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Financial Tax Planning BC

We are top rated investment management and financial tax planner in British Columbia. We can help you comprehend your present financial investment model in the context of your danger tolerance, liquidity needs and tax of investment income in different accounts. We offer an investment evaluation to guarantee you are on track and that your investment design is consistent with your objectives and objectives.

Financial Tax Planning BC

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Investment Management BC

We are top rated investment management and financial tax planner in British Columbia. We can help you comprehend your present financial investment model in the context of your danger tolerance, liquidity needs and tax of investment income in different accounts. We offer an investment evaluation to guarantee you are on track and that your investment design is consistent with your objectives and objectives.

Investment Management BC

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Financial Planning Estate BC

Lorna provides fee only financial planning covering areas such as estate planning and portfolio review. Clients appreciate Lorna's warm engaging manner in her professional home office and her ability to quickly assess often complex financial information and present financial planning options in a easy to understand manner. Call her now for best Estate planning services in BC.

Financial Planning Estate BC

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Financial Planning Estate BC

Lorna provides fee only financial planning covering areas such as estate planning and portfolio review. Clients appreciate Lorna's warm engaging manner in her professional home office and her ability to quickly assess often complex financial information and present financial planning options in a easy to understand manner. Call her now for best Estate planning services in BC.

Financial Planning Estate BC

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Financial Planning – Retirement BC

We can help you in retirement financial planning in BC. We assist in fitting the puzzle pieces together in the most tax reliable way, so that you can maximize your retirement plans and keep more of your cash. And we keep it basic. Customers find the retirement planning process to be fairly easy and smooth, leading to ease of shift and relief in understanding. Call Now!

Financial Planning – Retirement BC

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Navigating Your Financial Journey: Personal Financial Counselling in British Columbia

When it comes to managing your finances, British Columbia offers a diverse range of opportunities and challenges. From the bustling urban centres of Vancouver to the serene landscapes of the Okanagan Valley, the province boasts a unique economic landscape. Whether you're a young professional looking to get a handle on your budget or a retiree planning for a secure future, personal financial counselling in British Columbia can provide you with the guidance you need to make informed decisions and achieve your financial goals.

Why Personal Financial Counselling Matters

Tailored Guidance for Your Goals: Personal financial counsellors understand that everyone's financial situation is unique. They work closely with you to identify your financial goals, whether it's buying a home, saving for education, or preparing for retirement. This personalized approach ensures that your financial plan aligns with your aspirations.

Navigating B.C.'s Cost of Living: British Columbia is known for its stunning scenery, but it also comes with a relatively high cost of living, particularly in urban areas. A financial counsellor can help you create a budget that accounts for the region's expenses, allowing you to enjoy your life while managing your finances responsibly.

Investment Opportunities and Risks: B.C. offers various investment opportunities, from real estate to technology startups. However, navigating these can be complex. A personal financial counsellor can provide insights into the best investment strategies for your risk tolerance and financial situation.

Tax Efficiency: The tax landscape in British Columbia is unique, with provincial and federal taxes to consider. Financial counsellors can help you optimize your tax strategy, ensuring you take full advantage of available credits and deductions.

Debt Management: Many British Columbians face student loans, mortgages, and other forms of debt. A financial counsellor can help you create a plan to manage and reduce your debt while maintaining a healthy financial future.

The Role of Personal Financial Counsellors

Personal financial counsellors in British Columbia are trained professionals who provide valuable expertise in various financial areas.

Budgeting: They help you create a realistic budget that considers your income, expenses, and financial goals.

Investment Planning: They offer guidance on building and managing your investment portfolio, including strategies to diversify and minimize risk.

Retirement Planning: Counsellors can help you plan for a comfortable retirement, taking into account factors like the Canada Pension Plan and private retirement savings.

Estate Planning: If you have assets in B.C., it's essential to plan for their distribution. Financial counsellors can assist with estate planning BC to ensure your wishes are carried out.

