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Senior Financial Planner
David Perkins is a financial planner who has proven his ability and dedication to his clients for over 25 years. He helps families simplify their affairs and increase their quality of life through an integrated approach to wealth planning which includes expertise in investments, insurance, tax, retirement, and estate planning. David specializes in planning for business owners and providing high net worth planning services. David completed his Certified Financial Planner designation in 1998. He believes in continuing education, and has earned industry designations that enhance his ability to deliver exceptional advice. Along with his CFP designation, he has earned his Elder Planning Counsellor and Certified Executor Advisor designations. David has also taught the Registered Retirement Consultant course at Capilano University. In addition to his work as a Senior Financial Planner, David is recognized for his community involvement - volunteering for charitable and community organizations such as the Canadian Youth Business Foundation and LJ Christmas Manor (current President) - and regularly speaks for community and business groups. David also served for 9 years on the Board of Directors for a publicly listed company (3 of those years as Chairman of the Board). He chaired their audit committee and served on their compensation and governance committees before stepping down in December 2016. Whether you would like to discuss your options or start creating your wealth plan today, David will be glad to answer your questions.
View published source ↗Navigating retirement living in BC
Aging in Place: This is another option for Assisted Living. Most seniors will follow this hybrid care model, where Independent Living is converted to Assisted Living by sending support services directly into retirees’ current homes. Health care professional visits are on a scheduled basis, providing care as needed. Government services are income-tested through a formula and may be free for low income or disabled seniors. These services are offered for a lower cost and are performed within a 2–3 hours window of the requested time. If a senior prefers to have a shorter window for their appointment time, private companies offering the same services can be hired; however, it is usually at a higher cost. Private companies may also offer non-medical-related services, such as meal preparation, housekeeping, and companionship. Aging in Place is the BC government’s preferred model of care for Assisted Living and used to meet the needs of most retirees. It is more cost effective to send services into a senior’s home on a scheduled basis, than to house seniors full time in a government facility. As well, most independent seniors choose to remain in their own homes for as long as possible, retaining a higher level of autonomy and staying close to established networks of family, friends, and neighbourhood resources. Long-Term Care : This is the highest level of care offered to seniors by the BC government. It offers around the clock care in a dedicated facility and is intended for seniors that either have complex physical health care needs that require frequent or constant monitoring, or who are suffering from diminished mental capacity. This service is also income - tested and will cost 80% of after-tax income, up to a maximum of $4,073.40 per month.
View published source ↗Planning for Business Owners
Protecting key employees and the business : Key employees require both incentive and protection. While all employees are important, there are key personnel who are essential to the smooth operation of the business. Compensation for these employees may go beyond regular salary and bonus structures. Insurance solutions may also be advisable to protect both the business and any key staff, should they suffer illness, disability, or death. Partnerships : We work with owners to ensure that their interests are protected when expanding or taking on partners. Buy-sell agreements are essential for any partnership. Businesses should always have a clear plan for exiting a partnership before it is needed. Investments : Certain types of investment income are taxed at very high tax rates within a corporation. We show business owners how to invest tax-efficiently, maximizing after-tax income to the business and themselves. Maintaining flexibility for an early sale : Business owners don’t always solicit buyers. Sometimes buyers will approach with an offer, or unforeseen circumstances will lead to a quick sale. We show our clients how to maintain their status as a qualifying small business. Continual purification of a corporation is simple and keeps a company agile and ready to take advantage of the lifetime capital gain exemption available to business owners. Ensure shareholders’ eligibility for the lifetime capital gains exemption : Frequent purification of a corporation means that each shareholder in a family business can qualify for a tax-free benefit on the sale of the business of up to $913,630 each.
View published source ↗Planning for Business Owners
Business owners know that success is hard won and challenging to maintain. Your business has been built through sacrifice, long hours, mastery of new and unanticipated skills, and relentless determination. Now that your legacy has been established, you may have questions about how to maximize your business’ value or how to transition it to the next stage. Financial planning for business owners: Entrepreneurs must adapt to an ever-changing market, and your time is best spent working to help your business grow. We help identify planning opportunities and potential issues around taxation, estate, partnerships, succession, and risk management. We serve as a sounding board for our business clients, working with their team of professionals. We provide our clients with advice on: Transitioning to Retirement When owners transition to retirement, determining an exit strategy can be complex. We work with our clients to examine their options for succession or sale, always mindful of how to lower taxation and increase value. Preparation for the sale or transfer of a business can take years of planning to maximize the after-tax value from the lifetime capital gain exemption. We help our retiring clients to: If you have a business need that requires advice, please reach out for a consultation. Moving from sole proprietorship to incorporation : We help clients determine when it is appropriate to incorporate their business. If incorporation is appropriate, we advise on the corporate structure to maximize tax savings and to protect shareholders.
View published source ↗Considerations for How to File Your Taxes
Traditionally, couples must file joint tax returns in Canada. This allows for standard retirement income tax planning, which lowers taxes by combining tax credits to one spouse’s income, claiming deductions against the higher income spouse, and combining medical expenses (usually against the lower income spouse). The intention of filing this way is to keep income in the lowest possible tax brackets, between the two spouses. When couples are separated and file single tax returns, they may qualify for the additional government benefits of the Guaranteed Income Supplement (designed to support low-income seniors) and GST benefits more easily. This can potentially increase the income of either or both spouses. However, when one spouse enters Assisted Living or Long-Term Care, the benefits of income splitting usually outweigh the benefits of filing separate returns. Health Authorities charge between 70-80% of after-tax income for care costs. These fees do not show up on tax returns, but they have a significant impact on the total disposable income. The goal must be to reduce the income of the spouse who is in care as much as possible, by shifting income to the independent spouse, and consequently lowering the amount subject to the combined taxes and care costs of 84% in Long-Term Care. While this is definitely a high cost, it is important to note that these fees are dependent upon a percentage of income, so no one will ever be evicted from government care due to lack of funds.
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