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What is the value in a CERTIFIED FINANCIAL PLANNER® professional?


Before discussing the value of a CERTIFIED FINANCIAL PLANNER® professional, it’s important to understand what the designation means. What’s the difference between a CERTIFIED FINANCIAL PLANNER® professional and an investment advisor?



According to the following link: Government of Canada: Choosing a Financial Advisor, anyone outside Quebec can use the terms “financial planner” or “financial advisor”. Their stance is that the difference between advisors depends on their education and certifications – and furthermore, the GoC says that financial planning certifications help you to find an advisor with the skills you require.

The article goes on to say that a financial advisor is someone who helps you manage your money, like an Investment Advisor or insurance agent, and that a financial planner is a type of advisor that assists you in developing a long-term financial plan that helps you reach financial goals. Examples from the article that a financial planner can help with:

  • Budgeting
  • Saving money on taxes
  • Planning for retirement
  • Estate planning
Financial Consumer Agency, Government of Canada “Choosing a Financial Advisor” August 2, 2018


David Sweeney and Janet Bride fill the roles of both Investment Advisor/Associate Investment Advisor and financial planners; their role is to help you manage your money and create a plan to reach your long-term goals. But what is the value of a CERTIFIED FINANCIAL PLANNER®professional?


Data collected from the FPSC “Value of Financial Planning Study”:

  1. “People with financial plans report feeling more on track with their financial affairs.
  2. Those who have financial plans and think retirement is an important goal feel more confident in their plans to retire.
  3. People with financial plans feel they have improved their ability to save in the last five years.
  4. Those who have financial plans are more confident that they can deal with financial emergencies, tough economic times, and ensuring loved ones are financially looked after.
  5. People who engage in comprehensive financial planning report higher levels of emotional, financial and overall contentment over those who have engaged in limited planning.”


READ MORE: Financial Planning Standards Council, “The Value of Financial Planning Study”

How Contributing To, Withdrawing From & Investing in RESPs Affects You

Registered Education Savings Plans are the best way to save for your child’s education. While the contributions themselves are not tax-deductible, the federal government will contribute an extra 20% of your yearly contributions up to $500.00 per year at minimum, depending on your family income. You can start contributing to an RESP for your child as soon as they have a Social Insurance Number. However, the latest date to start contributions that qualify for grant payments is the end of the calendar year before your child turns 15.

When withdrawing from an RESP, it’s important to consider your child’s taxable income. The contributions you have made may be withdrawn tax-free for education purposes, but the grant payments and return on investments will be included on your child’s tax return.


Click here to read more from the Financial Post


Please contact us using the “Book and Appointment” form below to discuss any questions about opening or withdrawing from RESPs.