Financial Planning FAQ — London, Ontario

The fit call is free, and the flat planning fee is published rather than hidden behind a sales call. It is $2,950 for an individual, $3,600 for couples and households, and $5,400 for business owners with a corporation or rental property, all plus HST. Complex situations are quoted on the call. A $500 deposit starts the work and counts toward the fee, and you pay the balance only after you have seen the whole plan. If you would rather I also manage your investments, that carries an ongoing management fee quoted in writing, and the planning is included in it.

Two ways and you pick. One, a flat planning fee: $2,950 for an individual, $3,600 for couples and households, and $5,400 for business owners with a corporation or rental property, all plus HST. Complex situations are quoted on the call. You keep the plan and carry it out yourself. Two, I manage your investments alongside the plan for an ongoing management fee quoted in writing, and the planning is included in that. A $500 deposit starts the work and counts toward the fee, and you pay the balance only after you have seen the whole plan. The fit call itself costs you nothing. See how it works for the full step-by-step.

You absolutely can do it yourself, and some people do it well. But most of the people I meet tell me they have been meaning to figure out the money stuff for years and never got to it. Paying someone buys you three things: the time back, a second set of eyes on the decisions you only make once, and the confidence that the plan actually holds up. I am a retirement planner, so what I build is the retirement side of that: the income, the drawdown order, the tax and the timing. If you are not sure it is worth it, book a fit call and I will tell you honestly whether I can add value for your situation.

A bank advisor works for the bank, and the shelf they recommend from is the bank's own. The bigger difference is what you walk away with. At a bank you usually get a product. I work as a retirement planner, so what you get from me is a written retirement plan: year-by-year income projections, the drawdown order, CPP and OAS timing, tax and estate all coordinated, and then help carrying it out. Most of my clients come to me after years at a bank because nobody ever built them the plan underneath the products.

Ask how they get paid, and make them answer plainly in one sentence. Then ask whether you get a written plan or just investment picks, whether they do tax planning, and how often you will actually hear from them. For comparison, here is how it works on my side as a retirement planner: a flat planning fee you agree to before I start, a transparent management fee if you also want me running the investments, and a commission from the insurer if you buy an insurance policy through me, which I raise at the time. Talk to two or three people before you choose. If you want one of those conversations to be with me, book a fit call.

Bring your most recent tax return, investment statements (RRSP, TFSA, non-registered accounts), any pension statements, mortgage details, and insurance policies. If you own a business, bring your corporate financial statements too. Don't worry if you don't have everything — we can work with what you have and fill in the gaps over time.

I review your plan at least once a year, and more often if something changes — a new job, a home purchase, a child, a business change, or a market shift. You'll hear from me regularly with updates and recommendations, not just when something goes wrong. My goal is to make sure your plan stays on track as your life evolves.

Yes. I don't just build the plan and hand it to you — I manage your investments on an ongoing basis. That means I handle the buying, selling, rebalancing, and tax-efficient positioning of your portfolio. You get regular updates and can call me anytime with questions. It's a hands-off experience for you.

That's completely fine, and plenty of my clients arrived with one. Most of them came from a bank because nobody there had built them an actual retirement plan. If you are happy where you are, that's great, and I will say so. But if you are wondering whether the retirement side could be done better, a fit call is a free second opinion with no pressure.

In Canada these words get used loosely, and in Ontario some of them are protected titles that require specific credentials. The more useful question is what the person actually does all day. A lot of this business is organized around selling a product: a fund, a policy, a portfolio. My work is retirement planning, which is why I go by Retirement Planner. I build the year-by-year income picture, the order you draw your accounts, the CPP and OAS timing, the tax over your whole retirement and the estate side, and then I help you carry it out. When you are comparing people in London, ask what you actually walk away with and how they are paid. Those two answers tell you more than the words on the business card.

Yes, and they belong in the same plan. I manage investment portfolios using low-cost, diversified strategies, and I run a proper insurance needs analysis: how much coverage your situation actually calls for, and how much it does not. Insurance products pay a commission from the insurer, so I say that up front and I quote across multiple insurers and show you the quotes, so you can see what you are choosing between. I will also tell you when you do not need a policy at all. The advantage of doing both in one plan is that they move together. Your life insurance need falls as your portfolio grows, and corporate-owned life insurance can be a strong tax planning tool for business owners.

Yes. While I'm based in London, Ontario and always available for in-person meetings, many of my clients prefer virtual meetings — especially those in nearby communities like St. Thomas, Woodstock, Kitchener, or Hamilton. Virtual financial planning works exactly the same: we share screens to review your plan, projections, and portfolio in real time. Whether you meet me at my London office or on a video call, you get the same retirement planning, investment management, and ongoing support.

Three things. First, you always know exactly how I am paid before anything happens: a flat planning fee published on this site, a management fee quoted in writing if you also want me running the investments, and a commission from the insurer if you buy an insurance policy through me, which I raise at the time. Nothing is buried inside a product, and because you pay for the plan directly, the advice only has to answer to you rather than to a product shelf. Second, the plan is genuinely integrated: investments, insurance, tax, retirement projections and estate sit in one plan rather than five silos that never talk to each other. Third, retirement income is the thing I specialize in, turning what you built into a paycheque that lasts, with the drawdown order and CPP and OAS timing decided properly. Most of this business is organized around selling products. I am organized around building plans.

