Get Your Bucket List Done!

This is my last blog post of 2021 and I wish you and your loved ones a Merry Christmas and/or a Happy Holiday and a Happy New Year. Today I veer off from my usual financial fare to potentially provide you impetus for a New Years resolution; creating and crossing items off on your bucket list.

In 2010, after I watched the movie the Bucket List starring Jack Nicholson and Morgan Freeman, I created my own bucket list. Over the years I have occasionally written about some of the larger bucket list items I have been fortunate enough to cross off my list from playing golf at Pebble Beach to my safari to Africa. I have also discussed some of the smaller bucket list items I crossed off my list such as going to the Rock and Roll Hall of Fame in Cleveland and attempting to learn how to play the guitar (ended up with tennis elbow) and writing my book Let’s Get Blunt About Your Financial Affairs.

What has been crucial in working through my bucket list was writing down my actual list and talking about the list often to others which functioned as a catalyst to actually move forward on many of these items. I discuss this in greater detail below.

My firm BDO Canada LLP (until December 31st when I officially retire) is celebrating its 100 birthday this year an impressive milestone for any company. BDO was also recently selected as one of Canada’s Top 100 Employers for 2022. One of the reasons BDO was selected as a top employer was for the various programs it has implemented in respect of mental health. This priority was reinforced during a recent firm-wide webcast when BDO had Ben Nemtin speak to everyone about mental health and the use of bucket lists.

Wikipedia states that Ben was “the creator, executive producer and cast member of the MTV series The Buried Life”. He also is” co-author of the book What Do You Want To Do Before You Die?, which entered The New York Times Best Seller list”. Today I am going to discuss how Ben used a bucket list/buried list to not only accomplish the above producing and writing achievements, but even more importantly, how he payed forward his accomplishments to help others.

During his BDO presentation, Ben started his talk by discussing the depression and anxiety he had in part due to the pressures of being a member of the Canadian Under 19 National rugby team. He told us how his friends got him out of the house and how he and his friends (again per Wikipedia) eventually ended “up on a two-week road trip with a camera and a borrowed RV to complete a list of "100 things to do before you die." Along their journey, they asked people the question, "What do you want to do before you die?" For each item they accomplished on their list, they helped a complete stranger do something on their own list”.

If you have ten minutes, watch this inspiring Ted Talk by Ben, which includes the key steps to creating and crossing items off your Bucket List and a great story how he and his friends payed it forward to help someone in an incredible way.

Here are Ben’s six key steps:

1. What is important to you – listen to your heart and stop and think about what you really want to do

2. Write down your list – as I note above, it is so important to put your thoughts to paper

3. Talk about your list – if you don’t talk about it, you won’t accomplish it yourself and no one is going to help you (Ben notes many people help you accomplish your list when they hear about your items)

4. Be persistent – for bucket list items that may note be easy to accomplish, be persistent, you may be surprised what you can accomplish - no may mean not now

5. Be audacious – have some items that are not mainstream and go for them

6. Help others – Ben and his friends have done some incredible things for others (as noted in the Ted Talk).

While on YouTube you can find many other great talks on bucket lists, buried lists, life lists etc. Many of these talks are ways for you to reconnect with your true values and what you are enthusiastic about and to live life as your “true self”. So, whatever you want to call it, a bucket list is a wonderful way to not only create a list about things you want to do and accomplish, but it may be a means to self exploration. Anyways, I will get off my soap box/bucket and let you decide for yourself whether creating and/or acting on a bucket list is a worthwhile New Year's resolution for you.

This site provides general information on various tax issues and other matters. The information is not intended to constitute professional advice and may not be appropriate for a specific individual or fact situation. It is written by the author solely in their personal capacity and cannot be attributed to the accounting firm with which they are affiliated. It is not intended to constitute professional advice, and neither the author nor the firm with which the author is associated shall accept any liability in respect of any reliance on the information contained herein. Readers should always consult with their professional advisors in respect of their particular situation. Please note the blog post is time sensitive and subject to changes in legislation or law.

The Best of The Blunt Bean Counter - How to use the BDO Estate Organizer

This summer I am posting the best of The Blunt Bean Counter blog while I work on my golf game. Today, I am re-posting a January 2019 blog I wrote on how to use the BDO estate organizer. I have written numerous times over the years urging you, my readers, to get your financial affairs in order, by stress-testing your finances in case you pass away suddenly. While clearly a morbid topic, the rationale for the discussion is this: if you do not get your affairs in order and you pass away suddenly, you leave your family a financial mess at a time of emotional distress, anxiety and confusion.

The organizer can assist you in writing your financial story and ensuring your financial information and wishes are documented for your family and trustees. I would suggest COVID-19 has caused many people to consider their mortality, and the pandemic may provide you some free time to undertake this task.

___________________

How to use the BDO Estate Organizer

Not to be morbid, but since Roma Luciw of The Globe and Mail has called me “morbid Mark,” I reiterate once again: if you do not communicate and document your financial affairs for your family or executors, you at best leave your family a messy estate at a time of distress and at worst cost your estate and family thousands of dollars.

Today I will walk you through completing the Organizer and some of the important issues that arise in completing the document.

Key Tips in Using the Organizer

Family Information (p.2)

The most important item in this section is citizenship. Many Canadian don’t realize this, but parts of your estate can trigger tax consequences if you are a citizen of another country. This typically applies to U.S. citizens, since the U.S. taxes based on citizenship; while most other countries tax based on residency. Although it should be noted, Canadians who are non-residents of the U.S., can be subject to U.S. Estate tax.

Perhaps the biggest issue for U.S. citizens is home ownership. As discussed in this blog post, the U.S. has a $250,000 or $500,000 principal residence exemption, depending upon your marital and citizenship status. The fact that a tax-free home sale in Canada can result in taxes in the U.S. is often very shocking to Canadians filing U.S. tax returns.

Your U.S. citizenship can trigger many other tax consequences — such as U.S. estate tax —based on differing laws south of the border. And of course, U.S. tax compliance should begin well before estate planning makes an appearance in your life. If you are a U.S. citizen or green card holder, you should be filing U.S. tax returns. If you are not filing, you should seek U.S. tax advice.

If you are a citizen of another country, you may want to determine if citizenship in that country would have any income tax consequences upon your passing.