Choosing the Right Personal Financial Counsellor in British Columbia

Credentials: Look for counsellors with recognized certifications such as Certified Financial Planner (CFP) or Chartered Financial Analyst (CFA).

Experience: Seek counsellors with experience in your specific financial situation or goals, whether that's retirement planning or investment management.

Compatibility: Building a strong working relationship with your counsellor is crucial. Find someone you feel comfortable discussing your financial matters with.

Transparency: Ensure the counsellor is transparent about their fees and how they are compensated, whether through fees, commissions, or a combination of both.

Navigating your fee only financial planner BC can be an exciting and rewarding experience with the right guidance. Personal financial counselling offers valuable support tailored to your unique financial situation and goals. Whether you're aiming to estate planning BC, retirement planning BC, portfolio review BC, or simply manage your finances better, a personal financial counsellor can be your trusted partner on the path to financial success in beautiful British Columbia.

Lorna Eastman Financial provides personal financial counselling in British Columbia. Their process is designed to assist clients in clarifying and understanding their current financial status. Homework required prior to the initial meeting helps clients clarify the current picture and focus on their plans.

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Maximizing Tax Efficiency: Financial Tax Planning Tips for BC Residents

Many people feel like tax season is a repeating nightmare, but it doesn't have to be that way. Residents of British Columbia need to know how to get the most out of their taxes if they want to be financially healthy in the long run. Tax rules and credits can be confusing, but experts can help you understand them and save your hard-earned money.

Lorna Eastman Financial offers various services, such as Financial Tax Planning BC, Estate Planning BC, and Investment Management BC, designed to meet BC citizens' financial needs.

This blog post is for you if you've been wondering how to plan your taxes more efficiently. We'll talk about four ways to plan for your taxes that can greatly affect your bottom line.

1. Leverage Tax-Advantaged Accounts

Using tax-advantaged accounts like RRSPs (Registered Retirement Savings Plans) and TFSAs (Tax-Free Savings Accounts) is one of the best ways to lower your tax bill. While RRSPs immediately give you a tax break, TFSAs let your savings grow in a tax-free zone.

Talk to a Fee Only Financial Planner BC to determine which account fits your financial goals the best. By doing this, you'll be able to get the most out of your contributions and pay the least amount of tax.

2. Opt for Tax-Efficient Investments

Especially when it comes to taxes, not all businesses are the same. Interest income is taxed more than from investments like Canadian dividends or capital gains. Also, some stocks and mutual funds are made to save you money on taxes.

Hire experts in Investment Management BC to help you find these choices and add them to your portfolio to save money on taxes.

3. Strategic Asset Location

The position of assets goes hand in hand with how they are split up. It's not enough to have investments; it's also important where you keep them. For instance, income-producing investments like bonds could be kept in tax-deferred accounts to help them grow the most while paying the least taxes.

A complete portfolio review BC will help you put your assets in the accounts that will save you the most money on taxes. This will make your portfolio as a whole as tax-efficient as possible.

4. Plan Your Estate Wisely

Estate planning isn't just about writing a will; it's also about making sure that your assets go to your heirs in the way that saves them the most money on taxes.

Creating trusts, giving away assets, and picking the right heirs for your RRSPs and TFSAs are all ways to reduce the taxes your estate will have to pay. Talk to Estate Planning BC experts to ensure your wealth transfer is as smooth and tax-efficient as possible.

Conclusion

In a world where taxes are one of the few things that can be counted on, it is important to plan for tax efficiency. By using tax-advantaged accounts, choosing tax-efficient investments, putting assets in the right places, and planning your estate well, you can cut your taxes by a lot.

Lorna Eastman Financial could be a good partner if you want help tailored to your needs. With specialized services like Financial Tax Planning BC and Financial Planning – Retirement BC, you can be sure you are taking steps toward a safer and financially stable future.

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Maximizing Tax Efficiency: Financial Tax Planning Tips for BC Residents

Many people feel like tax season is a repeating nightmare, but it doesn't have to be that way. Residents of British Columbia need to know how to get the most out of their taxes if they want to be financially healthy in the long run. Tax rules and credits can be confusing, but experts can help you understand them and save your hard-earned money.

