Parents of children with disabilities have their own special needs when it comes to financial and estate planning. For many, the cost of looking after a disabled child would be a financial impossibility if not for the help provided by other family members such as grandparents.

We now have available the Registered Disability Savings Plan (RDSP) which has been designed to provide for the long-term financial security of a person with disabilities. Contributions to an RDSP are not tax-deductible and can be made until the end of the year in which the beneficiary turns 59. However, it is the added benefit of government grants and bonds, combined with tax-deferred growth, which makes the RDSP a powerful investment tool.

We have been made aware of some administrative complications in the processing of TFSA returns which could result in inaccurate TFSA reporting on your NOA. The CRA is working to resolve the situation and will be issuing a TFSA Contribution Room Statement in early fall which will contain all corrections to reporting.

A client recently asked us if she would be able to afford a retirement “home”, or if necessary in her later years, “long term care”. “I don’t want to be a burden on my children” is a phrase that we are hearing more frequently as our clients and the Canadian population in general, age. Today, Canadians 65 and over represent more than 13% of our total population. In the years ahead this percentage will become significantly higher as the Baby Boomers age.

For our 85-year-old client, selling the family home after 40+ years and moving to a retirement home or “residence”, as they are now referred to, was both an emotional and financial decision.

The Haynes Family

Forming life-long client relationships is one of the most satisfying parts of being a financial planner. Luckily for the team at Polson Bourbonniere, the Haynes family has allowed us to experience this pleasure to a unique degree, with four generations currently working with us.

Norman Haynes was the first member of the clan to join Polson Bourbonniere many years ago, after having met Kirk Polson through his sister. The now retired fire-fighter survived his dangerous career in good health, and enjoys spending time with his children, grandchildren and great-grandchildren. Now 88, Norm is an avid stamp collector and founder of the Scarborough Seniors Slo-pitch team, which is currently enjoying its 26th season!