FOR MANY CANADIANS, a home is the biggest purchase they will ever make. Becoming a mortgage holder for the next 25 to 30 years is a sizable responsibility. Prospective homeowners must be prepared to pay for property taxes, home insurance and an “Uh-oh” fund to help cover home repairs or renos, not to mention additional upfront costs, such as moving expenses, closing costs and utility and service connection fees.
Estate planning isn’t just for the affluent – it’s for all those who want to protect the people they love and the assets they’ve worked so hard to build. In simple terms, estate planning is the process of arranging for the legal disposition and administration of assets after death. Assets can include anything from real estate or a business, to bank accounts, investments and personal belongings. Estate planning can help minimize fees and taxes, provide for loved ones, establish a guardian for dependants, set up inheritances and more. And as a person’s life progresses and financial goals change, so does the plan.
HEADING INTO 2019, some news headlines warned of potentially volatile markets for the upcoming year, with everything from rising household debt to a potential trade war between the United States and China causing financial analysts to hold their breath. While the global financial picture might seem dramatic, this could be a good time for the average investor to review his or her investment strategy.