Basic Questionnaire
Personal Financial Planning
There are many issues you must consider when planning your financial security. Some examples:
Wills and Estate Planning - Does your Will provide for proper tax and estate planning? If you do not have a Will and powers of attorney (property and personal care), you should have them prepared immediately.
Retirement Income - Is adequate retirement income provided by your RRSP, employer pension plan, investments or equity in a business? Have you considered the different types of investments available within your RRSP? Are you satisfied with the returns on your investments?
Are you aware that your RRSP automatically matures on December 31st of the year in which you turn 71 years of age and you must decide between the following three options:
- Registered retirement income fund
- Annuity
- Cashing in all or part
Savings - Are you saving monthly for the long-term based on the "pay yourself first" approach?
Mortgages - When renewing your mortgage, have you selected the most advantageous amortization period?
Loans - Could any non-deductible loans be rearranged to make them tax deductible?
Insurance - Do you have adequate life insurance, health care, long-term care, and disability insurance?
Income-Splitting - Is income-splitting being considered to lower income taxes?
Education Funds - Are education costs of your children or grandchildren being provided for? Are you aware of the tax benefits and Government grants available with a Registered Education Savings Plan?
Beneficiaries - Is your spouse the beneficiary of your RRSP, TFSA, or RRIF? (This may not be beneficial in all circumstances.)