Business Hours

Monday-Friday 8:30-5:00

Phone: 709.634.4944

info@harbourfinancialgroup.ca

Corner Brook, NL

90 Broadway, A2H 4C8

Category: Services

Financial Planning

Financial Planning is the long-term process of efficiently managing your finances so you can achieve your life’s goals and dreams. This process also includes negotiating financial hurdles that arise in the various stages of life. Financial Planning is a process, not a product.

Your current financial position is a key factor in your Financial Plan. It is essential to understand where you are today before you can begin your financial journey to where you would like to be. Your net-worth statement and income statement are essential financial planning tools.

They help you:

  • Check progress towards financial goals
  • Plan for changes in assets or liabilities
  • Estimate how well dependent survivors would be able to live on their current inheritance
  • Estimate retirement income potential
  • Chart financial progress over the years

A net-worth assessment should be performed at least annually, and whenever there is a major change in assets and/or liabilities.

Protection Planning

Facing our mortality is difficult. Facing the reality and possibility that bad things can happen to good people is also hard. Nevertheless, facing these difficult truths is essential in building a secure financial future for you and your loved ones. The first step is to recognize what financial risks you face and determine whether or not you are prepared to handle those risks.

Successful Protection Planning includes answering several questions:

What happens if you:

  • Become ill or injured?
  • Are in a car accident?
  • Get laid off from work?
  • Get old and need care?
  • Have home or car burglarized?
  • Cannot work for an extended period of time?
  • Should die unexpectedly?
  • Have Business Partner die unexpectedly?

To minimize unexpected financial burdens, everyone should develop their own individual Protection Planning and confirm they are adequately protected. Risk reduction strategies often involve using various forms of insurance to protect themselves from downside risk. Possible forms of insurance might include:

  • Life Insurace
  • Disability Insurance
  • Critical Illness Insurance
  • Individual Health Plans
  • Long-Term Care Insurance
  • Individual Health Plans

Tax Planning

An integral part of formulating a sound Financial Plan for you includes capturing an accurate look at your tax situation for further Tax Planning. We believe in tax reduction planning where applicable. As part of our regular meetings we will address taxation and give advice or refer such taxation issues to tax professionals.

Our goal is to simply work jointly with your CA, avoiding the erosion of your hard earned money by taxes.

Tax Planning for you might include:

  • Retirement Plan Optimization
  • Tax Reduction Strategies
  • Small Business Topics (i.e. Buy-Sell Agreements, or Sale)

Group Benefit Plans

Providing an attractive employee benefit plan is key to hiring and keeping quality people. Whether your company has only a few staff members or you are a large complex organization, providing health benefits can be a key component in your employee’s evaluation of your compensation program – and their future.

  • Your employees and their families are protected against financial problems resulting from unexpected health care and dental expenses.
  • Your employees may benefit from receiving tax-free* health coverage instead of paying their medical expenses with after tax dollars.
  • The employer receives a tax deduction for all costs associated with the Group Benefits Plan.
  • The employer benefits by providing employee benefits at a fixed cost and the plan is automatically administered by the insurance company.
  • A group benefits program is a great way to provide extra compensation to valuable employees as an alternative to a fully taxable salary increase.

A wide variety of Employee Benefits can be provided via a Group Benefits Plan including:

  • Group Pension Plans
  • Group RRSP Plans
  • Life Insurance and Spousal/Dependant Coverage
  • Accidental Death and Dismemberment
  • Prescription Drug Coverage
  • Paramedical Coverage (Chiropractors, Therapists, etc.)
  • Short Term Disability
  • Long Term Disability
  • Extended Healthcare/Visioncare
  • Dental Coverage
  • Out-Of-Country Emergency Medical (Travel)
  • Critical Illness Insurance

Retirement Planning

Retirement Planning should begin in your 20’s.  As many academic studies have shown, the earlier you start the more likely you are to achieve your goals. Once a person reaches their 50’s and 60’s, they need to start planning on managing their assets to optimize their cash flow needs in retirement. The worst place in the world to retire is just beyond your means.

Our Retirement Planning clients approach us with the following questions on a regular basis:

At what age can I comfortably retire with the lifestyle I want to enjoy?

Will I outlive my resources?

How should my portfolio’s assets be allocated?

Retirement planning strategies should be designed to suit your goals and comfort level as well as to take advantage of tax saving opportunities.  For any plan to be effective, it is necessary to implement these strategies and to periodically review your goals and progress.

In order to assess your ability to comfortably retire, we review your current retirement assets, including RRSPs, deferred compensation plans, pensions, TFSAs and Non-Registered and Corporate accounts.  By analyzing your cash flow and spending habits and by considering tax implications and inflation, we can help you develop a comprehensive retirement plan to reach your goals.