In addition, depending upon the politics of your home country and your children’s familiarity with that country, you may wish to sell your foreign assets as you age to simplify your estate.

Important Documents (p.5)

My Will 

If you do not have a will, it's time to have one drafted. As discussed in this blog post, 65% of Canadians do not even have a will and 12% of wills are outdated. Yes, your read that correctly: only 3 of 10 Canadians have an up-to-date will. 

If you already have a will, you should review it to determine if there have been any significant life events since you last updated it. In addition, you will want to ensure all your beneficiary designations (RRSP and TFSA, for example) agree to your will and are up to date. Many people have inadvertently left significant assets to ex-spouses by not updating their designations.

There have been substantial changes to the tax laws in the last few years, which can affect the tax treatment of trusts created by will and provisions for disabled children. If you have created trusts in your will or have a disabled child, you may want to contact your accountant or lawyer to see if these changes necessitate any change to your will.

Some provinces allow for dual wills, one for assets subject to probate and one for assets not subject to probate.

Powers of Attorney

You should have two powers of attorney (POAs), one for your financial affairs and one for your health care.

POA’s for health care have evolved over the last few years for such matters as heroic measures and even assisted-death provisions. You may want to consider updating this document depending upon your personal and religious views on these issues.

Financial Information (p.6)

As noted earlier, you will want to ensure that the beneficiary designations for pension plans and registered plans are in line with your will and your intentions. Often these designations are out of date.

After completing the Financial Information: Liabilities section of the organizer, review and ensure you have enough insurance (see discussion below) or liquid assets to pay off any of these liabilities should you pass away. You may also wish to assess whether this is a good time to have a financial or retirement plan prepared or updated.

Insurance Information (p.11)

After completing this section, sit back and consider these three things: 

1. Do you have any unnecessary insurance policies you purchased long ago and never cancelled?

2. Do you have enough insurance based on how much you spend annually, the debt you hold and significant funding expenses you still need to incur, such as tuition for your children? 

3. If you have significant funds in your corporation (especially if you will have excess funds in your corporation you will not need in retirement), have you considered purchasing a corporate-funded insurance policy?

Employment Information(p.13)

Some issues to consider is this section are:

Ensure that you detail any stock options, deferred stock units, deferred profit-sharing plans or any other of these more complex plans. Heirs often face confusion with these plans when someone passes away, so the more clarity you can provide (e.g., dates, units, tax cost basis, purchase price), the easier it will be for your family to deal with these plans.

Most employers are very good at assisting the family after the death of a loved one, but you will put your family in the best position possible by providing as many details as you can.

Income Details (p.14)

Some issues to consider in this section are: 

1. Are you taking advantage of all income splitting opportunities? You should review this with your accountant, especially given the implementation of the Tax on Split Income (TOSI) rules.

2. Consider if your investment returns are in line with your expectations and whether you even know what your returns are. See this blog post for a discussion of this topic and some useful links.

Real Estate (p.15)

Prepare a free-form schedule that should include the following at a minimum: 

1. A notation of the year you last claimed the principal residence exemption (PRE) on the sale of your home. This will allow your executor and estate to tax plan upon death or going forward in respect of future PRE claims if you have, say, a house and cottage. See this blog post for the new reporting rules on PRE claims.

2. If you elected in 1994 to crystalize $100,000 of capital gains on property you still hold, attach a copy of your 1994 form T664 to this document. The government allowed one final election to utilize your capital gains exemption before phasing out the exemption on real estate and marketable securities in 1994.

Note: Qualified small business corporations (QSBCs) continue to be eligible for the capital gains exemption — see this blog post for details.

Financial Advisors (p.16)

Ensure you have introduced your spouse or significant other to all your financial advisors. It is much easier for a surviving spouse to deal with the aftermath of a passing when they already have a level of comfort with the advisors they will have to deal with. 

Executors (p.17)

You should review your executor appointments to ensure they are the correct people for the job.

If you have not informed your executors they have been named, you should inform them. You may want to inform the executor that you have completed the organizer so that they will know it exists and where they can find it.

If you do not have someone you can name as an executor or there is possible family conflict, consider naming an institution as an executor. 

Digital Information (p.18)

If you have digital assets of value (e.g., cryptocurrency, websites), ensure you have obtained tax and legal advice and have considered them in your will. See this blog post on the topic from estate lawyer Katy Basi.

Katy also guest posted this excellent piece on a 21st century issue: how to deal with reproductive assets in your will.

Funeral Arrangements (p.19)

This is truly a morbid topic, but ensure someone is aware of any pre-paid or funeral wishes.

Final Comments

This estate organizer is one heck of a homework assignment. But it is one of the most selfless things you can do for your family, especially if you have significant assets or complex financial affairs.

The content on this blog has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The blog cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact BDO Canada LLP to discuss these matters in the context of your particular circumstances. BDO Canada LLP, its partners, employees and agents do not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information on this blog or for any decision based on it.

Please note the blog posts are time sensitive and subject to changes in legislation.

BDO Canada LLP, a Canadian limited liability partnership, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms.

Exploding 19 Common RRSP Myths

It’s that time of year again. We have just a few weeks left until the Registered Retirement Savings Plan (RRSP) deadline, and despite its almost 60 years in existence, there are still plenty of myths and misconceptions surrounding this popular retirement savings plan.

Today, Sarah Rahme, CFP, a wealth advisor with BDO Canada LLP, gets us ready for the 2019 RRSP deadline by demystifying 19 common RRSP myths.
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Myth #1: RRSPs are for everyone

The reality is that every Canadian needs to evaluate their own fit for an RRSP. We generally say that Canadians earning a lower income (under $50,000 yearly) should use a Tax Free Savings Account (TFSA) instead. Moderate earners have to weigh the pros and cons before deciding which option will work better for them in the long run. This typically entails weighing the tax savings you would gain today versus the tax cost when you withdraw your RRSP or Registered Retirement Income Fund (RRIF) in the future and how quickly you may need to access the funds in your TFSA.

Myth #2: RRSPs aren’t worth it, since you need to pay tax on withdrawals

Some of you may wonder: what is the point of sheltering tax now since you will be paying it back at some point? Needless to say, should your tax bracket be lower in retirement, you will benefit from significant tax savings and tax-free compounded returns.

