Protection and Growth are two very important elements in every family’s financial story. Solomon advisors have access to dozens of companies that provide an abundance of different products.
This means that our advisors can choose the best product based on your needs.
We can help protect you and your family with an array of options to protect your most valuable assets and help you grow with great investment opportunities.
To learn more about our products select the options.
A Segregated Fund is an investment with built in protection. It comes with maturity and death guarantees and has the ability to bypass probate upon death. It is safe from creditors and you can name a beneficiary. This means your money can pass directly to whomever you wish, completely confidential.
A Tax Free Savings Account is a type of tax shelter for an investment of your choosing. Any growth on an investment inside a TFSA will be completely tax free – as it grows and when it is taken out. The amount an individual can contribute to their TFSA grows every year starting at age 18.
A Registered Retirement Savings Plan is a type of tax shelter for your investments. Any growth on an investment inside a RRSP is considered tax deferred. Putting money into a RRSP generates a tax deduction based on your current tax bracket. However any money taken out of an RRSP is considered income the year it is withdrawn. This means you pay taxes at your full tax rate on the full withdrawal.
A Registered Education Savings Plan is a type of tax shelter for your investments. Any growth on an investment inside an RESP is considered tax deferred. Canadian Education Savings Grant will match approximately 20% of annual contributions (Up to a maximum of $500 per year). Money taken out of an RESP is considered income in the hands of the student in the year it is withdrawn. This means they will pay taxes on the full amount including the growth and grants at which ever tax bracket they are in.
An Annuity is an agreement between an individual and an insurance company. The individual pays a lump sum to the insurance company and in return the insurance company pays the individual a set annual income. This set income may begin immediately or at some point in the future. As a result, the risk is transferred from the owner to the insurance company, and the owner then has a steady stream of income usually during retirement.
A Guaranteed Investment Account or Guaranteed Investment Certificate is a deposit with an insurance company or bank by an individual with an agreement of interest to be paid in return over a set period of time. GIAs have the ability to bypass probate and are creditor protected. GIAs can also have designated beneficiaries, this means your money can pass directly to whoever you wish, completely confidential.
Life insurance protects you and your family in the event of a loss. There are two types of life insurances; Term insurance lasts for a set period of time and permanent lasts indefinitely.
Health and Dental insurance pays benefits for things like dentistry, eye care, orthodontics, massage therapy, physiotherapy, medical equipment, prescription drug, and many more.
Travel insurance covers individuals, and families, leaving home in the event of a trip cancellation, baggage loss, and medical emergency.
Critical illness insurance pays a benefit if you are diagnosed with any of the specified illnesses.
Group plans give owners of small and large businesses the option of offering competitive health insurance to their employees or members. Often times, insurance is offered at a discounted price because the insurer’s risk is spread across a group of policy owners.
Disability insurance is meant to cover your ability to earn income. If you become disabled, and can no longer earn an income, it will pay you a benefit.
LTC covers the expenses that come along with a chronic medical condition, disease, or disability that are not covered by public healthcare. Example expenses would be assisted living, respite care, a specially equipped nursing home, home modifications to accommodate a disability, etc.
At Solomon, coaching people on how to manage money is at the center of what we do. We believe it is the foundation to every person’s financial home, and we walk alongside our clients to help build that firm foundation brick by brick.
Whether you are a first time home buyer, or a seasoned owner, we work with knowledgeable and experienced mortgage brokers and bank representatives who can help you find the best solution for your situation.
A loan taken out for the sole purpose of investing in a RRSP. Principle and interest payments are then made to pay off the loan while the lump sum deposit into the RRSP is growing tax-deferred.
A loan taken out and deposited into an open investment for the purpose of long-term growth.