Family Financial Services
Explore how our expert family financial planning can secure your family's financial future.
Your Family, Your Financial Future
We believe in helping you start your family financial planning journey as early as possible, but we’re here to support you at any stage. Whether you’re just beginning or already working towards your goals, our commitment is to help you achieve the financial security your family deserves.
Your Family’s Financial Future – common questions
- How can I start saving for my child’s education?
- What steps should I take to build a solid financial foundation for my family?
- How do I protect my family’s assets and plan for the unexpected?
Every family’s financial needs and goals are unique, and it’s natural to have questions about how to reach them. No matter where you are in your planning journey, we’re here to ease your concerns and bring peace of mind. By developing a personalized financial plan and providing a clear path forward, we help ensure your family’s financial future is secure and aligned with your dreams.
Family financial planning involves identifying your family’s income, expenses,
and future needs, then crafting a strategy to build financial security
and achieve your family’s long-term goals.
Start Planning for Your Family's Future
Whether you're just starting your family's financial journey or looking to refine your current plan, establishing and regularly reviewing a financial strategy is essential. With changing tax regulations and a variety of savings and investment options, ongoing monitoring and adjustments are key to keeping your family's financial goals on track.
Registered Education Savings Plan
Get free access to our Investia Registered Education Savings Plan (RESP) calculator and take the first step towards securing your financial future with premium insights and guidance.
Registered retirement savings plan (RRSP)
Maximize the tax benefits of your Registered Retirement Savings Plan (RRSP) by making contributions that reduce your taxable income, while allowing your investment gains to grow in a tax-sheltered account.
Non-registered savings plans
Explore the benefits of a non-registered savings plan, ideal for those who wish to continue growing their savings. This allows you to achieve potentially higher returns and open the door to investment funds.
Family Financial Planning in Canada FAQ
Family financial planning involves creating a strategy to manage household income, expenses, savings, and investments. It includes budgeting, saving for future goals like education, retirement, and managing debt, all tailored to the unique needs of Canadian families.
Canadian families can save on taxes through strategies such as contributing to RRSPs to reduce taxable income, optimizing the Canada Child Benefit (CCB), and taking advantage of tax credits like the Child Care Expense Deduction and the GST/HST Credit.
The best savings accounts for Canadian families often include TFSAs for tax-free growth, RESPs for saving towards children's education with government grants, and high-interest savings accounts for emergency funds.
Families can maximize the Canada Child Benefit by managing their income strategically, such as making RRSP contributions to lower net income, which can reduce CCB clawbacks and increase benefit payments.
Effective budgeting tips for Canadian families include tracking all income and expenses, setting clear savings goals, prioritizing debt repayment, and regularly reviewing and adjusting the budget to stay on track with financial goals.
Registered Education Savings Plans (RESPs) allow families to save for their children's post-secondary education with the added benefit of government grants, such as the Canada Education Savings Grant (CESG), enhancing the savings growth.
Canadian families can protect their finances by having adequate insurance coverage, including life, health, and disability insurance, and by establishing an emergency fund to cover unexpected expenses.
Estate planning ensures that a family's assets are distributed according to their wishes, minimizes taxes and legal fees, and helps avoid family disputes. Essential elements include having a will, powers of attorney, and possibly trusts.
Investment and Savings Products
| TFSA | A tax-free savings plan for various financial goals. | Learn more |
| LIRA | Transfer your former employer’s pension savings into a LIRA. | Learn more |
| Non-registered Savings | A flexible plan for saving beyond RRSP and TFSA limits. | Learn more |
| RRIF | An RRSP extension to manage retirement income after age 71. | Learn more |
| LIF | Withdraw funds from a LIRA periodically for retirement. | Learn more |
| RRSP Loan | A loan option to continue contributing to your RRSP. | Learn more |
| RESP | Save for your child’s education with government grants. | Learn more |
| RRSP | A tax-advantaged retirement savings plan to reduce taxable income. | Learn more |
| PPI Management Inc. | Access a wide range of insurance products via PPI Management Inc. | Learn more about PPI Management Inc. |
Secure your financial future with tailored investment products from Craven Financial Planning. Our expert advisors will help you navigate the complexities of the market, offering personalized strategies to grow and protect your wealth. Take the first step towards achieving your financial goals—contact Craven Financial Planning today for a comprehensive investment consultation.