But what if your tax rate ends up being higher during retirement? We believe depending upon your specific situation, you may still be ahead based on the long-term tax-free compounding effect.

Myth #3: RRSPs have one use — retirement

An RRSP can also be used for two other key purposes:

• purchase your first property through the Home Buyer's Plan (HBP) (up to $25,000 to purchase your first home)
• finance your or your spouse’s training or education with the Lifelong Learning Plan (LLP) ($10,000 per year up to $20,000 in total to finance your education at a qualifying institution).

Myth #4: I should pay off my mortgage and other debt first

Let’s distinguish between two types of debt: high-interest and low-interest. For high-interest debt – the best example is credit cards, which can carry rates of up to 29.99% – absolutely, paying off debt should take precedence. But when it comes to low-interest debt, such as a mortgage, be careful not to scrimp on retirement savings. As long as you can generate a return on your investments that is higher than your cost of borrowing, it may make more sense to invest rather than pay down that low-interest debt.

Myth #5: I cannot make a withdrawal from my RRSP until I retire

Technically, funds in an RRSP are available to the plan holder at any time, even if there is a withholding tax on the funds withdrawn. (The exception, of course, is withdrawals under the Home Buyer's Plan or Lifelong Learning Plan, which are tax-free.) That being said, unless you really need the money, try to withdraw RRSP money at a time when your tax bracket is the same or lower than it was at the time of the contribution. Be aware that the statutory tax withholding may be significantly less than the actual income tax you owe in April, so plan for this shortfall.

Myth #6: It doesn’t matter when I make my spousal RRSP contribution

This may be the case if you don’t intend to make a withdrawal from the plan in the next three years, but if you do, the contribution timing matters.

As a reminder, spousal RRSPs allow one spouse to contribute to the other’s RRSP. This can often be a sound tax strategy when one spouse earns significantly more money than the other. However, spousal RRSPs come with conditions. One big one is that funds withdrawn within three years are attributed as income to the contributor and taxed accordingly.

Withdrawal rules are based on calendar years, which means that if you make a contribution for 2019 by December 2019, you’ll be able to withdraw money attributed to the plan holder as soon as January 2022. If you make that same contribution sometime in the first 60 days of 2020, you’ll have to wait until January 2023 before withdrawals are taxed in the plan holder’s hands.

Myth #7: I’ll have more money to contribute when I’m older

This is not always the case. It’s true that your student loans will be paid off, and you’ll most likely generate more income. But you may also have new obligations, such as a mortgage or the financial responsibilities of child-rearing.

Myth #8: If I die, the proceeds of my RRSP are subject to taxation

Not always – there are two scenarios:

• If the beneficiary of the deceased is a surviving spouse or common-law partner, the funds will roll over tax-free into their RRSP or RRIF.
• If you have a child or grandchild who was dependent on you due to physical or mental infirmity, the funds will roll over tax-free into their RRSP or RRIF.

Myth #9: I don’t have enough money to start investing

Like with all investing, the secret formula is compounding. If you begin your investment journey, even with small sums, a long-term strategy will build those initial amounts into greater wealth.

Myth #10: I have to take my deduction in the year I contribute

Well, you can definitely claim your RRSP deduction every year – and benefit from the tax deduction immediately. But remember: If you think your tax bracket will be higher in subsequent years, you may want keep the deduction in your back pocket and maximize your tax savings.

Myth #11: I can only convert my RRSP to a RRIF when I turn 71

It is true that you must convert your holdings by the end of the year in which you turn 71. You can, however, convert a portion, or the entire amount, at any earlier age. In fact, it may make sense to withdraw $2,000 per year from your RRSP to utilize your pension tax credit to offset the taxes on the RRIF income once you turn 65.

Myth #12: Converting my RRSP to a RRIF is my only option when I turn 71

You also have two other options:

• take out the account value as a lump sum cash payment. In this case, you’d need to pay tax on the whole payment.
• buy a life annuity that would pay income at regular intervals for the rest of your life.

Myth #13: A Spousal RRSP doubles my contributing room

Your personal RRSP contribution limit doesn’t change just because you have two accounts at your disposal. You have a choice to use your own RRSP, your spousal RRSP or a combination of both, but only up to your personal RRSP limit.

Myth #14: I have to use cash to make my RRSP contribution

RRSP contribution rules offer you more ways to contribute than just cash. You can also use stocks and bonds and make what is known as a contribution-in-kind. However, if you transfer stocks or bonds with an unrealized gain, you will trigger a capital gain, and if the stocks or bonds are in a loss position, your capital loss will be denied.

Myth #15: I should borrow money to contribute

Sure, that’s an option. But it’s probably better to make contributions to your RRSP throughout the year. Many people do this via a regular payroll deduction. This both helps your long-term savings and decreases your debt obligations.

Myth #16: I should contribute a lump sum just before the Feb. 28 deadline

Many Canadians do follow that strategy, but it’s suboptimal. First of all, you lose out on a year of tax-free growth for your funds. Besides that, are you convinced you’ll have access to the necessary funds in the waning days of February?

Myth #17: I have to wait until I turn 18 to open an RRSP

This is a common source of confusion. In reality, an RRSP can be opened at any age. A TFSA, on the other hand, can only be opened by someone 18 years or older. That being said, typically it will not make income tax sense to contribute before you are earning substantial income.

Myth #18: I can hold any types of investments in my RRSP

The RRSP rules do restrict some investment vehicles, such as precious metals and land. Some other vehicles are permitted but can be problematic and complex. These include mortgages and shares of a private corporation. Speak with your financial advisor to learn more about holding these vehicles in your RRSP.

Myth #19: My employer sponsored pension plan does not affect my RRSP contributions

Registered pension plans and deferred profit-sharing plans affect your RRSP contribution limit in the same way. Your annual T4 information slip from your employer includes a pension adjustment amount which reduces your RRSP contribution room.

The general formula is as follows: Your RRSP deduction limit for a tax year starts with contribution room carried forward plus your current year’s contribution room, minus any Pension Adjustment or Past Service Pension Adjustment and plus any Pension Adjustment Reversal.

