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Lisa and her husband Dan run a successful retail clothing business, with a chain of seven stores across Canada. They have three teenage children; a 19 year-old son in first-year university, a 16 year-old daughter in grade 11 high school, and a 13-year old daughter in junior high school. They travel extensively in Canada and the U.S. for business and own a vacation property in Florida. As Lisa and Dan’s children and business have grown, so have their financial needs. Lisa requires a healthy cash flow to run the business, tax-smart ways to transfer equity from her business to her family, and ideas on how to best protect her family’s financial security.
Lisa’s Scotia Wealth Management team helped her create a personalized plan that considered:
Working with her ScotiaMcLeod® Wealth Advisor in a fee-based investment relationship, Lisa has a robust portfolio with registered and non-registered accounts, including Registered Education Savings Plans (RESPs) and Tax-Free Savings Accounts (TFSAs). Together, these accounts work to help Lisa reach her big-picture goals of saving tax-efficiently for her retirement and her children’s education.
As a core part of her financial plan, we helped Lisa review important tax strategies such as income splitting and tax-deferred investing with her external tax professionals. Based on her business structure, we helped identify opportunities to minimize Lisa’s family’s tax obligations through investment-based income splitting strategies.
By understanding Lisa’s goal to protect her family’s financial security, and her integral role in the family business, we helped Lisa identify insurance strategies that could play a role in protecting her family financially in the event of an untimely death, or provide much needed cash flow if either she or Dan were diagnosed with a critical illness.
With an introduction from her Wealth Advisor, Lisa met with a Business and Family Wealth Specialist who took a customized approach to developing a plan that considered Lisa’s entire financial picture and how strongly connected Lisa’s business is with her personal goals. Working together with her other Scotia Wealth Management professionals, Lisa put strategies in place to help monetize some of the equity she has in her business today, while preparing her business for future sale on her retirement.
In addition to the savings plan for Lisa’s children’s education needs, Lisa’s ScotiaMcLeod Wealth Advisor also worked with her external tax professionals to create a family trust that could help her children access regular income in a more tax-efficient way.
Lisa worked with her Private Banker to evaluate how she could access capital to continue investing in her business. Lisa’s Private Banker helped her establish a simple and convenient line of credit secured against her investment portfolio. Using the Total Wealth Credit Solution™, Lisa can access funds easily to support the growth of her business, without negatively impacting her investment strategy.
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