HomeMy WebLinkAboutThe Citizen, 2000-02-09, Page 6PAGE 6. THE CITIZEN, WEDNESDAY, FEBRUARY 9, 2000.
Financial
It’s important to make sure thy will be done
(NC)—So you’ve completed
your will and that’s it for that.
Well, depending on when you did
it, maybe you’re not quite done.
Consider this. The biggest
beneficiary of Princess Diana’s
estate was England’s Revenue
Service - to the tune of $20 million.
The government received 40 per
cent of her estate in the form of
taxes. *.
Diana had a will. But she hadn’t
amended it after her divorce
settlement. It didn’t describe how
to manage her personal property
and contained no provisions to
minimize taxes.
Not many of us will have a tax
burden of the magnitude
encountered by Diana’s family, but
it serves as a good reminder that no
matter what the size of your wealth,
financial planning is an ongoing
process. Tax, family and succession
laws are continually changing, as is
the market value of your assets.
And your personal situation
changes periodically, as well.
Make sure your plans are up to
date by meeting regularly with your
financial adviser. Ensure that
changes in your life, and the laws
that affect your estate and financial
plans, will not result in unexpected
surprises down the road.
For more information on what
you should know about planning
your estate, ask your financial
adviser for Trimark’s Your Estate
Matters and You, Your Family ...
Talking About Money brochures or
call 1-800-TRIMARK to have the
brochures sent to you directly.
Set up a meeting with your
financial adviser if you have done
any of the following since you last
updated your will:
• Bought a home
• Made a substantial gift
• Bought life insurance
• Moved to a new province
• Started a business
• Had or adopted a child
• Been married, divorced
separated or widowed
- News Canada
Self-directed RRSP may be for you
Do you want your Registered
Retirement Savings Plans (RRSPs)
to include a broader range of
investments, over which you have
more control? Then a self-directed
RRSP may be right for you.
“The range of investments
available to a self-directed RRSP
include cash, Canada Savings
Bonds, treasury bills, bonds,
debentures, investment certificates,
RRSP-eligible mutual fund
investments, shares or warrants of
companies listed on Canadian stock
exchanges, shares of private
companies (specific restrictions
apply) and certain mortgages on
real property,” says CA Sonja
Chong, chartered accountants.
You may also hold your own
house mortgage in your self
directed RRSP, says Chong,
although there are accompanying
set-up and annual administration
fees.
While self-directed RRSPs allow
more control and investment
flexibility, this should be weighed
against any service or
administration fees, which are not
tax deductible. Ask your chartered
accountant whether a self-directed
RRSP is a good choice for you.
This RRSP Tip is brought to you
by the Institute of Chartered
Accountants of Ontario.
AFP Wealth Management
HELEN M. HETHERINGTON, CFP
Financial Planning Consultant
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