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Financial Planning – Taking you and your family to a stronger financial position!

Finaccountant-using-calculator-successful-working-financial-data-37078781ancial planning is a process of assessing assets and resources, estimating future financial needs, and making plans to achieve monetary goals. Many elements may be involved in this process, including investing, asset allocation, and risk management. Tax, retirement, and estate planning are typically included as well.

Financial planning plays a role in helping individuals get the most out of their money. Careful planning can help individuals and couples set priorities and work steadily towards long-term goals. It may also provide protection against the unexpected, by helping individuals prepare for things such as unexpected illness or loss of income. (learn more…)

 

Disability Tax Credit (DTC) & Registered Disability Savings Plan (RDSP) provided by Revenue Canada

Disability Tax Tax RefundCredits assists individuals or families affected by disabilities with financial benefits. It is a non-refundable tax credit used to reduce a person’s taxable income, thereby offsetting additional expenses associated with a prolonged physical, or mental medical condition or impairment. The program also allows tax credits to be applied as far back as ten years, or the date of the diagnosed impairment, whichever is the earliest. Therefore, you may eligible for a tax free refund and, going forward, annual tax credits. (learn more…)

 

Risk Management – Protecting What Matters: Your Family!

Insurance Risk dice Drop shadowProducts are designed to protect you and your family against uncertainties. These uncertainties can be short to medium term. They can be permanent, or both. But selecting the right product can be a maze of confusion. You have to make sure the insurance product is the appropriate one for its use, has the proper amount of protection, and the type and features are suitable.

Vaughan & Associates will eliminate that confusion for you through our many years of experience and expertise. We will properly select the right insurance product for your unique situation, whether it be guarding against financial loss brought on by a premature passing, offset loss of income, reduce or eliminate debt, or to ensure your wishes are fulfilled. (learn more…)

 

What is Estate Planning?

Believe it or not, you have an estate. In fact, nearly everyone does. Your estate is comprised of everything you own— your car, home, other real estate, checking and savings accounts, investments, life insurance, furniture, personal possessions. No matter how large or how modest, everyone has an estate and something in common—you can’t take it with you when you die.

Estate-Planning-Will-webWhen that happens, you probably want to control how those things are given to the people or organizations you care most about. To ensure your wishes are carried out, you need to provide instructions, normally a will, stating whom you want to receive something of yours, what you want them to receive, and when they are to receive it. You will, of course, want this to happen with the least amount paid in taxes, legal fees, and court costs.(learn more…)

 

TAX PLANNING – Why it is so Important!

Tax planning is a broad term that is used to describe the processes utilized by individuals and businesses to pay the taxes due to provincial and federal tax agencies. The process includes such elements as managing tax implications, understanding what type of expenses are tax deductible under current regulations, and in general planning for taxes in a manner that ensures the amount of tax due will be paid in a timely manner.

OThose who planne of the main focuses of tax planning is to apply current tax laws to the revenue that is received during a given tax period. The revenue may come from any revenue producing stream that is currently in operation for the time period concerned. For individuals, this can mean income sources such as interest accrued on bank accounts, salaries, wages and tips, bonuses, investment profits, and other sources of income as currently defined by law. Businesses will consider revenue generated from sales to customers, stock and bond issues, interest bearing bank accounts, and any other income source that is currently considered taxable by the appropriate tax agencies.(learn more…)