# Zenith Advisory Inc.

> Independent financial planning firm in Saskatoon, Saskatchewan, serving professionals, incorporated business owners and families across Canada, many of whom arrived in Canada mid-career. One written plan covering savings, tax, retirement, education, protection and estate. No out-of-pocket fee for the plan or advice. Address: Unit 301, 39 23rd Street East, Saskatoon, SK S7K 0H6. Phone: 1 (800) 647-8656. Email: info@zenithadvisoryinc.com. Physician division: ZAI Wealth Management (zaiwealth.ca).

## Who we help
- [New to Canada](https://zenithadvisoryinc.com/new-to-canada/)
- [Young families](https://zenithadvisoryinc.com/young-families/)
- [Business owners & incorporated professionals](https://zenithadvisoryinc.com/business-owners/)
- [Planning for retirement](https://zenithadvisoryinc.com/retirement-planning/)
- [Saving for your child's education](https://zenithadvisoryinc.com/education-savings/)

## Answers to common Canadian money questions
- [I just moved to Canada. What should I set up first with my money?](https://zenithadvisoryinc.com/answers/what-to-set-up-first-after-moving-to-canada/): In this order: SIN and bank account; protection for anyone who depends on your income; a TFSA; then RRSP as Canadian income creates room; then an RESP if you have children. Most newcomers do it backwards, investing first and protecting last.
- [Should I put money in my RRSP or my TFSA first?](https://zenithadvisoryinc.com/answers/rrsp-or-tfsa-first-canada/): If your income today is higher than it will be in retirement, the RRSP deduction is worth more and usually comes first. If your income is modest, you're new to Canada with little RRSP room, or you might need the money before retirement, the TFSA usually comes first. Many people use both.
- [Can I get life insurance in Canada if I'm new or on a work permit?](https://zenithadvisoryinc.com/answers/life-insurance-new-to-canada-work-permit/): Yes. Permanent residents can apply for life, disability and critical illness insurance right away. Many insurers also accept work-permit holders, sometimes after a few months in Canada. Rules differ by company, so compare several rather than taking the first no.
- [Do my parents need insurance to visit me in Canada on a super visa?](https://zenithadvisoryinc.com/answers/super-visa-insurance-parents-canada/): Yes. For a super visa, the government requires private medical insurance of at least $100,000 CAD, valid for at least one year from the date of entry, covering health care, hospitalization and repatriation, from an approved insurer. You must include proof with the application.
- [I send money home every month. How do I still build savings in Canada?](https://zenithadvisoryinc.com/answers/sending-money-home-and-saving-in-canada/): Treat the money you send home as a fixed expense in your plan, not an afterthought. Then protect your income first (because two families depend on it), use the TFSA for savings you can reach, and automate a small amount so saving happens before the month gets away from you.
- [How much life insurance do I actually need?](https://zenithadvisoryinc.com/answers/how-much-life-insurance-do-i-need-canada/): Add up what your family would need if your income stopped: the mortgage and debts, enough income for the years your children are dependent, their education, and final expenses. Subtract what you already have in savings and group coverage. The result is your number. For many families with a mortgage and young children it lands between 10 and 15 times annual income.
- [Is the life insurance from my job enough?](https://zenithadvisoryinc.com/answers/is-employer-life-insurance-enough-canada/): Usually not. Group coverage is typically one or two times salary, which a family with a mortgage can spend in under three years. It ends when you leave the job, can't be increased, and you don't control it. Treat it as a bonus on top of your own policy, not a replacement for one.
- [What's the difference between disability insurance and critical illness insurance?](https://zenithadvisoryinc.com/answers/disability-vs-critical-illness-insurance-canada/): Disability insurance replaces part of your monthly income if illness or injury stops you working, for as long as you're off, potentially to age 65. Critical illness insurance pays a one-time lump sum when you're diagnosed with a covered condition such as cancer, heart attack or stroke, whether or not you can still work. They solve different problems; many families hold both.
- [Should I take the mortgage insurance my bank offered or buy my own life insurance?](https://zenithadvisoryinc.com/answers/mortgage-insurance-from-bank-vs-life-insurance/): For most people, your own term life insurance is better. Bank mortgage insurance pays the bank, not your family; the coverage shrinks as your balance falls while the premium stays the same; and the bank often checks your eligibility only after a claim. A personal term policy for the same amount usually costs the same or less and pays your family a fixed sum to use as they choose.
- [Is it too late to start saving for retirement at 40 (or 45, or 50)?](https://zenithadvisoryinc.com/answers/is-it-too-late-to-save-for-retirement-at-40/): No. It means saving a higher percentage of your income than someone who started at 25, and using the right accounts in the right order. A 40-year-old saving consistently for 25 years can still build a substantial fund, and incorporated professionals have extra tools (the corporation itself, and an Individual Pension Plan) that let them catch up faster.
- [How much money do I need to retire in Canada?](https://zenithadvisoryinc.com/answers/how-much-do-i-need-to-retire-in-canada/): It depends on what you'll spend, not on a universal figure. Estimate your yearly retirement spending (many people land at 60 to 70% of pre-retirement income), subtract what CPP and OAS will cover, and the gap is what your savings need to produce each year. A common rule of thumb is that savings of about 25 times that yearly gap will last a 30-year retirement.
