Financial Planning & Insurance FAQs

Centerpointe Financials is an Ottawa-based financial services firm helping individuals, families, professionals and business owners think more intentionally about financial planning, protection, retirement, investing, wealth and legacy.

Our physical office is located at:

• 84 Centrepointe Drive
• Ottawa, Ontario K2G 6B1

Services are subject to applicable licensing, registrations, product availability and individual circumstances.

We work with a wide range of clients, including:

• Individuals
• Families
• Professionals
• Women
• Business owners
• Entrepreneurs
• Incorporated professionals
• Individuals approaching retirement
• Retirees

Centerpointe Financials is also proud to serve Black families, professionals and entrepreneurs while welcoming clients from all backgrounds.

No.

Financial planning can be useful at many stages of life.

You may benefit from planning if you are:

• Starting your career
• Buying a home
• Starting a family
• Growing a business
• Building investments
• Preparing for retirement
• Managing several financial accounts
• Or thinking about what happens to your assets later

You do not need to reach a particular level of wealth before asking better financial questions.

Financial planning is the process of understanding your current financial position, identifying your goals and creating strategies to help move toward those goals.

A financial plan may consider areas such as:

• Cash flow
• Savings
• Debt
• Insurance
• Investments
• Retirement
• Education
• Business ownership
• Estate and legacy considerations

The purpose is to make financial decisions work together rather than treating each one independently.

Start by booking a conversation.

You do not need to know which financial product you need.

Come prepared to discuss:

• Where you are today
• What you are trying to accomplish
• What worries you financially
• What financial decisions you have been postponing

The first step is understanding the situation.

Our office is located at:

• 84 Centrepointe Drive, Ottawa, Ontario K2G 6B1

We serve clients throughout Ottawa and eligible Ontario communities, subject to advisor availability and applicable licensing requirements.

Not necessarily.

Available meeting arrangements may depend on the advisor, service and location.

Contact Centerpointe Financials to discuss the meeting options available for your situation.

An annual review is a useful starting point for many households, but the plan should also be revisited after major life or financial changes.

Examples include:

• Marriage
• Divorce
• Children
• Career change
• Business growth
• Home purchase
• Inheritance
• Retirement
• Death of a spouse
• Major increase or decrease in income

You may already have financial products.

A bank account. RRSP. TFSA. Insurance. Mortgage. Investments.

The bigger question is whether those pieces support the same financial objectives.

Financial planning can help answer questions such as:

• Am I saving enough?
• Am I properly protected?
• Am I on track for retirement?
• Are my investments aligned with my goals?
• What should I prioritize next?

There is no perfect age.

Financial planning can become valuable whenever you have income, financial responsibilities or goals that need to be coordinated.

Common starting points include:

• Beginning a career
• Getting married
• Having children
• Buying a home
• Starting a business
• Receiving an inheritance
• Approaching retirement
• Experiencing a major life change

No.

Investing can be part of a financial plan, but it is only one component.

Financial planning can also involve:

• Insurance
• Retirement
• Cash flow
• Debt
• Education
• Business planning
• Estate considerations
• Family protection

A financial professional may help clients understand financial priorities, explore strategies and make decisions involving areas such as protection, retirement, investing and broader financial planning.

The exact services an advisor can provide depend on their licences, registrations, professional role and product access.

Useful questions include:

• What services do you provide?
• What licences or registrations do you hold?
• Who do you typically work with?
• How are you compensated?
• What types of products do you offer?
• How often will we review my plan?
• What happens if my circumstances change?
• How do you approach financial planning?
• Will you coordinate with my lawyer or accountant when necessary?

You should understand the relationship before making a financial decision.

Helpful information may include:

• Income information
• Monthly expenses
• Debt balances
• Mortgage information
• Insurance policies
• RRSP and TFSA statements
• Pension information
• Investment statements
• RESP information
• Business information where relevant
• Your financial goals and questions

You do not need everything perfectly organized before starting.

The first conversation should primarily be about understanding you.

That may include:

• Your goals
• Family
• Financial responsibilities
• Existing assets
• Insurance
• Concerns
• Retirement expectations
• Business interests

The objective is to understand the financial picture before discussing potential strategies.

Life insurance may provide a financial benefit to designated beneficiaries when the insured person dies, subject to the terms of the policy.

It can potentially help address financial needs such as:

• Income replacement
• Mortgage obligations
• Debt
• Children’s education
• Family expenses
• Business responsibilities
• Estate liquidity

There is no universal amount.

Coverage needs may depend on:

• Income
• Debt
• Mortgage
• Number of dependants
• Existing insurance
• Education goals
• Business interests
• Long-term family objectives

A needs-based analysis is generally more useful than choosing coverage based on a generic multiple of income.

Term life insurance generally provides coverage for a specified period.

Permanent life insurance is designed to remain in force for life, subject to policy terms and premiums, and may include additional features depending on the product.

