Impact Financial Planning Inc.

Impact Financial Planning Inc. Impact Financial Planning Inc.

Impact Financial Planning offers Canadians the ability to work with a fee-based Certified Financial Planner® (CFP®) professional to create a customized, comprehensive plan that sets you on the right path to achieve your financial goals. was founded on the principle that regardless of financial status, everyone deserves the right to:

- Be informed and educated on important financial topics
- Have

a comprehensive financial plan that achieves their specific goals
-Deal with a knowledgeable professional without having to lose a significant portion of their lifetime investment growth due to paying high investment fees

​We offer clients throughout Canada (excluding Quebec) the ability to work with a Certified Financial Planner® (CFP®) professional that has over a decade of industry experience. Together we will create a customized, comprehensive plan that sets you on the right path to achieve your financial goals.

​The planning and advice we provide is at a fixed fee. Our company doesn't charge an asset under management percentage on your investments or recommend high fee investments that benefit the investment company and not the client.

Here are a few ways to contribute to organizations you hold dear before the end of 2022 while also maximizing personal t...
12/15/2022

Here are a few ways to contribute to organizations you hold dear before the end of 2022 while also maximizing personal tax benefits:

Here are five things to consider before Dec. 31 to make the most, tax-wise, of your charitable donations in 2022. Find out more.

With inflation rising this year the TFSA contribution limit will also be increased from $6000 to $6500 for 2023:
10/24/2022

With inflation rising this year the TFSA contribution limit will also be increased from $6000 to $6500 for 2023:

Next year's limit can be calculated using CPI data released Wednesday

With the Bank of Canada raising their lending rate again yesterday, here's a good article which provides insight on what...
06/02/2022

With the Bank of Canada raising their lending rate again yesterday, here's a good article which provides insight on what this means and how it can affect you:

The central bank's overnight interest rate sets the tone for the prime rates offered by banks. We explain what that means for you.

The government released this year's federal budget yesterday. Here are some key points from the budget that could be rel...
04/08/2022

The government released this year's federal budget yesterday. Here are some key points from the budget that could be relevant to how much tax you pay going forward:

This year’s federal budget saw a variety of tax measures affecting individuals, corporations, and charities

As we all get ready to file our taxes for 2021, here are some tips that may help you prepare the submission.
03/24/2022

As we all get ready to file our taxes for 2021, here are some tips that may help you prepare the submission.

Keep these 5 items in mind this season

Cryptocurrency has become an investment choice for many investors over the last 5-10 years. Here's a good article which ...
01/27/2022

Cryptocurrency has become an investment choice for many investors over the last 5-10 years. Here's a good article which helps clarify how the CRA will tax you on these kind of investments.

A cryptocurrency is a type of virtual asset that is protected using cryptography. It typically uses a system called a blockchain to record and keep a history of transactions. Cryptocurrencies, such as Bitcoin and Ether, are independent, meaning they do not rely on governments, central banks, or othe...

With the holiday season coming up soon, gift purchases can turn into an expensive endeavor. Here are some tips to ensure...
10/14/2021

With the holiday season coming up soon, gift purchases can turn into an expensive endeavor. Here are some tips to ensure that you won't be feeling a financial hangover in the New Year.

The small end-of-the-year window can offer some time to make money moves that help prevent a holiday debt hangover.

With house prices soaring, it's becoming more and more common that parents provide monetary support to their children fo...
10/12/2021

With house prices soaring, it's becoming more and more common that parents provide monetary support to their children for buying a home. To ensure that the parents ability to be repaid and their children's equity is protected, this article goes into some essential tips on how to structure the support offered.

Lawyer urges advisors to document their loans and set up marriage contracts to protect their capital

There is a severe lack of understanding and transparency in Canada on how your financial advisor is compensated or how m...
10/03/2021

There is a severe lack of understanding and transparency in Canada on how your financial advisor is compensated or how much you are paying annually for investment fees.

An even more important issue that's not understood well is how these annual fees add up over time to have you losing an insanely large portion of your life savings.

If you're not exactly sure what you're invested in or what you're currently paying in fees reach out and I'll give you an unbiased view on the situation.

John is unclear about what he’s paying his advisor, and cannot seem to get a straight answer.

Depending on the particular type of investment you're borrowing funds to purchase, it may be possible to deduct the inte...
08/10/2021

Depending on the particular type of investment you're borrowing funds to purchase, it may be possible to deduct the interest paid on your taxes. This article outlines many of the circumstances where it can be possible to deduct the interest. Two key points to consider in any of these scenarios are:

1) It's always a good idea to keep borrowing for investing purposes separate from personal borrowing use (i.e. set up one line of credit for the business reason, one line of credit for personal use)

2) Leveraging credit to invest includes extra risk as you can lose on the investment and still have to pay back the loan. It's always important to review the strategy with a qualified financial planner to ensure it makes sense for your situation

Interest paid may be tax deductible under the right circumstances. Find out which scenario might apply to you.

In this market many home owners are borrowing their maximum approved mortgage limit. However, it's important to know tha...
07/20/2021

In this market many home owners are borrowing their maximum approved mortgage limit. However, it's important to know that this approval formula only factors in your mortgage payment, heat, property tax, condo fees (if applicable) and other borrowing payments such as car/student loans, credit cards or lines of credit.

The formula doesn't include other costs you'll have as a home owner like insurance, utilities, security systems and general maintenance or upkeep. It also doesn't include food, clothes, cell phone costs, travel, insurance for your car, gas/maintenance on your car or child costs.

After factoring in the maximum mortgage costs and the other lifestyle costs mentioned above, the majority of people will find large restrictions on their cash flow (commonly known as house poor). This can affect your ability to enjoy life as well as prevent you from achieving other financial goals such as saving for your retirement or children's education.

Prior to making a decision on how much of a mortgage you should borrow, it's important to speak with an unbiased financial planner who can help you create a realistic budget of your lifestyle expenses and the new costs of the home. That way you can get a feel of what payments you're truly comfortable with.

Normally the "maximum affordable mortgage" the lenders will give you and the maximum affordable mortgage you can comfortably afford are two different numbers.

Feel free to reach out if you have any questions!

Soaring home prices over the past year have forced a majority of today's homebuyers to use the maximum mortgage amounts they've been approved for.

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343 Preston Street/11th Floor
Ottawa, ON
K1S1N4

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