Brigitte’s Financial Review - A GTA Wealth Management Inc. case study

Brigitte was a referral from a current client. She was handling her investments at her local bank branch. She felt overwhelmed with the investments that she had and was unsure about the type of investments that she should have. She realized that she needed some help.

We reviewed her current situation. We reviewed her risk tolerance, investment portfolio, risk management, tax position, work benefits package etc. She had various investments with the bank; however, she could not understand how they were performing and it was difficult to track all the investments. She was also behind in tax filing for numerous years.

First, Brigitte had to take care of her delinquent tax filings. Her employer had started to garnish her wage and this issue was a priority. We filed all her back taxes and were able to keep CRA at bay. CRA stopped the garnishment once the tax returns were filed.

Second, she was confused with her current investments. We reviewed the performance with Brigitte and showed her that there were other options that she could utilize. The bank also instructed Brigitte to invest more money into her TFSA; however, Brigitte is in the highest tax bracket. A TFSA contribution does not result in a tax deduction on her tax return; Brigitte was looking for some tax breaks. After completing her tax returns, we were able to calculate Brigitte’s Rsp contribution room. We maximized Brigitte’s Rsp contribution helping her accelerate her retirement plan and increase her tax refund. Brigitte has commented that her investments have performed very well since transferring; we can access over 50 companies.

Brigitte’s risk management had also lacked attention. We reviewed Brigitte’s benefits package at her place of employment. Brigitte stated that her benefits were fine; however, Brigitte did not have critical illness coverage. In addition, her disability income protection plan only paid her for 6 months if she became disabled and couldn’t perform her work duties. We assisted Brigitte in reviewing her critical illness options and helped her set up her own coverage. The critical illness coverage would provide a lump sum of $100,000 if she contracted an illness that was covered by her coverage; providing Brigitte with the necessary liquidity at a time when she may not be able to work.

Brigitte is now on track with her tax situation and her wealth management has been improved. GTA Wealth Management can also make a positive difference in your financial situation, all you have to do is call and talk to a financial advisor at GTA Wealth and start your journey to financial security and independence.

If you are a consumed with the hustle and bustle of everyday life i.e. work, family etc., handling your wealth management is probably the last thing on your mind. At GTA Wealth Management Inc., we can help. Contact or call GTA Wealth Management toll free 1 855 GTA WLTH (855 482 9584) to accelerate your ride to financial independence. A professional wealth management financial advisor is ready to serve your wealth management, tax return and planning needs. GTA Wealth Management Inc. has three convenient locations in Mississauga, Toronto and Markham to serve you.

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