Lorna Eastman Financial offers various services, such as Financial Tax Planning BC, Estate Planning BC, and Investment Management BC, designed to meet BC citizens' financial needs.

This blog post is for you if you've been wondering how to plan your taxes more efficiently. We'll talk about four ways to plan for your taxes that can greatly affect your bottom line.

1. Leverage Tax-Advantaged Accounts

Using tax-advantaged accounts like RRSPs (Registered Retirement Savings Plans) and TFSAs (Tax-Free Savings Accounts) is one of the best ways to lower your tax bill. While RRSPs immediately give you a tax break, TFSAs let your savings grow in a tax-free zone.

Talk to a Fee Only Financial Planner BC to determine which account fits your financial goals the best. By doing this, you'll be able to get the most out of your contributions and pay the least amount of tax.

2. Opt for Tax-Efficient Investments

Especially when it comes to taxes, not all businesses are the same. Interest income is taxed more than from investments like Canadian dividends or capital gains. Also, some stocks and mutual funds are made to save you money on taxes.

Hire experts in Investment Management BC to help you find these choices and add them to your portfolio to save money on taxes.

3. Strategic Asset Location

The position of assets goes hand in hand with how they are split up. It's not enough to have investments; it's also important where you keep them. For instance, income-producing investments like bonds could be kept in tax-deferred accounts to help them grow the most while paying the least taxes.

A complete portfolio review BC will help you put your assets in the accounts that will save you the most money on taxes. This will make your portfolio as a whole as tax-efficient as possible.

4. Plan Your Estate Wisely

Estate planning isn't just about writing a will; it's also about making sure that your assets go to your heirs in the way that saves them the most money on taxes.

Creating trusts, giving away assets, and picking the right heirs for your RRSPs and TFSAs are all ways to reduce the taxes your estate will have to pay. Talk to Estate Planning BC experts to ensure your wealth transfer is as smooth and tax-efficient as possible.

Conclusion

In a world where taxes are one of the few things that can be counted on, it is important to plan for tax efficiency. By using tax-advantaged accounts, choosing tax-efficient investments, putting assets in the right places, and planning your estate well, you can cut your taxes by a lot.

Lorna Eastman Financial could be a good partner if you want help tailored to your needs. With specialized services like Financial Tax Planning BC and Financial Planning – Retirement BC, you can be sure you are taking steps toward a safer and financially stable future.

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5 Crucial Aspects to Include in Your Portfolio Review Process in BC

Having an organized portfolio review BC is important to keep your financial goals on track in a world where money changes. Whether you want a comfortable retirement or to spread your finances, you can't just set up your financial portfolio and forget about it.

Reviewing your portfolio is an important part of your financial toolkit. It helps you make changes, grow your assets, and improve them. In British Columbia, you can use specialized services like Lorna Eastman Financial to help you plan your finances. These services, such as Retirement Planning BC and Investment Management BC, are designed to meet your unique needs.

So, what should be on your list when considering a portfolio review in BC? Let us know the important things to consider when reviewing your portfolio. Doing these will put you on your way to financial safety and peace of mind.

1. Align Investments with Financial Goals

Your portfolio shouldn't just be a random assortment of stocks, bonds, and mutual funds. Instead, it should be a customized plan to help you reach your financial goals.

Do you want to retire by a certain age, or are you saving for something big? Financial Planning – Retirement BC experts can help you determine how to align your investments with your unique goals.

2. Risk Assessment and Tolerance

Your portfolio is subject to the same fluctuations as the rest of the financial markets. If you know how much risk you're willing to take, you can set up your investments in a way that makes you feel good. It requires a full risk analysis, including spreading your assets and smartly dividing your money to reduce the chance of losing money. Professionals in Investment Management BC can advise you on handling risks and opportunities in your portfolio.