Three ways, and you always know which one applies to you. One, a flat planning fee for building your retirement plan. The prices are published on this site, a $500 deposit starts the work and counts toward the total, and you pay the balance only after you have seen the whole plan. Two, a management fee if you would rather I run the investments alongside the plan. That is quoted in writing before you decide, and the planning is included in it. Three, insurance products pay a commission from the insurer. If a policy belongs in your plan I tell you that when it comes up, and I will also tell you plainly when you do not need one. That is the entire list.

It depends on your lifestyle, your home situation, and your income sources. A common rule of thumb is 70-80% of your pre-retirement income, but I've seen people need more and I've seen people need less. The real answer comes from building a detailed projection — what will your CPP, OAS, pension, and investment income actually look like year by year? That's exactly what I do for my clients. Book a fit call and I can give you a rough idea based on your numbers.

There's no one-size-fits-all answer. Taking CPP at 60 means smaller payments for life, but you get them sooner. Waiting until 65 — or even 70 — gives you larger payments. The right decision depends on your health, your other income sources, your tax bracket, and whether you need the cash flow now. I run the math for each client to find the break-even point and the optimal strategy for their specific situation.

The best time to draw from your RRSP depends on your tax situation. If you retire before 65, there's often a window where your income is lower and you can withdraw RRSP funds at a lower tax rate. This is sometimes called a 'meltdown strategy' and it can save you tens of thousands in taxes. But the timing has to be right — withdraw too early or too late and you lose the benefit. I build year-by-year projections so you know exactly when and how much to withdraw.

Old Age Security (OAS) starts to get clawed back when your net income exceeds roughly $90,000 per year. For every dollar over the threshold, you lose 15 cents of OAS. Proper planning — including TFSA maximization, pension income splitting, and strategic RRSP withdrawals — can help you keep your income below the clawback threshold and preserve your OAS payments. This is one of the key things I plan for with my retirement clients.

Your TFSA is your most flexible retirement income tool. Withdrawals are completely tax-free and do not count as income for OAS clawback purposes, GST/HST credit calculations, or age credit reductions. In retirement, use your TFSA strategically: draw from it to supplement RRSP/RRIF withdrawals without pushing yourself into a higher tax bracket, use it to manage OAS clawback thresholds, and consider holding your highest-growth investments in it since all gains are permanently tax-free. Many Ontario retirees underuse their TFSA — it should be a central part of your retirement income strategy.

There are dozens of legal strategies to reduce your Ontario taxes: maximizing your RRSP contributions, using TFSA strategically, income splitting with your spouse, optimizing your CPP timing, using the capital gains exemption if you own a business, and more. The key is proactive planning — most people only think about taxes in April, but the real savings come from planning throughout the year. I review my clients' tax situations regularly and make recommendations to keep their bills as low as legally possible.

It depends on your income now versus your expected income in retirement. If your tax rate is higher now than it will be when you withdraw, RRSP wins. If your tax rate is the same or lower now, TFSA might be better. For most people earning over $55,000 in Ontario, RRSP contributions make sense. But there are situations where TFSA is better, and many people should use both. I build a customized strategy based on your specific tax brackets and retirement timeline.

Ontario business owners have access to several powerful tax strategies: the small business deduction (lower corporate tax rate on the first $500,000 of active business income), Individual Pension Plans (IPPs) for business owners over 40, corporate-owned life insurance with tax-free Capital Dividend Account credits, salary vs. dividend optimization, and the Lifetime Capital Gains Exemption when you sell your business. Most business owners are only using one or two of these. I help them take advantage of all of them.

Pension income splitting allows you to allocate up to 50% of eligible pension income to your spouse for tax purposes. This is available starting at age 65 for RRIF withdrawals, annuity payments, and certain pension income. By splitting income, you can equalize the taxable income between spouses, keeping both in lower Ontario tax brackets. For a couple where one spouse has $100,000 in pension income and the other has $20,000, splitting can save $5,000 to $10,000 per year in taxes. This is one of the most powerful and underused retirement tax strategies I implement for my clients.

Common benchmarks suggest having 3x your annual salary saved by age 40 and 6x by age 50. So if you earn $100,000, that's $300,000 by 40 and $600,000 by 50. But these are rough guidelines — the real answer depends on when you want to retire, what lifestyle you want, your pension situation, and your tax bracket. Many London professionals who start serious investing in their late 30s or early 40s can still retire comfortably with a solid plan. The key is getting started and having a strategy. I build year-by-year projections based on your actual numbers so you know exactly where you stand.

Canada has some of the highest mutual fund fees in the world, and much of that cost is hidden trailing commissions that compensate a bank advisor whether or not they give you real advice. The bigger question is whether what you are paying is actually buying you planning. On the fit call I will show you exactly what you are paying inside your own investments and whether it is working for your retirement, so you can decide with your eyes open.

