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Financial Items Every Canadian Should Have Checklist

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Financial Items Every Canadian Should Have

1. A Written Financial Plan
   - This will provide a road map to ensure that you are on track to achieving your goals
   
   
2. A Will and Estate Plan
   - A will is designed to allocate your estate upon your death
   
   
3. Living Will
   - A living will ensures that your health and personal care wishes are followed, even when you are unable to express them verbally
   
   
4. Power of Attorney
   - Allows someone you designate to act on your behalf to handle your financial affairs
   
   
5. Pay Yourself First
   - Set up a Pre-Authorized Contribution (PAC) on a regular basis into one of our investment products. Registered or Non-Registered available
   
   
6. Registered Retirement Savings Plan
   - Benefits of an RRSP – immediate tax reduction and tax deferred growth
   
   
7. Registered Education Savings Plan
   - Tax deferred method to save for child’s education. Government grant of 20% on first $2500 contributed per year.
   
   
8. Emergency Savings
   - Prudent rule of thumb is 3 months worth of income set aside in case of emergency
   
   
9. Make more frequent mortgage payments
   - Weekly payments pay the same amount over a whole year as monthly but repay the principal earlier, resulting in lower interest costs.
   
   
10. Insurance – Health, Life, Disability and Credit
    - Insurance is very important in the overall financial health of any family
    
    
11. Credit – Get it while you don’t need it
    - It is often easier to get credit while you are employed. However it is usually when you lose your job or an emergency happens that you really need credit and the financial institution may not want to lend you any. A personal line of credit is one option.

If you would like further information regarding any of the above items, please click here to contact us.