General
1. So what, exactly, is a fee-only | advice only financial planner?
Advice-only financial planners provide unbiased, independent guidance on your financial affairs—covering everything from risk management to retirement, investment, tax, and estate planning. Unlike traditional financial planners, their fee-only model means they’re not tied to selling products like investments, insurance, or mortgages, ensuring their sole focus is on you.
By aligning incentives with clients, fee-only advisors build long-lasting relationships through transparent, upfront pricing. This approach integrates every aspect of your personal finances into a unified plan, making your financial well-being the top priority.​ True fee-only, advice-only planning translates into no hidden costs, third-party influences, or kickbacks. Your advisor works for you—and only you—offering clarity, trust, and a partnership dedicated to your success.
2. What is the difference between a fee-only Financial Planner, Financial Advisor?
A traditional financial advisor primarily manages investments — with limited financial planning. Their revenue model often includes earning fees from investments, selling insurance, and offering other products. This commission-based approach can, sometimes, create conflicts of interest and may not always lead to the best outcomes for clients.
Some firms present themselves as fee-only or advice-only planners to attract clients, while their primary goal is managing investments—which typically accounts for over 90% of their revenue. It's always wise to inquire about their business structure upfront.
Fee-only, advice-only financial planning keeps advice and potential products separate. They represent a smaller segment of the financial advisory industry compared to commission-based or fee-based advisors; less than 1%. They are gaining popularity due to their transparent fee structures and unbiased advice. ​​
3. How often do I need your services?
That depends. Some clients will just use us for hourly advice, some will want a full financial plan done once and others will work with us on an ongoing basis with a monthly retainer agreement. If we do a retirement or financial plan we recommend a yearly meeting to make sure that you are on track and to see if there have been any changes in your situation.
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4. Do you sell/ offer financial products like mutual funds, stocks, bonds, ETFs?
No.
We do not hold a securities licence and cannot tell you which individual stocks, ETF's, etc. to buy. What we can tell you is the correct asset allocation, how to invest cost effectively (robo advisor, self directed, investment advisor, etc.) and how to invest tax efficiently. Don't confuse our services with what some "fee only financial advisors" offer, which is to manage your investments for a certain percentage of them. There is nothing wrong with this business model, it is just not what we offer.
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We offer unbiased, trustworthy advice about your investments as we don't make a commission, kickback or referral fee from them.
Budget & Cash Flow
1. What to do with excess Cash Flow?
You're making more than you are spending and building up cash in your bank account. Sometimes, clients get analysis paralysis with a large amount of money built up or a recent inheritance.
It's our job to assess where your household is at, collaboratively discuss your goals, and then advise you of the best use of your current and future cash flows. This can sometimes be paying down the mortgage, buying an investment property, contributing to your TFSA, RRSP, etc.
If the money is going to investments we can also review your current setup and make sure you have a low cost and tax efficient one.
2. What to do when your mortgage is paid off?
If you are able to pay off your mortgage, and continue working, you will have to decide where all of the excess cash flow will go. A few good suggestions are home improvements, increase your retirement investments, see your kids through higher-ed, change your work / life balance or even downsize. There are many options to consider and being mortgage free is a big step on the path to financial independence.
3. How to handle household Risk Management?
Many clients that come to us are often not fully covered when it comes to life insurance, critical illness and disability. Having children or other dependents can often be the time when these are most important. Others often have expensive permanent life insurance policies that they want a second opinion on. We do a thorough assessment of your household and determine its needs and then provide our recommendations on what is best in a cost efficient way.
4. What to consider if buying a house jointly with my parents?
It can be very helpful to have your parents help you purchase a house. They can give you some money for the deposit and also be on the title (and most likely the mortgage). This does, however, present a risk to your parents as if you don't pay the mortgage they are also generally liable for it. This can get more complicated if you have a spouse / partner and it's the matrimonial home. We include these various scenarios in your financial plan so you can have a clear view of its financial benefits and responsabilities.