3. Tax Implications

The way your investments affect your taxes can have a big effect on your overall returns. Financial Tax Planning BC should be a part of your portfolio review, whether you make a lot of money or are in the middle. Consider different accounts and investments that can help you keep more of your money when paying your taxes.

4. Assessing Costs and Fees

Even small fees can add up over time and cut into your returns when you buy. Make sure to talk to a Fee Only Financial Planner BC to get a clear picture of all the fees you might have to pay to manage your business.

Fee-only planners only get paid for their help and not for selling you specific financial products. This makes sure that your best interests come first.

5. Estate Planning

You've worked hard to get rich, so your loved ones must get your money ASAP. Estate Planning BC can help you figure out how to deal with wills, trusts, and estate tax so that your assets are passed on smoothly when the time comes.

Conclusion

Your financial stock is a living thing that needs to be maintained and changed often to keep up with your changing needs and goals. Adding these five important things to your portfolio review BC can make the difference between an investment that stays the same and grows and changes with you.

Lorna Eastman Financial offers a wide range of services. The most suitable help is available to you.

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Retirement Planning in BC: Common Challenges and How to Overcome Them

Retirement may be a long way off if you’re in the middle of your job. But in today’s unstable economy, planning for retirement is more important than ever. Many of us dream of a safe and happy retirement, but to get there, we must overcome many obstacles. These problems can seem hard to overcome, but luckily, people in British Columbia have access to a lot of tools and advice from experts.

1. Insufficient Savings and Investments

The Challenge

Not having enough money saved is a regular problem when planning for retirement. Without enough savings and investments, you could run out of money and have to worry about money when you should be relaxing.

The Solution

Work with a Fee Only Financial Planner BC to figure out where you stand financially and set a reasonable goal for saving. They can help you make a diversified strategy that fits your long-term goals and how much risk you will take. Having regular portfolio review BC meetings can help you change your plan as the market and your life change.

2. Tax Liabilities

The Challenge

When saving for retirement, people often forget to think about taxes. But they can greatly affect how much money you have after you leave.

The Solution

Engage in strategic Financial Tax Planning BC. A tax-efficient withdrawal plan can help you pay less taxes and get the most money out of your retirement savings. For example, you could take money out of your tax-deferred accounts first and then from your tax-free accounts so that you pay your taxes over a longer period.

3. Overlooking Healthcare and Estate Planning

The Challenge

The Solution

Include the cost of health care in your plan for when you leave. Talk to an expert to learn about your options for health insurance and perks that can help you pay for these costs. Work on your Estate Planning BC to make sure your assets are given to the people you want and in the way that saves you the most money on taxes. Using Comprehensive Financial Planning — Retirement BC, you can rest easy knowing that every part of your retirement is being taken care of.

Conclusion

Planning for retirement is a complicated process that includes overcoming many problems, such as not having enough money saved, paying taxes, and paying for health care. The good news is that if you act now, you can set yourself up for a more safe and enjoyable retirement.

Lorna Eastman Financial offers services from Retirement Planning BC to Investment Management BC and everything in between. They can give you help that is specific to your needs. Start making plans now for the retirement you deserve.

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Estate Planning BC

Lorna provides fee only financial planning covering areas such as estate planning and portfolio review. Clients appreciate Lorna's warm engaging manner in her professional home office and her ability to quickly assess often complex financial information and present financial planning options in a easy to understand manner. Call her now for best Estate planning services in BC.

Estate Planning BC

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Portfolio Management

What should I expect to pay for Investment Management Services? What can I expect from a Portfolio Manager? These are questions clients often ask. Several years ago, we went looking for an Investment Management Firm to refer our clients to.

What did we ask for?

Independent fee for service professional Portfolio Management.

Client accounts designed specifically for each client, accounts that would recognize client risk tolerance, liquidity needs, values and investment preferences.

A firm that would be interested in our clients even if they didn’t have a million or more dollars to invest.

A firm that would have low fees, where ideally the fees would be tax deductible and could include ongoing third party monitoring and review.

