"Change is the only constant in life.” – Heraclitus
Change can be exciting or frightening, anticipated or completely unforeseen. Regardless of how or why change happens there can often be implications to your financial well-being.
Having a resource to turn to during times of flux can help alleviate any anxiety you feel.
Here are some of the changes we have helped our clients through.
Birth of a child
Loss of a job
Illness or disability
Imminent retirement or sale of business
Loss of a family member
Many Canadians appreciate the benefits and joys of owning a cottage, cabin or chalet (“vacation property”), and wish to pass the ownership and enjoyment to the next generation. Designing a succession plan for the future ownership of your family vacation property can be challenging, especially because these properties often hold tremendous sentimental and monetary value. In addition, it is likely that more than one child may want ownership; however, the asset cannot be divided. As a result, it’s important that your estate plan take this asset into consideration to ensure that it is properly accounted for and, if applicable, transitioned based on the needs and desires of the family. Read more HERE.
For the majority of Canadians, buying a home will be the single biggest purchase they ever make, and getting a mortgage is an essential part of this process. But how do you ensure you get a mortgage that you can actually afford over the long term? That’s where a mortgage payment calculator comes in.
Use a mortgage payment calculator to understand what a mortgage will cost you in real terms.
What is the average mortgage payment in Canada? According to the article “How much is the average mortgage payment in Canada?”, the average monthly payment on new mortgages in Canada is $1,984. In 2019, it was $1,415.
Tim Eastwood, CFP®, CIM®, FCSI