The appropriate choice depends on the purpose of the coverage, financial circumstances and long-term objectives.

Employer coverage can be valuable.

However, consider:

• How much coverage do you actually have?
• Does it continue if you leave your employer?
• Would the amount be sufficient for your family’s needs?
• Do you need coverage for longer-term financial goals?

Workplace insurance and personal insurance can serve different purposes.

Health-related insurance products may help address specified eligible expenses or financial events not fully covered through provincial healthcare or workplace benefits.

The exact protection depends on the insurance product.

Possibly.

Workplace benefits may provide valuable protection, but coverage can be limited and may disappear when employment ends.

A review can help identify what protection already exists and where gaps may remain.

Critical illness insurance may provide a lump-sum benefit when an insured person is diagnosed with a specified covered condition and meets the policy requirements.

The benefit can potentially help with expenses or financial obligations during recovery.

Disability insurance is designed to help replace a portion of income when an insured individual becomes unable to work because of a qualifying disability, subject to policy terms.

There is no universal retirement number.

The amount depends on:

• Desired lifestyle
• Retirement age
• Housing
• Pension income
• CPP
• OAS
• Savings
• Investments
• Health
• Family responsibilities
• Longevity

Retirement planning should estimate the income required to support the life you actually want.

The earlier you begin, the more time you generally have to save, invest and adjust.

However, retirement planning can still be useful even if retirement is approaching.

Retirement planning often focuses on building assets before retirement.

Retirement income planning focuses more heavily on how those resources will produce income after employment ends.

Both are important.

For many Canadians, CPP and OAS represent only part of retirement income.

Other sources may include:

• Workplace pensions
• RRSPs
• RRIFs
• TFSAs
• Investments
• Business assets
• Personal savings

Your financial requirements determine whether government benefits will be sufficient.

CPP can be started at different ages within the program’s rules.

Starting earlier generally results in a lower monthly benefit, while delaying generally increases the monthly amount.

The appropriate timing depends on your circumstances.

A Registered Retirement Income Fund is commonly used to convert eligible RRSP savings into retirement income.

Minimum annual withdrawal rules apply based on applicable government regulations.

A Registered Retirement Savings Plan is a tax-advantaged account designed primarily to support retirement savings.

Eligible contributions may reduce taxable income, while withdrawals are generally taxable.

A Tax-Free Savings Account allows eligible Canadians to hold qualifying savings or investments.

Eligible growth and withdrawals are generally tax-free.

The appropriate choice depends on factors such as:

• Income
• Tax situation
• Contribution room
• Employer pension
• Retirement goals
• Withdrawal plans
• Other financial priorities

For many people, both accounts may have a role.

Yes.

A TFSA can hold certain qualifying investments rather than functioning only as a traditional savings account.

The available investment options depend on the provider and applicable rules.

Investment planning connects investment decisions to specific financial goals, time horizons and tolerance for risk.

The objective is not simply to identify an investment.

It is to understand what the money needs to accomplish.

All investments involve some form of risk.

Different investments carry different levels and types of risk.

The appropriate level depends on your goals, time horizon and ability to tolerate market fluctuations.

Diversification involves spreading investment exposure across multiple investments, asset types, sectors or regions.

It can help reduce reliance on one investment, although it cannot eliminate investment risk or guarantee a profit.

There is no universal starting point.

Before investing, it may be useful to consider:

• Emergency savings
• High-interest debt
• Financial goals
• Time horizon
• Cash-flow needs
• Risk tolerance

Wealth management takes a broader view of a person’s financial life.

It can involve coordination of:

• Investments
• Retirement
• Insurance
• Business interests
• Estate considerations
• Family wealth

The exact services available depend on applicable licences and registrations.

Investment planning focuses more directly on how money is invested.

Wealth management generally considers how investments interact with other financial areas such as retirement, insurance, business ownership and legacy.

Not necessarily.

The need often depends as much on financial complexity as total net worth.

Someone with property, a business, several investment accounts and family responsibilities may benefit from coordinated planning even without an extremely high net worth.

A Registered Education Savings Plan is an account designed to help save for an eligible beneficiary’s post-secondary education.

Applicable government education incentives may also be available.

Starting earlier generally gives more time to save.

However, education planning should be balanced with other financial priorities such as retirement, debt, emergency savings and insurance.

Not automatically.

Parents need to consider both goals.

The appropriate balance depends on income, retirement readiness, available resources and other family priorities.

A business may provide your income, wealth, retirement and family security.

That creates financial concentration.

Personal planning can help business owners build resources outside the company and prepare for retirement, protection and succession.

Key person insurance is generally coverage intended to help a business manage the financial impact of losing an individual whose death could significantly affect the company.

Corporate-owned life insurance is a policy owned by a corporation on an insured person, with the corporation generally paying the premiums and typically being named as beneficiary.

