Wealth Strategies: Navigating Global Uncertainty - Checklist 

We have been - and will continue to be - living in a time of global uncertainty in multiple realms, at least for the short-term. This is in turn affecting our everyday lives and shaping our futures as Canadians. 

We therefore need to be cognizant of this and assess our approach to financial planning as such. Many successful Canadians and, in particular, entrepreneurs/business owners, may inadvertently ignore this while they are consumed by addressing their business needs. 

Times like these, however, present an opportunity to change our sails accordingly. Specifically with respect to our investment portfolios, tax strategies, estate planning and risk mitigation, several of which may overlap one another. 

Firstly, our investment portfolios. As the winds change this may mean our portfolios also change over time and perhaps our risk level will need to be adjusted as well. This is certainly true of the past 20 years, whereby the traditional portfolio of fixed income and equity no longer keeps pace in today’s far more complex environment. This can mean diversifying our asset allocations and integrating alternative products, private equity, and non-correlation to public markets into the overall plan. 

Secondly, taxes. Strategies to minimize or defer our tax burden often evolve over time as changes in our assets, marginal tax rates and the administration of Federal and Provincial tax are also implemented. This can entail tax-loss selling, the use of corporate structures, formal trusts and allocation of tax favourable investments held outside of registered accounts.

Risk strategies come into play at various times for distinct reasons in our life cycle. This can mean diversification within investment portfolios as noted prior, insurance products designed for outstanding liabilities or tax strategy components, business insurance, disability, critical illness, life, or disability products. 

Estate planning sounds simple, but things can quickly become more complex when various family dynamics and additional parties enter the picture. Making both fair and equitable decisions can also be challenging for those with more complicated assets, and particularly business enterprises. Again, we can see the overlap of tax planning within estate planning and succession. This can require significant planning many years in advance in order to deploy and take advantage of some of these strategies. 

As we navigate through uncertainly and an evolving global landscape, the instruments that we look to should remain one’s investment process and evolving financial plan. Both pillars continue to consider not just the raw economic data, but rather a comprehensive wealth management process, best led by a team of financial professionals.

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DISCLAIMER: Opinions and estimates are written as of the date of this report and may change without notice. Any commentaries, reports or other content are provided for your information only and are not considered investment advice. Readers should not act on this information without first consulting Milestone, their investment advisor, tax advisor, financial planner, or lawyer. This communication is intended for Canadian residents only and does not constitute as an offer or solicitation by anyone in any jurisdiction in which such an offer is not allowed.