What did we find out?

Most of the big firms weren’t interested in a different model.

What did we do?

We spoke to independent advisors we knew and had known for years. People whose personal values, professionalism, communication style, track record and commitment to clients matched our values, integrity and client profiles.

We developed a model, based on fees of no more than 1.5% of assets managed, tax deductible for non-registered accounts, to include payment of our services for on-going monitoring and review.

What is the process?

When we have clients with Financial Planning Estate BC needs who wish to be referred for Portfolio Management services, we provide an initial 3 way telephone meeting with ourselves, the clients and the Portfolio Manager.

We introduce the client to the Portfolio Manager.

The Portfolio Manager provides a summary of the process and services they offer.

When the client needs match with the services offered, and the client wishes to proceed, regulatory paperwork is exchanged and an investment account is opened.

Several times per year, we have 3 way telephone meetings with the client and the Portfolio Manager.

After each meeting a Summary of Discussion document is prepared and sent to the client and the Portfolio Manager, ensuring everyone has the same understanding.

When did we set this up?

Ten years ago, in 2008.

What do our clients say?

Thank you. I am so pleased to have the benefit of your independent professional advice.

I am happy my Portfolio Manager is looking after all of this, so I don’t have to worry about it.

I am satisfied with our returns within our managed risk profile.

Thank you, I appreciate your referral to Portfolio Management services, especially in these uncertain times.

These telephone reviews are great, they help me learn more and understand better.

The Summary of Discussion follow up is so helpful, and I really like that we are all on the same page. We often refer back to the summary when we need to remember something.

We really appreciate the comprehensive financial planning services you provide through your on-going monitoring and review process.

We value the low, tax deductible fee and the services it includes.

You make everything so easy, and I love the way it keeps us on track.

Article Source :- https://lornaeastmanfinancial.com/portfolio-management/

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Investment Management BC

We are top rated investment management and financial tax planner in British Columbia. We can help you comprehend your present financial investment model in the context of your danger tolerance, liquidity needs and tax of investment income in different accounts. We offer an investment evaluation to guarantee you are on track and that your investment design is consistent with your objectives and objectives.

Investment Management BC

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Pension Income Options for Planning Retirement Income

This can be a puzzle, especially when integrating several different pension income streams, for example perhaps an employer sponsored pension, Canada Pension Options, Old Age Security Options, avoiding OAS claw back, and planning income from personal Investment Management BC plans including RRSPs and perhaps some Locked-In Retirement accounts and/or your self-employed business.

  Employer Sponsored Pension Plans

An employer sponsored pension plan will be subject to maximum pension withdrawal limits and may be based on a Defined Contribution Plan (DCP) which provides income much like a personal RRSP. The amount of the pension income will depend on how muchmoney is in the fund, the rate of investment return and the age of the retiree. It will also depend on the type of income stream you consider, for example a guaranteed annuity paid each year, or a flexible withdrawal based on the amount available in the fund in any given year.

Other employer pension plans are Defined Benefit Pension Plans (DBP). These types of plans are generally available to public service employees and the pension paid on retirement is based on the pension formula in the Defined Benefit Plan. This formula includes factors such as age, years of service and salary level while employed. Some DBP plans include several choices of survivor options for the spouse or beneficiaries. For example, a guaranteed benefit period of up to 15 years if the retiree dies within the guarantee period, payable to the beneficiary. Or a joint and last survivor pension of up to 100% of the retiree’s pension payable to the spouse for life, if the retiree preInvestment Management BC-deceases the spouse.

Canada Pension Plan

CPP retirement income can be accessed as early as age 60 on a reduced basis (.6% for every month prior to age 65), can commence at age 65, or can be deferred to age 70 with payments increasing over the age 65 maximum (by .7% per month over age 65)

Old Age Security

OAS can be accessed at age 65 or deferred as late as age 70 and for every month deferred increases by .6% up to a maximum of 36%. You might consider deferring OAS if your annual pension income from other sources exceeds the taxable income level for OAS claw back, (currently $72,800 and over). For example, if your goal is to have higher spending levels prior to age 70 and you anticipate lower taxable income thereafter, you could consider deferring OAS – provided all the puzzle pieces fit together.

