Dr. Ocean

When Dr. Ocean approached Beach Street, he was behind in his tax installments and lacking clarity on his accounting and income tax obligations. He was unclear on how to get money out of his corporation in a tax effective manner and did not clearly understand how to achieve his financial goals. A busy practice meant he couldn’t focus on important financial aspects of his business.

The team at Beach Street Wealth created a comprehensive tax plan to increase Dr. Ocean’s after tax cash flow. We automated the process to manage the tax installments, ensuring he was always up to date. Through some planning discussions, they determined the cash flow required annually from the business and optimized his corporate tax deferral and corporate investment strategies. While overseeing all aspects of the accounting functions, the Beach Street team is in a position to guide all future financial business decisions.

John, Mary, and John’s Mom

John and Mary approached Beach Street Wealth in nearly total financial disarray. Investments were held across five different brokerages and debts were in three separate banks. They had amassed credit card debt and while both were earning significant salaries, they weren’t able to manage their cash flow efficiently. In addition, John’s father just passed away and John’s mom wanted to stay in her house by herself, but could not afford to do so. John and Mary needed to better structure their financial affairs and help their mom to stay in her home.

Through the discovery discussion with Beach Street Wealth it was determined John (who was an only child) would be able to help his mother stay in her home. We explained how maintaining her home as a principal residence would entitle her to utilize her Principal Residence Exemption. This was good opportunity to discuss generational tax planning and what a well thought out tax plan could do. John and Mary’s house had appreciated significantly in value since they purchased it and we were able to refinance, consolidate all debts and provide flexibility to help manage cash flow more efficiently. All of their investments were consolidated with one of our strategic partners giving better visibility and oversight in the management of their investments. Through the process, John and Mary had much greater peace of mind and significantly improved cash flow.

Mr. and Mrs. Sand

Mr. Sand just accepted a new position and was navigating his new compensation plan. Understanding the various components of what was available to him (RRSP, RSU, Stock options) was causing a lot of confusion. Both Mr. and Mrs. Sand have good jobs and had built a better foundation than they were even aware of. However, they lack clarity as to opportunity, timeframes for retirement, whether they will be able to afford helping their kids with education costs and a down payment for their kids first home.

Mr. and Mrs. Sand sat down with the Beach Street Team and put together a comprehensive life plan. We discussed how to maximize company matching programs and gave a clear understanding of various tax treatments of each account. They also found significant benefits in restructuring their mortgage saving them thousands of dollar over the remaining term and giving them flexibility in their financing structure to do some additional investing. Over the remaining working years not only were they able to fully maximize the RESPs under the new plan but also set aside a sizable down payment to help each of their children purchasing their first home.