- [Can my corporation fund my retirement instead of an RRSP?](https://zenithadvisoryinc.com/answers/can-my-corporation-fund-my-retirement/): Yes, and for many incorporated professionals it's the most powerful option. Leaving money in the corporation means it's taxed at the small business rate (roughly 9 to 12%) before it's invested, instead of your personal rate. And an Individual Pension Plan lets the corporation make larger deductible contributions than an RRSP allows once you're past about 40. The catch is the passive income rule, which needs planning.
- [What is guaranteed income for life and should I have some?](https://zenithadvisoryinc.com/answers/what-is-guaranteed-income-for-life-canada/): It's an arrangement where you hand over part of your savings in exchange for a monthly payment that continues for as long as you live, regardless of markets or how long you live. It suits people who want their essential expenses covered no matter what, and who are worried about outliving their money. It's rarely all-or-nothing; most people use it for a slice of their savings, not all of it.
- [How does the RESP government grant work, and how much do I get?](https://zenithadvisoryinc.com/answers/how-does-resp-grant-work-canada/): The federal government adds 20% to whatever you contribute to a child's RESP, up to $500 per child per year, to a lifetime maximum of $7,200. Contributing $2,500 a year collects the full grant. Lower-income families get extra, and if you've missed years you can catch up one year's grant at a time.
- [What happens to the RESP if my child doesn't go to university?](https://zenithadvisoryinc.com/answers/what-if-my-child-doesnt-go-to-university-resp/): You don't lose your money. The RESP covers college, trade school and apprenticeships as well as university, and can stay open for 36 years in case your child changes their mind. If it's never used, your contributions come back to you tax-free, the grant goes back to the government, and the growth can usually be moved into your RRSP if you have room.
- [Should I pay myself salary or dividends from my corporation?](https://zenithadvisoryinc.com/answers/salary-or-dividends-corporation-canada/): There's no permanent right answer. Salary is deductible to the corporation and builds RRSP room and CPP, but costs CPP contributions. Dividends don't build RRSP room or CPP but can be simpler and sometimes cheaper overall. Most owners end up with a mix that's revisited each year with their accountant, and the retirement plan should drive it, not the other way around.
- [What is the $50,000 passive income rule and why does my accountant keep mentioning it?](https://zenithadvisoryinc.com/answers/passive-income-rule-corporation-canada/): Once passive investment income inside your corporation (interest, dividends, rent, taxable capital gains) exceeds $50,000 in a year, your small business deduction limit for the next year shrinks by $5 for every $1 over, disappearing entirely at $150,000. Then your active business income is taxed at the general corporate rate (roughly 23 to 30%) instead of the small business rate (roughly 9 to 12%). It's the main thing to plan around when investing inside a corporation.
- [If my business partner died, what happens to their share, and do we need insurance for that?](https://zenithadvisoryinc.com/answers/key-person-buy-sell-insurance-business-partners/): Without a plan, their share passes to their estate, which usually means their spouse becomes your business partner, or demands to be bought out at a moment when the business can least afford it. A buy-sell agreement sets the price and the process in advance, and life insurance on each partner provides the cash to pay it. Key-person insurance separately gives the business money to survive the loss.
- [How do I take money out of my corporation when I retire?](https://zenithadvisoryinc.com/answers/how-to-take-money-out-of-corporation-in-retirement/): Usually through a planned combination: dividends paid out gradually at low personal rates, income from an Individual Pension Plan if you set one up, tax-free capital dividends where the corporation has them, and sometimes corporately owned insurance that pays your estate tax-free. The order and the pace matter more than any single tool, and the planning should start 10 years before you stop working.
- [Should I incorporate as a doctor in Canada, and when?](https://zenithadvisoryinc.com/answers/do-doctors-need-a-medical-professional-corporation/): Incorporate when you earn more than you need to live on. The benefit of a Medical Professional Corporation is leaving surplus income in the company taxed at roughly 9 to 12% instead of your top personal rate, and investing the difference. If you spend everything you earn, there's little to defer and the corporation mostly adds cost. Most physicians cross that line within a few years of practice.
- [Do I need a will in Canada? What happens if I die without one?](https://zenithadvisoryinc.com/answers/do-i-need-a-will-in-canada-newcomer/): Yes, especially if you have children or assets in more than one country. Without a will, provincial law decides how your estate is divided and a court decides who cares for your children. A basic will costs a few hundred dollars from a lawyer and takes a week. It's the cheapest, most neglected part of protecting a family.
- [What is probate, and how do I keep my family from paying it?](https://zenithadvisoryinc.com/answers/what-is-probate-and-how-to-avoid-it-canada/): Probate is the court process that confirms a will is valid and gives the executor authority to act. It costs a fee in most provinces (Saskatchewan's is modest; Ontario's and BC's are around 1.5% of the estate) and takes months. Assets with a named beneficiary, such as life insurance, RRSPs and TFSAs, pass outside probate directly to the person you named, which is both faster and cheaper.

## Firm
- [About](https://zenithadvisoryinc.com/about/)
- [Advisors](https://zenithadvisoryinc.com/advisors/)
- [FAQ](https://zenithadvisoryinc.com/faq/)
- [How we're paid](https://zenithadvisoryinc.com/fees/)
- [Book a free 30-minute call](https://zenithadvisoryinc.com/book/)