Sarah Rahme, CFP, is a wealth advisor with BDO Canada LLP and covers Eastern Canada. If you would like help structuring a customized comprehensive financial plan for you and your family, contact Sarah at SRahme@bdo.ca or 613 739-8221, ext. 4520. For other parts of Canada, contact Sarah and she will direct you to the BDO contact person in your region.

The content on this blog has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The blog cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact BDO Canada LLP to discuss these matters in the context of your particular circumstances. BDO Canada LLP, its partners, employees and agents do not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information on this blog or for any decision based on it.

Please note the blog posts are time sensitive and subject to changes in legislation.

BDO Canada LLP, a Canadian limited liability partnership, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms. 

How to Use the BDO Estate Organizer

Two weeks ago, I posted the BDO estate organizer. In that post I emphasized the importance of writing your financial story and ensuring your financial information and wishes are documented.

Not to be morbid, but since Roma Luciw of The Globe and Mail has called me “morbid Mark,” I reiterate once again: if you do not communicate and document your financial affairs for your family or executors, you at best leave your family a messy estate at a time of distress and at worst cost your estate and family thousands of dollars.

Today I will walk you through completing the Organizer and some of the important issues that arise in completing the document.

Key Tips in Using the Organizer

Family Information (p.2)

The most important item in this section is citizenship. Many Canadian don’t realize this, but parts of your estate can trigger tax consequences if you are a citizen of another country. This typically applies to U.S. citizens, since the U.S. taxes based on citizenship; while most other countries tax based on residency.

Perhaps the biggest issue for U.S. citizens is home ownership. As discussed in this blog post, the U.S. has a $250,000 or $500,000 principal residence exemption, depending upon your marital and citizenship status. The fact that a tax-free home sale in Canada can result in taxes in the U.S. is often very shocking to Canadians filing U.S. tax returns.

Your U.S. citizenship can trigger many other tax consequences — such as U.S. estate tax —based on differing laws south of the border. And of course, U.S. tax compliance should begin well before estate planning makes an appearance in your life. If you are a U.S. citizen or green card holder, you should be filing U.S. tax returns. If you are not filing, you should seek U.S. tax advice.

If you are a citizen of another country, you may want to determine if citizenship in that country would have any income tax consequences upon your passing.

In addition, depending upon the politics of your home country and your children’s familiarity with that country, you may wish to sell your foreign assets as you age to simplify your estate.

Important Documents (p.5)

My Will 

If you do not have a will, it's time to have one drafted. As discussed in this blog post, 65% of Canadians do not even have a will and 12% of wills are outdated. Yes, your read that correctly: only 3 of 10 Canadians have an up-to-date will. 

If you already have a will, you should review it to determine if there have been any significant life events since you last updated it. In addition, you will want to ensure all your beneficiary designations (RRSP and TFSA, for example) agree to your will and are up to date. Many people have inadvertently left significant assets to ex-spouses by not updating their designations.

There have been substantial changes to the tax laws in the last few years, which can affect the tax treatment of trusts created by will and provisions for disabled children. If you have created trusts in your will or have a disabled child, you may want to contact your accountant or lawyer to see if these changes necessitate any change to your will.

Some provinces allow for dual wills, one for assets subject to probate and one for assets not subject to probate. If you live in Ontario and have two wills, a recent case (Milne Estate, 2018 ONSC 4174) may have nullified the benefit of your will that is not subject to probate. If your lawyer has not contacted you to discuss the impact this case has on your wills, contact them yourself immediately.

News Flash: the Milne decision was overturned last Thursday.

Powers of Attorney

You should have two powers of attorney (POAs), one for your financial affairs and one for your health care.

POA’s for health care have evolved over the last few years for such matters as heroic measures and even assisted-death provisions. You may want to consider updating this document depending upon your personal and religious views on these issues.

Financial Information (p.6)

As noted earlier, you will want to ensure that the beneficiary designations for pension plans and registered plans are in line with your will and your intentions. Often these designations are out of date.

After completing the Financial Information: Liabilities section of the organizer, review and ensure you have enough insurance (see discussion below) or liquid assets to pay off any of these liabilities should you pass away. You may also wish to assess whether this is a good time to have a financial or retirement plan prepared or updated.

Insurance Information (p.11)

After completing this section, sit back and consider these three things: 

1. Do you have any unnecessary insurance policies you purchased long ago and never cancelled?

2. Do you have enough insurance based on how much you spend annually, the debt you hold and significant funding expenses you still need to incur, such as tuition for your children? 

3. If you have significant funds in your corporation (especially if you will have excess funds in your corporation you will not need in retirement), have you considered purchasing a corporate-funded insurance policy?

Employment Information(p.13)

Some issues to consider is this section are:

Ensure that you detail any stock options, deferred stock units, deferred profit-sharing plans or any other of these more complex plans. Heirs often face confusion with these plans when someone passes away, so the more clarity you can provide (e.g., dates, units, tax cost basis, purchase price), the easier it will be for your family to deal with these plans.

Most employers are very good at assisting the family after the death of a loved one, but you will put your family in the best position possible by providing as many details as you can.

Income Details (p.14)

Some issues to consider in this section are: 

1. Are you taking advantage of all income splitting opportunities? You should review this with your accountant, especially given the implementation of the Tax on Split Income (TOSI) rules.

2. Consider if your investment returns are in line with your expectations and whether you even know what your returns are. See this blog post for a discussion of this topic and some useful links.

Real Estate (p.15)

Prepare a free-form schedule that should include the following at a minimum: 

1. A notation of the year you last claimed the principal residence exemption (PRE) on the sale of your home. This will allow your executor and estate to tax plan upon death or going forward in respect of future PRE claims if you have, say, a house and cottage. See this blog post for the new reporting rules on PRE claims.

2. If you elected in 1994 to crystalize $100,000 of capital gains on property you still hold, attach a copy of your 1994 form T664 to this document. The government allowed one final election to utilize your capital gains exemption before phasing out the exemption on real estate and marketable securities in 1994.

Note: Qualified small business corporations (QSBCs) continue to be eligible for the capital gains exemption — see this blog post for details.

Financial Advisors (p.16)

Ensure you have introduced your spouse or significant other to all your financial advisors. It is much easier for a surviving spouse to deal with the aftermath of a passing when they already have a level of comfort with the advisors they will have to deal with. 

Executors (p.17)

You should review your executor appointments to ensure they are the correct people for the job.

