It’s that that time of year again when we are given the opportunity to make resolutions and start fresh. In order to help you get started, we’ve compiled a short list of some attainable goals for 2014. Good luck!
• Join a group or club
Whether it’s a book club, a knitting group or a sports team, being around like-minded people and forging new friendships is crucial for our well-being. If you or someone you know spends too much time alone, reach out and contact your local community centre or look online for groups and events going on in your community and get involved.
• Open an RDSP
The RDSP is a tax-deferred savings plan for Canadians with disabilities. Canadian families now have a resource to assist them to secure the financial well-being of their relative with a disability. The RDSP will allow you to put funds aside for your relative and for those funds to grow tax-free. In most situations, the federal government will assist your by matching your contributions. For more information click here.
• Write or update your will
Everyone should have a will, and ideally it should be updated every two years to reflect your current wishes. Updates and amendments are not costly and are important to do when things change.
• Review life insurance options
It is worth exploring your life insurance alternatives as many have unique advantages. Segregated Funds, for example, are an investment option that combine the earning potential of a mutual fund with the safety of a life insurance policy. They are creditor and bankruptcy protected and have a guaranteed benefit that is not taxed. The payout bypasses probate as well, so it can quickly and directly finance, say, a discretionary trust for your child.