Raising children and building for the future
When our kids were born, our whole perspective changed. All of a sudden, the most important thing in the world was to make sure they would have everything they needed, including a good education.
Education and estate
We had no idea that we could get up to $7,200 from the Canadian government for each child’s education, just by contributing to an RESP. Our advisor recommended a family RESP for maximum flexibility so if one of our children decided not to attend post-secondary education, we could pass all of the savings to our other child. She also encouraged us to update our wills and think about life insurance to protect the kids in case something happened to us.
When we told our advisor that we were thinking of moving, she referred back to our plan and updated it, based on what we were earning now and what a bigger home was likely to cost us. By modifying some of our vacation plans, our advisor showed us how we could afford our larger dream home. We were thrilled!
Managing an inheritance
My grandmother had lived a wonderful life – and we were truly blessed that she remembered us in her will.
Honouring a gift
My grandmother left us $110,000 — more money than we knew what to do with. Our advisor revisited our plan and together we decided to pay off our line of credit and make a principal payment towards our mortgage. We wanted to invest the rest, but weren’t sure how to get started. Our advisor recommended we top up our TFSA investment account holdings to their limits. That way if we ever need extra money we could withdraw it without paying any taxes.
Planning for retirement
When my dad retired, I realized how long and hard he’d worked to save for it. It made me really think about our own plans for the future.
We didn’t even know where to start, but our advisor put our minds at ease and helped us figure it out. With our input, she developed a retirement target date and a plan to get us there by taking into consideration all of our retirement income streams. We chose a conservative investment mix where we felt confident that we could live the life we envisioned when we retire.
* Not real customers. Composite created for illustration only.