If you have not informed your executors they have been named, you should inform them. You may want to inform the executor that you have completed the organizer so that they will know it exists and where they can find it.

If you do not have someone you can name as an executor or there is possible family conflict, consider naming an institution as an executor. 

Digital Information (p.18)

If you have digital assets of value (e.g., cryptocurrency, websites), ensure you have obtained tax and legal advice and have considered them in your will. See this blog post on the topic from estate lawyer Katy Basi.

Katy also guest posted this excellent piece on a 21st century issue: how to deal with reproductive assets in your will.

Funeral Arrangements (p.19)

This is truly a morbid topic, but ensure someone is aware of any pre-paid or funeral wishes.

Final Comments

This estate organizer is one heck of a homework assignment. But it is one of the most selfless things you can do for your family, especially if you have significant assets or complex financial affairs.

The content on this blog has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The blog cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact BDO Canada LLP to discuss these matters in the context of your particular circumstances. BDO Canada LLP, its partners, employees and agents do not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information on this blog or for any decision based on it.

Please note the blog posts are time sensitive and subject to changes in legislation.

BDO Canada LLP, a Canadian limited liability partnership, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms. 

This Simple Tool Can Help Organize Your Estate

I have written numerous times over the years urging you, my readers, to get your financial affairs in order, by stress testing your finances should you pass away suddenly. While clearly a morbid topic, the rationale for the discussion is this: if you do not get your affairs in order and you pass away suddenly, you leave your family a financial mess at a time of emotional distress, anxiety and confusion.

I have had many readers personally write to thank me for urging them to undertake this task, since it provided them with financial peace of mind. They told me that in many cases, this undertaking was the catalyst for them to sit down with their spouse or significant other, review their finances, and communicate and document what financial assets they have and where they can go to find them. In addition, other non-financial issues surrounding their passing were discussed, such as funeral arrangements.

In my professional practice, I have practiced what I preached and have urged my clients to write their financial story and organize their affairs. As clients, I was able to provide them a fillable estate organizer to make their task somewhat easier.

You can link to the estate organizer and download the document here.

If you have not already taken the time to write your financial story and organize your estate, you now have no reason to procrastinate — you have a simple, fillable document to make the task much simpler.

In my next post two weeks from today, I will walk you through the organizer and what you can accomplish in completing each section of the document.

The content on this blog has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The blog cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact BDO Canada LLP to discuss these matters in the context of your particular circumstances. BDO Canada LLP, its partners, employees and agents do not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information on this blog or for any decision based on it.

Please note the blog posts are time sensitive and subject to changes in legislation.

BDO Canada LLP, a Canadian limited liability partnership, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms. 

Scratching the Eight-Year Itch — The Blunt Bean Counter Gets a Facelift

It’s been eight years for The Blunt Bean Counter. Sometimes I can’t believe it myself, but there you have it: we’re nearing a decade of blog posts (535 to be exact). It’s an opportunity to sit back, reflect and consider how the popularity of this blog exceeded my wildest expectations.

I’ve been fortunate to have an audience that keeps tuning in and has grown over the years. You are what makes the blog a success. Based on your comments and feedback, I try to include your interests and needs when deciding on topics and writing the posts. Your positive reinforcement has been an essential source of inspiration.

When I first took baby steps into the blogosphere, my career focused on tax, so the vast majority of my posts drilled down on tax topics. I loved — and still love — clarifying complicated topics, eschewing the technical jargon that we accountants hold dear. Or, as my wife keeps telling me, “write in plain English.”

Over the last few years, my interests have changed. My focus has shifted to wealth advisory, and helping Canadians get their financial affairs in order. Sure, tax will always inform the wealth advisory journey — and you’ve heard me go on about the perils of ignoring the tax piece. No financial plan is complete without tax considerations baked in at all stages of the process, from beginning to end, as long as the tax tail does not wag the dog. But it’s a matter of emphasis, and now my emphasis is certainly on the wealth and financial side of the equation.

My professional situation has also changed since I first began blogging. When I started the blog on essentially a dare from a social media consultant, I was the managing partner of Cunningham LLP, a seven-partner firm. Now I count myself as part of a great national firm, BDO Canada LLP. To reflect my status as a partner at the firm, I’ve decided to include the BDO logo in the top left-hand corner of the blog along with a bit of a re-design and freshening up of the blog.

Along similar lines, I’ve decided to open up The Blunt Bean Counter tent to more of my BDO colleagues. I will still be writing and editing, but I will now be including more posts from the professionals I work with, who also have important viewpoints and knowledge to contribute. I think the blog — and you — will benefit from their take on various topics. I joined a large firm in part because of the top-quality people I work with every day. Now you can gain the same benefits that I have been enjoying.

Here’s what won’t change: my commitment to bringing you clear, unvarnished financial insight on topics that make a difference to your bottom line, in your business or personal life. And I'll continue whether as writer or editor, to bring you this insight in the plain-spoken tone that gives The Blunt Bean Counter its name and part of its appeal.

Watch out for my next post, which will unveil something I call the “My Financial Story and Estate Organizer.” It’s a tracking form that can help you store important personal information — to help you organize your financial story and estate. Many of my clients and colleagues have found it extremely useful and tell me it has given them peace of mind. I hope it can help you summarize your financial affairs in one spot.

The content on this blog has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The blog cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact BDO Canada LLP to discuss these matters in the context of your particular circumstances. BDO Canada LLP, its partners, employees and agents do not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information on this blog or for any decision based on it.

Please note the blog posts are time sensitive and subject to changes in legislation.

BDO Canada LLP, a Canadian limited liability partnership, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms. 

How Business Owners Can Plan for Retirement - Webinar August 1st

If you are a small business owner, you may wish to join BDO Canada LLP for a webinar on August 1st at 12pm EST, on the special issues small business owners face when planning for retirement.

Jeff Noble, Director & GTA Practice Leader of BDO's Business Transition & Wealth Continuity team, will discuss issues such as business succession and enhancing the value of your business, in preparation for the sale and/or transition of your business as part of your retirement plan.

Tom Mathies, a Senior advisor with BDO's Wealth Advisory Services team will discuss some of the key issues you need to consider in preparing a financial plan and planning for your retirement.