The appropriate use and tax implications depend on the circumstances.

A buy-sell agreement can establish how business ownership may be transferred when specified events occur, such as the death of a shareholder.

The agreement itself should be prepared with appropriate legal advice.

Insurance may sometimes be used to help fund obligations created by the agreement.

Business succession planning prepares for how ownership and leadership may transition when an owner retires, sells the company, transfers it to family or leaves unexpectedly.

Estate planning considers how assets, financial responsibilities and other affairs may be handled after death or incapacity.

The financial side may include:

• Insurance
• Beneficiaries
• Investments
• Registered accounts
• Business interests
• Estate liquidity

Legal documents should be handled by appropriately qualified legal professionals.

No.

If you own property, investments, insurance, a business or have people who depend on you, estate planning may be relevant.

Legacy planning goes beyond deciding who receives assets.

It considers what you want your financial resources to accomplish for family, future generations, charities, a business or other priorities.

Legal documents such as wills and powers of attorney should be prepared by qualified legal professionals.

Centerpointe Financials can help with financial and insurance considerations that may form part of the broader estate strategy.

Generational wealth generally refers to financial assets, property, businesses, knowledge or opportunities that can benefit future generations.

It may include:

• Property
• Investments
• Education
• Business ownership
• Insurance
• Financial knowledge
• Estate assets

No.

Generational wealth can begin with relatively foundational decisions such as:

• Buying property
• Investing consistently
• Protecting family income
• Funding education
• Building a business
• Teaching children about money

Depending on the policy and circumstances, life insurance may create financial resources for beneficiaries following death.

Those proceeds may support family protection, estate liquidity or legacy objectives.

Women may experience financial transitions involving:

• Career breaks
• Parenthood
• Caregiving
• Divorce
• Widowhood
• Retirement
• Inheritance
• Longer periods in retirement

The objective is not to create a different financial system for women.

It is to ensure the strategy reflects the circumstances that may affect their financial life.

Yes.

Centerpointe Financials has a team member whose practice genuinely emphasizes women, families, protection planning and generational wealth.

Contact the firm to discuss advisor availability, or meet Bukola Adeyanju on our team page.

Meet Bukola Adeyanju →

No.

Price matters, but insurance should also be evaluated based on:

• Coverage
• Limits
• Exclusions
• Deductibles
• Eligibility
• Financial need

A low-cost policy that does not address the actual risk may not provide the protection you expected.

Insurance should be reviewed periodically and after significant changes such as:

• Marriage
• Children
• Home purchase
• Career change
• Business growth
• Major debt
• Retirement
• Divorce
• Significant increase in assets

Yes, depending on the type of insurance, underwriting rules and financial need.

Existing coverage should be disclosed accurately during applications.

Travel insurance can help address certain eligible medical and travel-related financial risks when travelling.

Provincial healthcare may not cover all costs outside your home province or outside Canada.

It may.

However, credit-card coverage can have:

• Trip-duration limits
• Age restrictions
• Medical exclusions
• Eligibility requirements
• Coverage limits

Review the actual terms before relying solely on the card.

Home insurance itself is generally not legally mandatory in Ontario.

However, a mortgage lender may require appropriate insurance on the property.

Generally, a landlord’s policy protects the landlord’s interest in the property.

Tenants may need their own insurance for belongings, liability and certain additional living expenses.

Yes.

Vehicle owners must maintain required automobile insurance coverage to legally operate a vehicle in Ontario.

The specific coverage and limits depend on applicable Ontario requirements and the policy selected.

Vehicle usage and household drivers should be disclosed accurately to the insurer.

The insurer can determine how each driver should be reflected on the policy.

Centerpointe Financials serves clients throughout Ottawa and eligible Ontario communities.

Our Ottawa-area coverage includes communities such as:

• Nepean
• Kanata
• Barrhaven
• Orléans
• Stittsville
• Westboro
• Hintonburg
• The Glebe
• Old Ottawa South
• Alta Vista
• Downtown Ottawa
• Centretown
• ByWard Market
• Lower Town
• Riverside South
• Findlay Creek
• Manotick
• Greely
• Carp
• West Carleton

Yes, subject to advisor availability, applicable licensing and the service required.

Our broader Ontario service areas include communities such as:

• Kemptville
• Russell
• Rockland
• Cornwall
• Kingston
• Arnprior
• Carleton Place
• And surrounding Ontario communities

Our current service-area strategy focuses on Ontario.

Clients seeking services in Quebec should contact the firm directly to determine whether an appropriately licensed professional is available.

No.

Documents can help later, but you can begin with a conversation about your goals and financial questions.

Yes.

For shared financial responsibilities and goals, involving both partners can help create a clearer household strategy.

Depending on the issue, yes.

Business-owner conversations may involve shareholders or partners when discussing areas such as insurance, continuity and succession.