Revisiting Your Financial Plan

The hits keep coming! With the recently concluded Federal election essentially changing nothing in Ottawa, there is little doubt that annual spending deficits will probably continue to reach new levels. Along with this renewed deficit spending Canadians can expect to see higher consumer prices as various economic disruptions continue to impact Canada and other nations around the globe.

What do you do? The first thing to do is do a SWOT analysis of your family situation. Review your Strengths, Weaknesses, and the Opportunities you are positioned to capitalize on and don’t forget to review any possible Threats to your financial well being...

Moving Your Employer Pension Between Jobs

As the pandemic slowly recedes, work-life balance trends emerge. A 2021 survey¹ revealed that 19% of Canadians would quit or look for a new job if required to return to the office. 25% of survey participants stated that they would return to the office but immediately begin looking for new employment.

If this sounds like your situation and you have a pension in your current job, it’s important to consider the most beneficial way to handle the funds you’ve accrued before you move on. One option is transferring your pension savings to an insurance company to purchase a life annuity. This can offer you a predictable, recurring income stream after retirement, but you won’t have any control over the management of the funds, and the...

Using a Trust to Avoid Probate Fees

When Simon’s father passed away two years ago, he didn’t think much about how his estate would be handled. His mother had died five years before, and his dad’s will was clear about how his assets would be divided.

Then came probate, a process to confirm the validity of his will. Not only did unexpected fees come out of his dad’s estate, it took almost a year to settle and distribute it.

After his experience with probate, Simon didn’t want to put his family through the same painful delays and expense. He wondered if there might possibly be a different solution. So, he turned to his financial advisor, who explained that the simplest way for Simon’s estate to avoid probate hassles and costs would be to have his assets pass...