Retiring soon? Are there hidden dollars in your insurance programme?

Unlocked padlock,wallet and money

Over the years most Canadians have bought various types of individual life, critical illness, or disability insurance, or they’ve participated in a plan with their employer that had some or all of these benefits. Some do it out of love for their families, some to protect their income or insure a debt, others as an “investment”.  But whatever the reason, the role of insurance over the years hasn’t changed – it provides dollars on a timely basis when needed most. Die too soon, live too long, or become disabled along the way – there’s a type of insurance that solves those needs. If you’re retiring in the next year or two, now is a good time to sit down with your life insurance agent or your Certified Financial Planner® Professional […]

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The Perils of Joint Ownership – “Don’t let the tax tail wag the dog”

Will Probate

We worry that on occasion some Canadians move assets into joint names with right of survivorship with their children to save taxes, and on death the consequences are not as intended. Picture this. Dad dies, Mom is alone, and is told to put her assets into joint names with a child (or children) to save “probate” fees. (Or, she’s divorcing, and gets the same advice). “It’s easier for your children to deal with on your death”, or “what if you become incapacitated, your child can still make decisions”, they say, these two being the usual recommendations as to why. It sounds reasonable, so Mom moves forward, often without a full review of her financial situation, or her plans for her estate. Is there anything wrong with this arrangement? Practically, maybe […]

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