Sinclair Billard + Weld is pleased to welcome you to its Resources section. In this section we share with you useful links to online information from a variety of sources that will help you better understand financial planning, to help you make the best possible decisions for your future. We provide this links as a convenience only, and make no warranties with respect to the information contained on the site links provided. Please consult a financial advisor/planner for advice on any decision you plan to make.
This section is divided into the following topics:
Family Issues
Budgeting tools
Understanding the "in and out" of family finances, setting savings goals for long term purchases, understanding the cost of debt, are important elements in setting a family budget. Our best pick of those available is this easy to use guideline from the province of Manitoba:
Family Income Protection
While the "experts" urge us to have at least six months of emergency cash "on hand" the reality is that for most us being unable to earn an income for even a short period of time as a result of injury or illness would have a major impact on our family's emotional and financial well being. Two options to help at such times are long term income protection and critical illness plans.
Wills and Guardianship of Minor Children:
It's been said many times - everyone needs a will. Only with a valid will are the things that you have worked hard to build going to end up - upon your death - where it matters. Without a will, the courts decide, and that decision may not be the one your heirs would prefer. A will is especially important to establish the guardianship of children. A "verbal" understanding with a sister, or cousin does not mean that wish will be upheld by the courts after your death. So take half an hour, and deal with those issues now.
Retirement and Investing
Canada Pension Plan Benefits
Understanding the level of income expected from the Canada Pension Plan is a helpful part of understanding how much income you will need to replace once you retire. CPP does send statements showing expected pension income when you retire, and you can call them at 1-800-277-9914. From the CPP website (link below) you can request a statement of your contributions to date.
RRSP Basics
Whether you contribute to an individual or group RRSP or are considering setting up an account a quick review of the "rules" of RRSP accounts might be helpful. Straight from the website for Canada Customs and Revenue Agency.
Employer Pension Plans
If you are involved in a pension plan at your place of work, the simplest way to determine the level of income you can expect at retirement from that pension plan, is to talk to your plan administrator or the company sponsoring the plan. Most companies who provide pension plans have web sites to help you keep track of your account with them, and make changes to your account. If you don't have that site for your pension plans ask for it. Pension plans are regulated by the provincial governments.
How much is enough?
We all wonder how much income is sufficient for retirement. The answer depends on your plans for retirement - much the same as you now enjoy or do you intend to travel, buy winter homes, take around the world cruises. Here are some sites that might help you get started on thinking about life during retirement.
The Mysteries of Asset Allocation - Finding the "right" mix
Choosing the most approximate mix of investments should be a process that considers the reason for the savings, the time period before the savings will be needed, and the level of comfort with changes in he day to day value of the account. There are a number of tools that can help you determine the mix for you.
Other Financial Information Links
Wellness
The newest word to refer to a healthy lifestyle is "wellness"and refers to an approach to health as much as "being healthy". We have included some "wellness" sites we have found for your interest. A reminder to ALWAYS verify any medical information with your family doctor BEFORE making any changes to your lifestyle, medications, or treatments.
