Take Control of Your Future: Financial Planning Assistance with a CPA.
Wealth management and financial planning is a mystery to many Canadians. In trying times, even considering what to do with your hard-earned cash can be a scary thought. Creating a financial plan is a way to set yourself up for retirement, grow investments and, most important, navigate the inevitable issue of taxes. When you want to take hold of your financial future, working with a Chartered Professional Accountant (CPA) helps your wealth manager or financial planner to construct a plan to meet both short-term and long-term goals.
Many Manitobans rely on their accountants solely for income tax preparation. While tax filings are a specialty for any CPA, calling only at tax time means leaving valuable resources on the table. The goal of any CPA is to help clients allocate resources and create success by managing business finances, bookkeeping, tax planning, and offering insight into financial statements, business strategy, estate and succession planning for businesses and individuals. Utilizing the full breadth of knowledge of CPAs can help your financial planner, wealth manager, or other financial advisors create appropriate plans and strategies to help secure your financial future.
If balance sheets give you nightmares or you are struggling to navigate your latest profit and loss statement, call KJL & Associates today.
Managing Your Household & Business Finances
Financial Advisor is a broad term. Anyone who offers up advice on what to do with your money could call themselves a financial advisor but that doesn’t guarantee that they are giving you accurate information. All it takes is one wrong decision to throw your financial security into a tailspin. Consulting a financial expert doesn’t only offer insight into the current situation, it means looking ahead to the future, providing security and peace of mind.
Household Financial Planning: We don’t always realize it but nearly all Canadians share a few common goals: to own a home, to travel, to eventually enjoy their retirement and to have something left to leave behind to their families and loved ones. Many of these goals are intertwined with one another and working with a CPA can help figure out the best way to achieve your aspirations. For example, a CPA is able to advise on any available tax advantages when purchasing or updating a home. From claiming the First-Time Home Buyers’ Tax Credit, to structuring renovations to take advantage of the Multigenerational Home Renovation Tax Credit, to appropriate utilization of the First Home Savings Account, using a CPA can save you thousands!
Financial Planning for Businesses: When dealing with a business, financial documents are worth their weight in gold — but they are complicated! As a business owner, working for yourself means financial freedom but it also means taking on all financial responsibility. When you own a business, every financial decision that you make will create a ripple effect and proper management can help to reduce the risk of negative consequences. For example, your choice of business structure will have tax implications. Without full information and understanding, you might be dealing with large tax bills, improper filings, and even fines. Working with a CPA means being able to create a viable business plan, business structure, as well as creating a framework for growth with budgeting and cash flow forecasts.
KJL & Associates: Creating Your Unique Financial Future
At KJL & Associates, we understand that financial goals, assets, and income will change with every household and business. Instead of trying to fit your financial needs into a generic framework, your CPA will work closely with both yourself and your advisory team to create customized plans and strategies that both grow your wealth and keep you in compliance with all regulatory requirements going forward.
In-depth tax and financial analysis are applicable to all Canadians at all stages of their financial lives. One of the main distinctions between Chartered Professional Accountants and other professionals is the ability to utilize knowledge of financial strategy to provide sensible and appropriate advice. CPAs are experts in financial reporting, tax, audit and assurance, corporate finance, taxation, business valuation, and corporate advisory. By hosting meetings with clients and translating financial statements, tax returns, and other financial documents, a CPA can help give comfort over your financial present and future.
It is never too late or too early to take control of your situation. The team at KJL & Associates is available to service Winnipeg residents and business owners, so don’t hesitate to book a consultation and start the journey to peace of mind.