Finally, yours truly will discuss some practical family and business issues related to retirement. 

If you wish to sign up for the webinar, here is the link http://bit.ly/2uxV77v. 
 
The webinar is premised on the "From Plan to Retirement: How Business Owners Manage Their Wealth, Lives and Legacies" report released by BDO late last year. You can download that report here.

BDO Canada LLP Retirement Survey Report - More Financial Survey Results

You may remember my November post highlighting the initial results of a financial survey conducted by BDO Canada LLP. These findings offered a trove of valuable information on the wealth management journey for Canadian business owners. They confirmed much of what I had been hearing in conversation with clients but also offered important new insights.

The financial survey produced such robust data that BDO created two reports. The second one — The Retirement Planning Report — is now available as a free download and reveals additional insights on how all Canadians manage their wealth and plan for retirement.

The survey that produced these two reports has strong ties to The Blunt Bean Counter. Many of you took part in this study — thank you very much for your tremendous participation and input. Some of you received a free copy of my book Let’s Get Blunt About Your Financial Affairs as a token of thanks for responding to the questionnaire. In total, almost 1000 Canadians took part in the study.

Summer beckons from just around the corner. For those taking time away from the office, the break provides a great opportunity to reflect on the big picture: how we envision retirement, how our finances align with that vision, and where family fits into the picture.

This new BDO report will help you focus on what matters to you in retirement and on your preparedness. Jonathan Townsend, the National Wealth Advisory Services leader for BDO Canada LLP, provides a synopsis of the report in his guest post below.

In conjunction with the BDO report, you may want to read, re-read or reference the six-part series I had on "How Much Money do I Need to Retire? Heck if I Know or Anyone Else Does!" The links for the blog posts are down the right-hand side of this page under the Retirement heading.

Retirement Planning Report   By Jonathan Townsend

Retirement sometimes appears to Canadians as a moving target. Like all plans for the future, it depends on variables that we can’t fully control. We do our best to cover all the circumstances, but life intervenes and renders our financial plans out-of-date.

“How much do people actually need to save?” Mark Goodfield in the report says the following: “That is the million-dollar question — with no clear-cut answer. At the end of the day, Canadians need to evaluate their individual needs with the help of a trusted advisor.”

That is why expectations play such a large role in successful retirement planning. In the 1980s, many Canadians believed their investments would support retirement at 55. Today’s pre-retirees have adjusted their retirement dates upward to fit the changing times. The average age of retirement climbed from 61 in 2005 to 63 in 2015, according to Statistics Canada.

BDO’s new Retirement Planning Report reveals valuable data on a topic that can be difficult to access: how Canadians themselves see retirement. By turning the spotlight on expectations, we can better understand the entire planning process.

Here are some key report findings that caught my attention:

• On preparedness — About half of survey respondents have prepared a financial plan. Of those respondents with a plan, almost three-quarters had a professional advisor prepare the plan.

• On health care — Long-term health care placed second on the list of respondents’ retirement concerns, but almost 4 of 5 of respondents have done nothing to prepare for health care costs in retirement.

• On family — Canadians in the so-called sandwich generation raise their children while looking after their parents. Fifteen percent of respondents in our study say they are supporting their parents financially. As longevity continues to increase, Canadians may need to calibrate their retirement plans to account for both slices of bread in the family sandwich. Rob Carrick of The Globe and Mail found this topic of interest, especially the fact that 10% of Canadians support both their parents and children and discussed the study here in his Carrick on Money newsletter.

• On pension plans — Companies have shifted more of the savings burden to employees by moving to defined contribution plans. In the longer term, more and more Canadians may have no employer-sponsored plan at all. Contract and part-time work are accounting for a larger share of the labour market.

The findings and strategies highlighted in the report provide actionable tips that you can incorporate into your own successful planning. I invite you to download the report here.

Jonathan Townsend is the National Wealth Advisory Leader at BDO Canada LLP. If you have any questions, please contact him at 519-432-5534 or jtownsend@bdo.ca.

This site provides general information on various tax issues and other matters. The information is not intended to constitute professional advice and may not be appropriate for a specific individual or fact situation. It is written by the author solely in their personal capacity and cannot be attributed to the accounting firm with which they are affiliated. It is not intended to constitute professional advice, and neither the author nor the firm with which the author is associated shall accept any liability in respect of any reliance on the information contained herein. Readers should always consult with their professional advisors in respect of their particular situation. Please note the blog post is time sensitive and subject to changes in legislation or law.

Ontario’s Minimum Wage Increases

Today, I am writing about the changes to the Ontario minimum wage. For full disclosure, I wrote this blog post during the holiday break, with the intent to try and have a fair-minded discussion about this issue. However, as you likely know, all heck broke loose last week in respect of this issue, when certain retailers took steps to reduce the impact of the minimum wage increases and Ontario Premier Kathleen Wynne responded strongly informing them if they wish to pick a fight, pick it with her and not their employees.

I have updated the post to account for some of these recent events and comments, but the intent remains the same, an attempt to have an even-handed review of the issues surrounding this significant labour change. In my opinion, that review ends in two conclusions:

1. The various studies related to minimum wage increases are not conclusive.
2. Small business owners, in general, will take steps to maintain their bottom line and in many cases, those steps will likely be diametrically opposed to the government policy intent. 

So, what is all this uproar about? As of January 1st, the Ontario Liberal government increased the minimum hourly wage to $14, with a further increase to $15 on January 1, 2019. That is a 32% increase since the beginning of 2017. This follows the lead of Alberta which plans to increase its minimum wage to $15 by October 2018.

This issue is very complex. I have conflicting views: through the prism of an individual and fair-minded person, I feel higher minimum wages, especially in high cost provinces like Ontario and Alberta are necessary to keep workers in these provinces, and to allow those individuals to maintain a minimum standard of living. As an advisor to small businesses, and a former employer of 35 or so people, I also understand one of the main objectives of a business is to make money and increase the bottom line. The margins on products or services are very often correlated to the cost of wages and salaries and thus, any increase to these expenses, can have significant profit consequences.

What the Studies Show

In December of 2017, the Bank of Canada released this report, titled "The Impacts of Minimum Wage Increases on the Canadian Economy".

