
At Holden + Taylor, we understand the financial challenges lawyers face at every stage of their careers. We’re here to help you with various financial matters, including debt management, retirement, and estate planning.
Our goal is to provide you with objective and impartial advice to ensure you can financially thrive whether you’ve recently graduated or are nearing retirement.
The Preparing Stage-Newly Graduated Lawyer
You’ve just graduated and have various financial goals you want to achieve – from paying off your student debt to saving up for your own legal practice. We can put together a multi-pronged financial plan for you that covers tackling savings and debt, tax and estate planning and having the insurance coverage you need to protect your ability to repay your debt.
The Preparing Stage - Legal Practice Owner
Student debt is no longer an issue for you, but you still need to finance your practice.
Lawyers are typically in the highest income tax bracket, therefore incorporating their practice can help manage and defer taxes at a lower corporate tax rate.
By incorporating- lawyers can have access to dividends from their corporation, shareholder loans, corporately held life insurance and since money can be left inside a corporation- this money can be used in years where there are life changes such as becoming a parent, buying a home or retirement.
We’ll review all the planning we put in place when you were a new graduate and adjust reflect your new insurance, tax planning, or estate planning needs.
We’ll explain options to creditor-proof your assets and help you continue to work on your long-term goals, such as planning for retirement and saving for your children’s education.
The Confident Stage- Established Lawyer – Mid-Career
We’ll provide you with a year-to-year comparison to show you all the progress you’ve made on your long-term goals. We’ll review your taxes and estate plan and provide you with the guidance you need to achieve your new financial goals, such as buying business real estate or supporting aging family members.
We’ll also start preparing you for retirement and reviewing your insurance coverage to ensure it still meets your needs.
The Abundant Stage- Practice Selling Lawyer
As you prepare to sell your practice and retire, we can help you develop a robust exit strategy. We’ll review your retirement cash flow sources, including government benefits and personal and practice wealth.
Now is also the time to start thinking about what kind of legacy you want to leave. We’ll review your estate plan and discuss how permanent insurance can help you achieve your legacy goals.
The Abundant Stage- Retired Lawyer
At Holden + Taylor, we’re here to ensure you can pursue your passions during your retirement years while also protecting your legacy.
We can help you make the most of your retirement income and explain vital things you need to know, such as when to start taking CPP and how to avoid OAS clawback.
We’ll update your tax planning to help minimize taxes during your retirement years and review your estate planning. We’ll explain the options you must leave money behind for your loved ones or charities, such as creating trusts or foundations.
Get started today
Let us help you achieve your financial goals, no matter what stage of your career you’re at. Book a meeting with us today to get started.