The Puzzle includes taking all of the sources of retirement income, considering the various options and strategies available within each component and fitting the pieces together within the framework of your goals and objectives. Goals and objectives include the required lifestyle expenses, income tax, discretionary spending and your desire to leave an inheritance for example, or to provide for your surviving spouse. Like any puzzle, this can take time and careful consideration of each how each piece adds to the total picture.

ARTICLE SOURCE :- https://lornaeastmanfinancial.com/pension-income-options-for-planning-retirement-income/

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Financial Planning Estate BC

Lorna provides fee only financial planning covering areas such as estate planning and portfolio review. Clients appreciate Lorna's warm engaging manner in her professional home office and her ability to quickly assess often complex financial information and present financial planning options in a easy to understand manner. Call her now for best Estate planning services in BC.

Financial Planning Estate BC

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TFSA vs. RRSP

 Do you wonder what is the best way to save – in a RRSP or TFSA?

 

What makes the most sense from a Financial Tax Planning BC perspective? What about easy access to the funds if you need to cover an unexpected cash requirement?

When you deposit funds in your RRSP you are able to deduct the amount from your taxable income. You save money on your income tax bill that year, based on your top marginal income tax rate (MTR). Marginal tax rates can range from 20% to 50%, depending on your province of residence. When you take funds out of your RRSP you pay income tax at your marginal tax rate for the year of the withdrawal.

RRSP contributions use up RRSP contribution room. When you take money out of your RRSP you do not create more room.

How does this compare to a TFSA?

After tax dollars are contributed to a TFSA. Funds invested grow tax free. Funds withdrawn are not taxable, and create more room for further TFSA deposits.

What about types of investments in each?

Basically, you can invest in the same types of investments in either a RRSP or TFSA. For example you could have savings accounts, guaranteed investments, stocks, bonds or pooled or mutual funds. The type of investments that qualify for RRSPs are the same as those that you can invest in with your TFSA.

What is the bottom line?

If we presume both are long term investments that you expect you won’t need to access in the medium term, then to the extent your marginal income tax rate is currently over 30% and you expect your marginal tax rate to be lower when you make your withdrawals, it makes sense to use a RRSP.

If you are at the 30% marginal tax rate it doesn’t make a lot of difference if you use a TFSA or RRSP, as long as you expect your top tax rate not to exceed 30%.

If your MTR is greater than 30%, it makes sense to use a RRSP.

If your MTR is 30% or lower, use the TFSA.

Other considerations?

Do you have an emergency fund? Or a line of credit you can access for emergencies?

Are you relying on your investment account for unforeseen expenses? If so, consider the TFSA.

Are you sure you won’t need to access the account until much later when you have less income and a lower tax rate? Then, use a RRSP.

Article Source :- https://lornaeastmanfinancial.com/tfsa-vs-rrsp/

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RESP Eligible Grants

Did you know children in Financial Planning Pension Options BC qualify for $1,200 paid into their RESP accounts. Yes, free money – no strings attached. Here’s the link to find out more.

And for families who qualify, based on their family income and the number of children in the family, there is an additional up to $2,000 per child payable from the Government of Canada into the child’s RESP. 

You will need a Social Insurance Number for your children to set up a RESP account. You can go directly to your bank or credit union and tell them to expect the funds from the government. You needn’t deposit any other funds to get the money your children are eligible for. And, when you are able to make contributions, there is an additional up to 40% of amounts you deposit available from the Government of Canada as a Canada Education Savings Grant.

Yes, you can start saving for your children’s education, even when expenses are high and there is no spare cash. Get started with your children’s eligible funds from the programs available. Later on, when family cash flow improves, you can add to it – and receive even more eligible funds for your children.

Article Source :- https://lornaeastmanfinancial.com/resp-eligible-grants/