 Some of the key findings of the paper are as follows:

• 8% of employees in Canada work at the minimum wage and estimates in the literature suggest that changes in the statutory rate have historically affected the wages of up to 15 per cent of employees with lowest wages. 
• There could be a very modest inflationary effect ranging from 0.0-.02 percentage points over the next couple years.
• The increases in the minimum wage lead to higher real wages, which push up firms’ marginal costs, and thus inflation increases accordingly as a fraction of firms adjust their prices in the short term.
• Weaker labour demand leads to reduced employment and lower hours worked, although the net impact on labour income is positive.
• Employment losses may amount to about 60,000 workers (it is my understanding this does not mean 60,000 in job losses, but means 60,000 fewer jobs may be created and in the detailed part of the report, it states the number could be as low as 30,000 or as high as 136,000 depending upon the measure used).
• Consumption would be reduced slightly as the higher inflation would elicit a slight interest rate increase, which would more than offset the higher labour income.
• Potential output should remain unchanged in the short run. Longer-term effects are possible through automation, productivity changes or changes in labour force participation. The sign of these longer-term effects is, however, ambiguous.

In this Talent Economy article titled “How Does the Minimum Wage Impact the Economy?" a U.S. publication, the author references several academic papers. The first study by The Institute for Research on Labor and Employment, finds “that a $15 minimum wage in California would increase earnings for 38 percent of the state, and businesses would see a reduction in turnover and increases in productivity. Raising prices by 0.6 percent through 2023 would offset increased payroll costs” which reflects a positive outcome of a higher minimum wage.

Yet, in the same article, the author quotes a report published in August 2016 from The Heritage Foundation that finds that a nationwide minimum wage of $15 per hour would lead to 9 million jobs lost, and states with lower costs of living would see the most negative impact. “Efforts to create jobs and reduce poverty should not center on forcing employers to pay higher starting wages,” the story concludes.

So, the studies are not conclusive one way or the other.

The Government's Position

In this Toronto Star opinion piece written yesterday by Kathleen Wynne, the Premier of Ontario, she opines the minimum wage increase is about fairness and opportunity for the citizens of the province. She does not feel the economics gains in Ontario have been shared equally by employers with their employees.

Premier Wynne states the following in the editorial "Big businesses and major corporations continue to celebrate record profits, while many people in this province juggle multiple jobs and still can’t afford the basics. CEOs enjoy massive salary increases while their workers can’t pay their bills.
That’s not right, and it's not who we are as a society".

Business Owners Position

Business owners are far from a homogeneous group and have varied situations and opinions on the topic. However, in general their position seems to be that minimum wages are an admirable social position, but it is not a practical policy, especially for certain industries such as restaurants and retail outlets (For example, it has been reported by the Great White North Franchisee Association, that the cost of implementing minimum wage hikes to each Tim Horton’s franchisee is $6,968 per employee and for the typical store, that results in increased costs of $243,889). Many small business owners feel the increase in minimum wage should be much smaller, phased in over more years and done in conjunction with tax policy that assists lower earning citizens.

How Retailers and Business Owners Can Manage Rising Minimum Wages

As discussed by BDO Canada LLP in this report titled “Nine Ways Retailers Can Manage The Rising Minimum Wage” there are both tactical and strategic options retailers can consider to reduce the impact on their businesses, where the impact of the minimum wage increase is significant.

Tactical Options

The BDO reports provides tactical options including: reducing employee headcount, optimizing shifts that employees work, reducing store hours to match customer shopping behaviour, reducing costs in other areas of the business and finally raising prices, which in effect, passes the wage increase onto the consumer.

In Ontario last week, there were widely reported cases where well known franchise owners scaled back work breaks, benefits and banned employees from accepting tips in an attempt to try and offset the minimum wage increase. These reports led to a huge outroar and publicity. These cases should cause business owners pause for thought; in that, tactical changes must also consider how your customers will react if the changes become public.

Strategic Options

The BDO report notes strategic options range from expanding technology beyond the self-checkout, optimizing government incentives, outsourcing non-core functions, and by giving the consumer more for their money.

In this article by Brenda Bouw in The Globe and Mail titled “Ontario small-business owners raising prices to cover minimum wage hikes”, the author considers the connection between tactical (price increase) and strategic (better client service) when she quotes retail consultant Doug Stephens of the Retail Prophet. Mr. Stephens says if prices are increased; “businesses could also view it as an opportunity to boost their customer service, by giving them more for extra money”. He goes on to say businesses should view this as “a watershed moment to design better and more enjoyable customer experiences that are actually worth more to their consumers”.

Issues Are Not Always Black and White

I have and have had, many small business clients who bend over backwards to never fire employees and to assist them as much as possible and some have even made 100% retention of their employees a condition of them selling their company. Often business owners are portrayed as heartless and just chasing the almighty dollar, yet, I have found many small business owners are the exact opposite and they care deeply about their employees. But, people are in business to make money, so while they may be conflicted in their actions and concerned for their employees, in most cases, their bottom line will influence their decisions.

Increasing the minimum wage has significant consequences to both a provinces employees and employers. Hopefully the economy is strong enough the next few years to absorb these increases, but in the end, only time will tell how these wage increases will impact Ontario and Alberta and whether the governments policy and intention will be served.

This site provides general information on various tax issues and other matters. The information is not intended to constitute professional advice and may not be appropriate for a specific individual or fact situation. It is written by the author solely in their personal capacity and cannot be attributed to the accounting firm with which they are affiliated. It is not intended to constitute professional advice, and neither the author nor the firm with which the author is associated shall accept any liability in respect of any reliance on the information contained herein. Readers should always consult with their professional advisors in respect of their particular situation. Please note the blog post is time sensitive and subject to changes in legislation or law.

The Results Are In From The Financial Survey!

Earlier this year, I wrote about a survey BDO Canada LLP was conducting to assess the impact of financial and wealth trends. Many of you took part in this study – thank you very much for your tremendous participation and input. Some of you received a free copy of my book Let’s Get Blunt About Your Financial Affairs for participating. I hope you enjoyed the book and found some useful financial tidbits.

The survey results are now in and they provide exactly the type of perspective I had hoped to glean. Almost 1000 Canadians contributed to provide a trove of valuable insights on how we deal with family, finances and retirement planning. Very interestingly, a significant number of the survey respondents were small business owners. As such, BDO decided to create two reports:

• one for small business owners, which was just released on November 21st titled "From Plan to Retirement: How Business Owners Manage Their Wealth, Lives and Legacies
• a second report, for non-business owners which will be released in early 2018.

