Ongoing Tax & Insurance Reviews: Finding Hidden Opportunities Others Miss
Why Ongoing Reviews Matter
Most advisors review your taxes once a year and your insurance when you buy it. But tax laws change, your life changes, and costly mistakes compound over time. Our continuous monitoring catches opportunities and prevents errors before they cost you thousands.
Real Client Discoveries
The $10,000 Tax Error
As a part of our financial planning process, we often try to predict what a client’s tax return will look like for the next year. During our annual review we noticed that that our retired client’s income was $10,000 higher than we had predicted last year. Based on our long term relationship and knowledge of our client’s income we thought this was odd. We asked the client to let us review their full return and we noted that the client had accidentally included their capital gains as regular income, causing them to pay approximately $4,000 in unnecessary taxes that year.
The result: Our client was able to refile their tax return and get the $4,000 refunded.
The improperly structured insurance case
A client had bought a large whole life insurance policy for $3,000 per month. We noted that this insurance policy did not provide adequate coverage for the client and was not set to achieve the maximum estate value later in life.
Our solution: We created two strategies for the client to choose from. We had a strategy that provided 300% more insurance coverage while their children were young for about $250 per month, allowing them to have additional cashflow for other investments.
We also created a second strategy, where we optimized the insurance strategy, so that for the same amount of premium the client was able to add an additional $500,000 to their insurance policy benefit over 20 years.
Tax-Free Business Extraction
When working with a business owner client we noticed that they had significant savings in their company but did not have a tax free savings account. We asked the client if they were aware of any credits that their company could use to help them fill up their TFSA account.
Our approach: We got access to the clients online CRA my account. We found that the client was unaware that they had over $100,000 of credits to take money out of the company tax free which they could use to max out their TFSA account. This withdrawal also helped them retain more of their small business deduction that was reduced by having too much passive income in the corporation.
How Our Process Works
Continuous Monitoring
Annual tax strategy reviews
Ongoing insurance analysis
Life change triggers
Regulatory update reviews
Learning Your Unique Situation We get to know you deeply over time – your risk tolerance, family dynamics, business complexities, and personal values. This long-term relationship means we spot patterns others miss and anticipate needs before they become urgent.
Common Issues We Discover
Tax Strategy Gaps:
Incorrect income classification
Missed deductions and credits
Inefficient business extraction methods
Poor investment timing
Insurance Problems:
Over-insurance draining cash flow
Dangerous coverage gaps
Poor policy structures
Outdated beneficiary designations
Why Others Miss These Opportunities
Most professionals only see snapshots. We see the full picture continuously, allowing us to connect the dots between your tax situation, insurance needs, and overall wealth strategy.
Ready for reviews that actually protect and optimize your wealth?
Schedule your comprehensive review today and discover what opportunities you might be missing.