FAQ

My wife and I live in a condominium; have no children and well-paying jobs. Do we need a financial plan?

Absolutely! Everyone should have a financial plan in order to know where they stand and what they can afford. For example, in 4 years, do you want to move out of your condo and buy a house? Are you planning on starting a family? If so, will you be able to support your children’s higher education/university or college tuition? Will you have enough money when you retire to continue living the same lifestyle? These questions are answered in a financial plan. Click here to read an article as to why it is important to have a financial plan.

I'm 28 years old. I'm young. Do I need to start planning for my retirement now?

It is never too early to start planning for retirement! Retirement planning is a comprehensive process which involves managing your investments, debt, and income taxes. The most important fact to remember is that the day you retire is the day you stop earning income. You must depend solely on what you have saved up over your working life. Click here to read an article about the potential consequences of not planning effectively for retirement.

How much should I save for retirement?

Determining the amount of funds to save for retirement depends on your goals. It is expected that a person’s expenses will change in one way or another after retirement. For example, suppose you drive to work every day. Once you are retired, you won’t be driving to work every day, which means that you will experience a decrease in automobile expenses. Determining the amount of money to save for retirement is a major component of personal financial planning.

I live in Ontario and am planning a trip abroad. Do I need to buy travel insurance if I have OHIP?

Yes! OHIP coverage is limited for medical expenses outside of Ontario. When planning a trip, we recommend buying travel insurance in order to ensure that you have sufficient coverage. For more information about OHIP and what is covered under OHIP, please click here.