I build a diversified portfolio that matches your risk tolerance, time horizon, and goals. I use low-cost, well-diversified investment solutions — no expensive niche products or flavour-of-the-month picks. Once your portfolio is set up, I monitor it continuously, rebalance when needed, and make tax-smart decisions about what to buy, sell, and hold. You get regular updates and can reach me anytime with questions.

Your investments carry underlying fund fees (MERs), which I keep as low as possible by choosing efficient, low-cost solutions. On top of that there is an ongoing fee for managing the money, and the planning, tax strategy and reviews are covered inside it. I show you exactly what applies to your situation on your fit call, in writing, before you decide anything. Nothing is hidden and nothing is buried in fine print.

I use whichever investment vehicle makes the most sense for your situation. In many cases, that means low-cost funds that give you broad diversification without overpaying in fees. The specific product matters less than the overall strategy — proper asset allocation, tax efficiency, and keeping costs low. I'll explain exactly what I'm recommending and why.

This is one of the most common questions I get. The short answer: it depends on your mortgage rate, your expected investment returns, and your tax situation. If your mortgage rate is low and you have RRSP or TFSA room, investing often wins — especially when you factor in tax deductions and compound growth. But if carrying a mortgage causes you stress, paying it down has value too. I run the numbers for each client so you can make the decision with confidence.

An Individual Pension Plan (IPP) is a defined-benefit pension plan that a business owner sets up for themselves through their corporation. It allows significantly higher tax-deductible contributions than an RRSP — especially for business owners over 40. The contributions are a tax-deductible expense to the corporation, and the investment growth is tax-sheltered. IPPs are one of the most powerful retirement savings tools available to incorporated business owners in Ontario, and most people have never heard of them.

The right mix depends on several factors: your personal tax bracket, whether you want to create RRSP room, your CPP contribution strategy, your childcare expense deductions, and whether you're planning to use an IPP. Salary creates RRSP room and CPP benefits but comes with payroll taxes. Dividends don't create RRSP room but may result in lower overall tax in certain brackets. Most business owners benefit from a customized blend. I work with your accountant to find the optimal split.

When your corporation owns a permanent life insurance policy, the death benefit creates a credit to the corporation's Capital Dividend Account (CDA). This allows the corporation to pay out tax-free capital dividends to your beneficiaries. It's an effective way to get money out of your corporation tax-free at death. The premiums are paid with after-tax corporate dollars, but the tax savings on the back end often make it worthwhile — especially if you have significant retained earnings in your corporation.

Life insurance costs depend on your age, health, smoking status, and the amount and type of coverage. As a rough guide, a healthy 35-year-old in London can get $1 million of 20-year term life insurance for roughly $40-60 per month. Whole life insurance costs significantly more because it covers you for your entire life and builds cash value. Corporate-owned life insurance premiums vary based on the policy structure and corporate tax benefits. I provide a detailed needs analysis and quote comparison so you know exactly what you need and what it will cost — without any pressure to buy.

If no one depends on your income, you may not need life insurance right now. However, there are exceptions: if you have co-signed debts (like a mortgage with a partner), you want to leave money to family or charity, or you're a business owner with key person or buy-sell insurance needs. Also, locking in coverage while you're young and healthy can save you significantly on premiums later. During our planning process, I'll assess whether life insurance makes sense for your specific situation — and if it doesn't, I'll tell you that directly.

The right amount depends on your debts, your income, your family's living expenses, and your long-term goals. A common approach is to cover your mortgage, fund your children's education, and replace your income for 10-15 years. But if you own a business, you may also need key person insurance or a buy-sell agreement funded by insurance. I do a detailed needs analysis so you get the right amount of coverage — not too much, not too little.

Term insurance covers you for a specific period (usually 10, 20, or 30 years) and is the most affordable option. It's ideal for covering temporary needs like a mortgage or income replacement while your kids are young. Permanent insurance (whole life or universal life) covers you for your entire life and builds cash value. It costs more but can be useful for estate planning, corporate tax strategies, and ensuring a guaranteed death benefit. Many people need a mix of both.

In Ontario, probate (officially called an 'Estate Administration Tax') is charged at 1.5% on estate assets over $50,000. On a $1 million estate, that's roughly $14,500 in probate fees. Probate can also delay the distribution of your estate by months. There are legal strategies to minimize or avoid probate — including joint ownership, beneficiary designations, alter ego trusts, and multiple wills. I work with estate lawyers to help my clients reduce their probate exposure.

Absolutely. Every adult in Ontario should have an up-to-date will, a power of attorney for property, and a power of attorney for personal care. Without these documents, the Ontario government decides how your assets are distributed and who makes decisions for you if you're incapacitated. I'll help you understand what you need, and I work with trusted estate lawyers in London who can prepare the documents.

In Canada, there's no 'estate tax' per se, but there is a deemed disposition at death — meaning all your investments are treated as if they were sold, triggering capital gains tax. Your RRSP/RRIF is fully taxable in the year of death unless it rolls to a spouse. Strategies to minimize the tax hit include: maximizing TFSA (tax-free at death), using life insurance to cover the tax bill, gifting assets during your lifetime, and setting up trusts. I build an estate plan that coordinates all of these pieces.