Occupation:

Ali works as a senior software developer at one of the big utility companies in British Columbia and Jasmin works as a registered nurse at the local hospital. Together they make over 250K as a household, but they are struggling to find a balance with the high cost of living in Vancouver city.

Financial Assets:

Both have excellent pensions with additional group insurance benefits. So far, they have opened a RESP account for the boys but have not contributed anything yet. All their savings are set in a high-interest savings account where they are earning very little interest. Ali sends monthly support to his parents to help with the cost of education for his younger sibling.

Goals:

Ali sees a lot of his university classmates doing extremely well in their careers. He believes that with the advent of AI, he can build a successful business with some overseas contractors. However, he fears that he does not have the financial resources to support the early few years of the start-up. Jasmin wants to retire early in her 50s and travel the world. The last few years have been very hectic for her due to the COVID-19 pandemic.

Challenges:

• Ali and Jasmin realized that they have been paying a lot of taxes in the last few years. They asked their banker about tax strategies multiple times, but they advised them to see an accountant. Their accountant only prepares their tax returns and does not give them any financial advice. The accountant mentioned opening RRSP last year but did not provide any details on how to invest in it.
• They also want to move out of Vancouver to another city where they can afford a home. They got some basic information about the home buyer plan but have not figured out how much they can afford with their income.
• Ali is planning to join another company where he can work remotely and independently. This will allow Ali to work in his own company. However, he does not know when and how to structure the company.
• Ali and Jasmin want to make sure they are saving for the downpayment, kids' education and potentially retirement.
• Jasmin also wants to make sure the boys are financially protected if something is to happen to Ali or Jasmin. She had traumatic experiences in her own life when her parents died in a car accident.

Our Solution:

• Our ongoing meeting covers all the changes that are happening to Ali and Jasmin’s lives. This means we analyze the impact of their various actions on household taxation and long-term plans.
• We rely on in-house and vetted mortgage and insurance professionals to make sure they get the most suitable product in their particular case.
• We offer advice to reduce their taxes through RRSP, grow wealth tax-free in TFSA and fund their kids' education through RESP account. We also integrate Ali’s business into their overall financial plan to make sure we optimize all the tax aspects.
• We ensure that there is up to date will and power of attorney documents in place. Having proper insurance also protects the financial future of the boys if those unexpected life events happen.