Retirement
1. How much can I expect from CPP and OAS?
They are two different programs: OAS is based on residency; with 40 years of being a resident you are entitled to the full amount. The 2025 maximum monthly amount paid by OAS is $727.67 for people between the age of 65 and 74, which comes out to $8,732.04 a year. If you are age 75 or over, the maximum payment is $800.44 in 2025.
CPP is based on how much you have contributed to the program. You can start it as early as 60 or as late as 70. The maximum CPP payment in 2025 is $1,433 per month or $17,197 per year.
Both of these programs should be taken into account for your retirement income planning as you can control the date you start the payment and OAS can even be clawed back if you have a higher income.
2. FIRE - Financial Independence Retire Early
When thinking about this lifestyle the obvious question is: will I have enough money? The two most important components are recurring income, and keeping a low overhead. A detailed, overall financial plan will ensure that you haven't missed anything and that a professional, second set of eyes has reviewed everything for you. Financial sacrifices now, can lead to financial independence later in life!
3. Retirement Plan matching for a DCPP
Employers often offer a matching program to encourage employees to save for their retirement. We have seen this range from 2% up to 9%; meaning that if you put in 2% the company will also give you 2%. You should generally maximize this "free money" from your employer and invest it according to your expected cash needs / retirement horizon.
4. RRIF vs. RRSP withdrawal
You contribute to your RRSP for most of your life and now have to decide when to convert it to a RRIF.
Doing so tax efficiently can have a big impact on retirment as you must convert the RRSP to a RRIF and start mandatory withdrawals at age 72. Once you convert to a RRIF you cannot make any more contributions and you will have a yearly minimum to withdraw. Both RRSP and RRIF withdrawals are taxable.
5. What are the benefits of RRSP contributions?
The major advantage of putting money into an RRSP is a reduction in that years income that often leads to a tax refund. The money grows tax deferred in the RRSP (ideally contributed in a high marginal tax year) and can then be taken out in retirement (ideally in a lower marginal tax year). You can then invest the tax refund or pay down debt for further gains. The RRSP also has some degree of creditor protection and the income can be split in retirement with a spouse after it has been turned into a RRIF after 65.
6. Do I need to name a beneficiary and / or successor holder?
For all of your investment accounts we recommend you name a beneficiary that matches up with your wishes from your will. This is why estate planning is so important. For your TFSA, you can name your spouse / common law partner as a successor holder (very useful, as you can keep the TFSA account) as well as naming them the beneficiary. Note that you cannot name other blood relatives a successor holder - like your brother, sister, etc.
Account Types
1. How best to fund the TFSA?
If you have surplus money at the start of the year, and you got more TFSA contribution room at the start of the year, you should put it in the TFSA right away. With money / investments in the TFSA you shield the gains that you achieve. Note that if you don't use your new contribution room, it carries forward and you can use it in future years.
2. What should I invest my RESP into?
This is generally based on your overall timeline. When your children are born, you might be able to have a more aggressive portfolio based on the expected years until the money will be used for their education. When you are within 1-2 years of when you think the money will be used, it is best to de-risk the portfolio and allocate more into GIC's. We never like to see a client selling their investments in a down market to pay for their child's education.
3. Is an "all in one" ETF worth it?
Should you decide that an ETF is the best choice for you the "all in one" ETF has many benefits. They are generally lower cost, rebalanced for you, generally very liquid, can be well diversified and easy to access through an online trading platform. For these reasons, this type of ETF is finding a home in more and more peoples portfolios. Note: this is not an endorsement to buy these types of products.
4. What are the tax implications of a joint investment account?
If you have a joint account (bank or investment) you must be very diligent with the record keeping. This is because the income tax implications are generally attributed to the spouse who earned the money. You shouldn't assume that as 2 x people's names are on the account that the income will be split 50 / 50.
Note: This is general advice, not tax advice.