The current report, which is very timely given the recent Liberal tax proposals for private business owners, focuses on the challenges they face in managing their wealth. If you are a business owner, I suggest you download the report which can be found here.

While this report centers on business owners, it delivers some great tips and strategies for all Canadians. Jonathan Townsend, the National Wealth Advisory Services leader for BDO Canada LLP provides a synopsis of the report in his guest post below. 

From Plan to Retirement: How Business Owners Manage Their Wealth, Lives and Legacies  By Jonathan Townsend

Business owners occupy a unique space in Canadian society. On the one hand, they share concerns with most hard-working Canadians who receive a paycheque from their employer. They strive to get ahead. They balance current-day spending with future financial needs. They worry about their family. Sometimes they worry about their health.

But business owners are also a tribe to themselves, lacking workplace standards like employer-sponsored pension plans and paid vacation allotments. The entrepreneurial tendencies that initially called them to business ownership only deepen when faced with the reality of “eating what they kill.” As their business moves through the business life cycle, their independent experience affects all aspects of their lives.

This is where this new report by BDO Canada excels: in contrasting business owners with non-business owners. Using survey results provided by almost 1000 Canadians of both groups, the report analyzes key points along the retirement/wealth management journey for business owners, from speed bumps to roadblocks to open roads under clear skies.

Among the key findings from our study:

• Preparedness - Business owners plan more for retirement than non-business owners but feel less on track

• Work in retirement - Almost one-third of business owners plan to work part-time after retirement — compared to 12 percent of the general population

• On succession - More than one in three business owners in our study plans to retire in the next five years. Without the right succession planning, these businesses are at risk of adversely affecting the owners, their families, employees and the wider Canadian economy

• On family - Financial support for children was more common among the business owners we surveyed than among non-business owners

These results — and strategies highlighted in the report — provide takeaways to fold into your own successful planning. I invite you to download the report here.

Jonathan Townsend is the National Wealth Advisory Leader at BDO Canada LLP. If you have any questions, please contact him at 519-432-5534 or jtownsend@bdo.ca

This site provides general information on various tax issues and other matters. The information is not intended to constitute professional advice and may not be appropriate for a specific individual or fact situation. It is written by the author solely in their personal capacity and cannot be attributed to the accounting firm with which they are affiliated. It is not intended to constitute professional advice, and neither the author nor the firm with which the author is associated shall accept any liability in respect of any reliance on the information contained herein. Readers should always consult with their professional advisors in respect of their particular situation. Please note the material is time sensitive and subject to changes in legislation or law.

Book Giveaway and Financial Survey

I have been writing about financial and wealth trends for over six years. Today, I provide a link to a survey about how these trends are affecting you personally. I would appreciate it if you would complete this survey. To provide incentive (at least I hope it is incentive since you are reading my blog) I will giveaway five copies of my book Let's Get Blunt About Your Financial Affairs to those who complete the survey. The survey will take you between 3-5 minutes to complete, so it is not time consuming and you will have the opportunity to receive a summary of the survey. I would suggest the survey is most applicable to those in their mid-forties and older.

A discussion of some of these trends and why they are important is provided below by Jonathan Townsend, the National Wealth Advisory Services leader for BDO Canada LLP.

Canadians Feel Financial Strain From Different Directions

By Jonathan Townsend

Recently, the trend of Canadians providing multi-generational financial support has come up as an emerging issue. At a time when many of us should be preparing to retire peacefully, numerous people have signed up for additional financial obligations such as housing, education, and health care—not for themselves—but for their children or parents. This added burden, along with longer life expectancies is putting considerable stress on many Canadians.

In a recent Globe and Mail article, 44% of millennials expect to receive financial assistance from their parents to purchase their first home. Many of them consider home ownership a priority; however due to increased housing prices many cannot fund the purchase independently. Instead, millennials are relying on their parents to make home ownership a reality.

Conversely, the parents of baby boomers are living much longer. Many of them may have not saved enough or are facing unexpected medical conditions which require special care or assistance. Again, many Canadians, especially baby boomers are stepping up to the plate. They are taking care of housing and health care costs for their parents, which have considerable costs. In a recent study by CIBC, it is estimated that these costs average $3,300 per year for a caregiver, and amounts to an estimated cost of over $6 billion to the Canadian economy.

The added financial commitments may not have been part of many Canadians financial planning. The time, energy and money being used to support parents and children is putting a huge strain on funding many of our own retirements. Significant numbers of Canadians are nowhere close to hitting their targeted retirement nest egg because their investment returns have not been what was expected in large part because of the cost of financially caring for their children and/or parents. While research shows it is physically and mentally beneficial to work longer, many people need to work longer, out of financial necessity, to support the family and fund lifestyles and retirement.

For those lucky enough to have cashed in on sky-high real estate prices in some Canadian cities or for those who have received an inheritance, they have decisions to make regarding the net proceeds of downsizing or their inheritance and how much goes to their children or parents.

It’s admirable that many Canadians are taking care of their families’ financial needs but it may come at a cost. BDO Canada is exploring these changes and added expectations that we are facing to see how it is impacting our retirement and financial planning. We invite you to participate in this national survey, which will form a report outlining the key insights we uncover. Respondents will be entered into a draw to win one of five, Let’s Get Blunt about Your Financial Affairs books, written by Mark Goodfield.

Complete the survey now by clicking this link. Please note the book giveaway link is at the end of the survey and takes you to a different location so that your survey comments remain confidential.

Jonathan Townsend is the National Wealth Advisory Leader at BDO Canada LLP. If you have any questions, please contact him at 519-432-5534 or jtownsend@bdo.ca.

This site provides general information on various tax issues and other matters. The information is not intended to constitute professional advice and may not be appropriate for a specific individual or fact situation. It is written by the author solely in their personal capacity and cannot be attributed to the accounting firm with which they are affiliated. It is not intended to constitute professional advice, and neither the author nor the firm with which the author is associated shall accept any liability in respect of any reliance on the information contained herein. Readers should always consult with their professional advisors in respect of their particular situation.