Whether you are building a nest egg for future generations, saving for a comfortable retirement, or looking for a way to capitalize on wealth already gained, we can help.
At The Standard Financial Advantage we work with Canada’s top insurance and financial providers to curate customized approaches to investing and financial planning. We work with customers across Manitoba, Saskatchewan and Ontario to bring investment options that work for their lifestyle.
Saving and Investment Options
Depending on the type of wealth you are looking to accumulate, saving and investment strategies may vary. There are many ways to facilitate your retirement planning, including:
Tax Free Savings Account
Tax free savings accounts allow you to save, grow wealth, and withdraw your wealth at any time without being taxed. Unlike some savings plans, like RRSPs, your TFSA can be used for any purpose and maintain its tax-free status. There are a few exceptions to the tax-free rule, such as administrative fees and interest.
Registered Retirement Savings Plans
Registered retirement savings plans allow you to grow your wealth, generate interest and reduce taxable income on your deposits. There are tax implications when withdrawing money from the plan, withdrawals will increase your taxable income for the current year, unless the funds are withdrawn for specific purposes. For example, RRSPs are often used by first-time home buyers without tax repercussions as long as the amount withdrawn is returned to the account by a specified time.
RRSPs are retirement planning tools meant to be withdrawn when you retire. It is most tax efficient if you wait until the age of retirement and in a lower income bracket to start your withdrawals. Many employers will match RRSP contributions as part of their employee group benefits packages.
Registered Education Savings Plans
Registered education savings plans allow you to save and grow money for post-secondary education for either yourself, your children or grandchildren. The funds in an RESP can be accumulated from either your contributions to the plan, the interest earned, as well as taking advantage of different government grants that are available to the plan holders. Interest earned within the plan is tax sheltered.
Stocks and Bonds
Stocks and bonds operate differently, but both are vehicles for accumulating wealth and retirement planning.
Stocks represent ownership in a public company. By purchasing stocks you purchase equity in that company. When the value of the company goes up, so does your investment value. When these stocks are sold the increase in value is your profit (investment growth). In this way stocks can be a useful investment as low risk stock opportunities can be a long-term strategy.
Bonds are actually a loan you give to a company or government. When you buy a bond, you are actually to lending money for a term to earn interest. When this money is paid back, either the bond is sold or when the bond reaches maturity you receive your money back plus interest
Choosing stocks and bonds, and more importantly, managing the risk of stocks and bonds takes a keen sense of the financial market. This is where a financial planner’s services are particularly helpful.
Mutual funds are offered by financial companies, and are a pool of investments of varying types such as stock and bonds and are held by a large group of people. All funds are managed by a professional management team. The individual investor (shareholder) in a mutual fund receives growth or loss as the fund fluctuates in value based on the value of the holdings.
Segregated funds are very similar to mutual funds but are offered by Life Insurance Companies, All funds are managed by a professional management team. Since Segregated Funds are offered by Life insurance companies some guarantees and estate protection options are provided.
Managing multiple investments on your own can be time consuming and confusing. Working with professional Investment managers can help you get the most out of your savings and retirement planning. Our Financial Advisors can assist with identifying the mutual fund or segregated fund best suited for your needs.
What Type of Financial Planning Services Can My Advisor Provide?
Investment services vary by provider, but you can usually count on a combination of the following:
- Income management
- Tax and Estate planning
- Education funding
- Life insurance options
- Investment portfolio management
- Retirement planning
Contact: The Standard Financial Advantage
Interested in learning more about financial services and retirement planning? The Standard Financial Advantage Advisors can help you get the information and options you need to succeed. We invite you to call us at 1-844-969-8199.
Financial Services FAQs
As a leading insurance brokerage in Canada, we receive many questions about financial services and insurance products. Here, we have collected some of our most frequently asked questions to help you get a better understanding of financial planning.
At The Standard Insurance, we pride ourselves for our long-lasting commitment to act as an advocate for every single one of our clients. Our success is measured by their experience and satisfaction:
I had a wonderful experience with Nicolle, I had some issues with my Insurance policy and Nicolle straightened them up immediately. THANKS AGAIN NICOLLE !”
“Callie stepped up and provided a very professional service and responded to all our questions in a timely manner. We highly recommend Standard Insurance Brokers.”
“The agent, Celeste, was very prompt with her responses. She was able to source a favorable and economical premium compared to what I had. Very good service so far.”
“The ladies that work here are great! So sweet and kind! Thank you for the A+ customer service”