The Importance of the “Preferred and Primary” Beneficiary Class

A long-time client passed away within the last 2 years and I helped his widow settle his financial affairs. However, she was horrified to find out he had appointed “The Estate” as beneficiary on his RRIF which he purchased online through a DIY platform.

The other RRIF and TFSA he had with me listed his spouse as “Successor Owner/Holder” and she took over the contracts with one signature. The RRIF my late client held through my competitor, took more than 4 months to transfer to his widow, as the estate needed to go through probate.

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Seniors First BC

Sadly, we have all heard stories of a senior who has been financially, emotionally, or physically abused, by a stranger or even a close family member.

Seniors First BC is a charitable, non-profit society that provides information, legal advocacy, support, and referrals to older adults across BC who are dealing with issues affecting their well-being, as well as those who care for them.

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Step by Step Checklist for the Executor

Many years ago, you may have agreed to be a family member or friend’s executor when they drafted their Will.  Well, the time has come, the individual has passed away, and you are asked to preform your duties as the executor of the estate. Where do you start?

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Introducing the Multigenerational Home Tax Credit

As all Canadians know, home ownership is getting more unaffordable regardless of
the buyer’s age. Rental suites are becoming increasingly expensive as rents in major markets soar and short-term rentals, like Airbnb, replace traditional units which normally would have been available.

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Is a Reverse Mortgage Suitable for you?

Want a subject matter everyone has a strong opinion on other than politics and religion? Look no further than the Reverse Mortgage program available to Canadian seniors, a subject misunderstood by far too many retirees.
As a financial advisor to a large group of seniors I have seen this product successfully create an unexpected source of wealth to allow retires to maintain or even enhance their standard of living.

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The Importance of a Proper Beneficiary Designation on your RRSP/RRIF

Over the years I have reviewed a handful of my client’s RRSPs who had their assets with one of my competitors, and several times I have been shocked with how poorly it was communicated to the customer how important the beneficiary selection is. 

In the last year a long-time senior client of mine sadly died unexpected and had two RRIFs. One with me showing his spouse as beneficiary (as Successor Annuitant/Owner) and the second with an online self service provider with his “Estate” as beneficiary.

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TFSA Beneficiary Designations

In 2009 the federal government introduced the Tax Free Savings Account concept to Canadians. For anyone 18 years or older the TFSA has been whole-heartedly embraced as a tax-efficient vehicle to save money for short and long-term needs.

However, many people do not fully understand the importance of proper beneficiary designations and subsequently, they miss additional tax planning opportunities.

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Dealing with Inflation and Your Finances

On February 24th, 2022, Russia invaded the Ukraine, setting off an inflation spiral not seen since the early 1980s. As Russia is the 3rd largest producer of oil and natural gas (behind Saudi Arabia and the USA) the impact of declining reserves was immediate in the prices we paid at the pump this last Spring.

The rise in oil and gas prices in turn escalated the cost of all consumer goods, services, and food items so that the rate of inflation for June 2022 was 9.3%.

What exactly is inflation in economic terms?

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What is a Representation Agreement and why is it important?

Surprisingly less than 55% of Canadians have a current and valid Will, and even less have a Power of Attorney (to handle financial affairs) or a Representation Agreement. All three of these documents are necessary in British Columbia for complete coverage in the estate planning process.

A major accident or a long-term mental health illness (such as Alzheimer’s or Dementia) may suddenly eliminate an individual’s capacity to make informed decisions on their financial and/or health care needs.

A Power of Attorney gives the chosen individual(s), such as a family member or friend, the legal authority to make financial decisions on your behalf.

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