The Citizen, 2007-02-08, Page 11Snowbirds should make sure theirfinancial house is in order before
flying south for the winter. Sandy
Cardy, senior vice president of Tax
and Estate Planning at Mackenzie
Investments, offers the following
checklist to help get all your ducks in
a row:
• Buy health insurance: Examine the
coverage carefully and make sure
your policy is adequate. For
example, some insurers will get you
to return to Canada for treatment,
which is not always ideal.
• Take care of bills: Set up
automatic debits for bills to be paid
while you're gone or arrange for
someone to take care of them foryou.
• Arrange access to cash and credit:
Make sure you can use your ATM
card in the country you're traveling
to and ensure your credit limits are
sufficient.
• Set up electronic banking: You'll
need to make transactions while
you're away, so ensure you have
online or automated telephone
services set up. If this is not
possible, ensure you have quick and
easy access to your account
managers so they can help you.
• Make your RRSP contribution: It
is important to make your RRSP
contribution before you leave, sincesecurities restrictions may prohibit
you from making an investment
while you're out of the country.
• Make sure your legal documents
are in order: To help ensure that you
are protected if incapacitated in a
foreign country, it may be a good
idea to grant someone power of
attorney. This person should be able
to act on your behalf on legal,
financial, health and personal care
matters both at home and abroad.
You should also have an up-to-date
will and let someone you trust know
where your legal documents are
kept.
• Determine how many days you'llbe out of the country: Many
countries will restrict the number of
days you can stay without formal
immigration status. If you are away
for more than six months you may
jeopardize provincial medical
coverage.
• Tax deadlines: Make arrangementsfor income tax preparation in the
event that you're not back before the
April 30 deadline. You may also
have to file an income tax return in
the country of your winter
residence.
– News Canada
THE CITIZEN, THURSDAY, FEBRUARY 8, 2007. PAGE 11. A financial checklist for snowbirds
Look at the list of professionals
who help manage your physical
health: there’s your doctor and
dentist, maybe a chiropractor or a
nutritionist.
Now think about your finances. Is
there a professional you turn to to
manage your financial health?
According to a recent survey by
Mackenzie Investments, more than
40 per cent of Canadians are trying
to go it alone, managing everything
from their day-to-day finances to
their retirement needs and
everything in between. At the same
time, 60 per cent rate their personal
ability to choose the right
investments as fair or poor.
Financial advisors can help you
wade through the thousands of
available investment products,
define your financial and life goals,
create a plan that considers issues
like children’s education, tax and
estate planning, insurance and
charitable giving needs, and much
more.
Consider these tips if you’re
having trouble finding the right
advisor for you:
• Ask colleagues at work or those
in a similar line of business
Referrals are some of the best ways
to find a good advisor. Talk to
people in your industry at a similar
career stage and personal situation.
If they have an advisor they know
and trust, that person could be right
for you.
• Ask your lawyer or accountant
Professionals like these already
know something about you, your
family and your finances, and
likely know people in the financial
planning business. A referral here
could be a good fit.
• Read local newspapers for ads or
seminars being presented by
financial advisors
Local newspapers are an
excellent source for names of
advisors working in your
community.
• Check a variety of financial
association websites
Financial associations such as
the Mutual Fund Dealers
Association of Canada or the
Investment Dealers Association of
Canada provide listings of
investment firms across the
country.
• Interview several advisors before
making your choice
Be sure to ask questions about
their experience, education,
investment strategy, performance
and fees.
– News Canada
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