Advice to tips and advice to improve your finances and long term goals

Money-saving credits and helpful tips for seniors this 2020 tax season and beyond

 Wednesday, April 14, 2021     Marion Goard     Financial Health House and Home

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When it comes to filing your income tax return, making sure you claim potential benefits and credits is important, as often it can help put more money back into your pocket. With tax season upon us, it's worth setting aside some time to do a bit of homework on the benefits that you may be able to take advantage of.

The great news for seniors is that there are many wonderful tax credits and benefits available. And, even if you have no taxable income, you could still be eligible to receive tax-free money. For many seniors in their retirement years, any opportunity to save money is one you wouldn't want to miss.

As a senior (65 and older) and depending on your total 2020 income, you may be able to file your income tax returns claiming a number of refundable tax credits - and for prior years as well, if you have not previously filed. Let's look at some of the 2020 tax-free credits that are payable to seniors who file income tax returns.

8 Tax credits that are available to seniors in Ontario/Canada in 2020

1. Ontario Senior Homeowners' Property Tax Grant

The OSHPTG is available to Ontario senior homeowners who pay property taxes and who have low or moderate incomes. It is an annual payment that seniors must apply for each year when they file their income tax and benefit return. The maximum 2021 payment is the lesser of $500 and the eligible property tax paid by or for you for 2020. If you are single, separated, divorced, or widowed, the 2021 grant will be the maximum payment reduced by 3.33% of your adjusted net income over $35,000. If you adjusted net income is $50,000 or greater, you are not eligible for this grant.

2. Ontario Sales Tax Credit

The Ontario sales tax credit (OSTC) is a tax-free payment designed to provide relief to Ontarians with low or moderate incomes for the sales tax they pay. Beginning July 2021, seniors whose 2020 income does not exceed $24,115 (individual) or $30,143 (couple) are eligible to receive $26 monthly ($52 monthly for couples). This credit is eliminated for individuals with 2020 income over $41,940 and $45,793 for couples.

3. Ontario Seniors' Public Transit Tax Credit

The Ontario Seniors' Public Transit Tax Credit is a refundable tax credit to help seniors with public transit costs. This tax credit is based on 10% of eligible Ontario transit costs, and are fairs paid for short haul or day trips by bus, subway, train, and specialized public transit services for seniors with disabilities. Fares for using long haul services like Via Rail or Grayhound are not eligible for this tax credit, and the maximum claim is $3000 for maximum credit of $450.

4. Federal Goods and Services Tax Credit

The goods and services tax/harmonized sales tax (GST/HST) credit is a tax-free quarterly payment that helps individuals and families with low and modest incomes offset the GST or HST that they pay. If your income doesn't exceed $38,507 beginning July 2021, and every three months following until April 2022, you are eligible to receive $74 every three months. In addition, if your spouse or partner's income also doesn't exceed $38,507, you are eligible to receive $142 every three months. This credit, however, is reduced by 5% of the amount of your income and if your spouse or partner's income exceeds $38,507. This tax credit is calculated by Revenue Canada based on the information in yours and your partner's tax return.

5. Federal Home Accessibility Tax Credit (HATC)

Available for seniors or individuals with disabilities that are eligible to claim the Disability Tax Credit, this tax credit reduces federal income taxes payable to a maximum of $1,500. This credit is also available to the individual’s spouse or common law partner if that individual has no net income for 2020. The credit is calculated at 15% of qualifying renovation expenditures to a maximum of $10,000 to a person’s owned or occupied housing residence (and share of the capital stock of an occupied unit of a co-op housing corporation) to improve mobility and reduce the risk of injury.

6. Federal & Ontario Disability Tax Credit

Seniors may be eligible for the Federal & Ontario Disability Tax Credit if a qualified medical practitioner certifies on form T2201 that they have a prolonged impairment and that the effects are such that they’re markedly restricted in their ability to speak, hear, see, walk, eat, dress, perform the mental functions necessary for everyday life, and/or have impaired bowel or bladder functions preventing them from proper elimination.

This non-refundable tax credit reduces income tax payable by $1,719 for 2020. If the person applying has no taxable income, the credit can be transferred to another relative who provides support to them.

7. Canada Caregiver Credit

If you support a spouse, common-law partner, or a dependent with a physical or mental impairment, you may be eligible to receive this non-refundable tax credit. You may also be eligible to claim this credit for one or more individuals — including you or your spouse or common law partner’s child, grandchild, parent, grandparent, brother, sister, uncle, aunt, niece or nephew — if they depend on your support because of a physical or mental impairment. An individual is considered to depend on your support if they rely on you to regularly and consistently provide them with some or all of the basic necessities of life, such as food, shelter and clothing.

The amount you can claim depends on your relationship to the person for whom you are claiming the credit, your circumstances, the person’s net income, and whether other credits are being claimed for that person.

8. Property tax relief for homes that are built or modified to accommodate seniors or individuals with disabilities

Property taxpayers who inform the Municipal Property Assessment Corporation (MPAC) that they’ve built or modified their home to accommodate seniors or individuals with disabilities, and who have had their expenditure(s) verified by MPAC, may qualify for a property tax exemption.

The exempt portion, however, is not included in the assessment roll for the next taxation year, and taxes are not charged against it. If MPAC assessed the home as entirely taxable for the current or previous taxation years and the owner is applying for the exemption now, then the owner is encouraged to contract their local municipality to determine if they qualify for a tax rebate for said previous years.

Tips for preparing your income tax return 

There’s no question that preparing to file your income tax can feel daunting, stressful, and overwhelming. But remember, there are plenty of tax-free benefits that are available to seniors that can reduce the amount of money you owe. In addition to those mentioned above, remember that there are other benefits as well, such as the Age Amount Tax Credit, the Pension Income Amount Tax Credit, and of course tax refunds for Medical Expenses

Another important thing to remember is that if you received COVID-19 benefits, it might affect your tax return. In particular, the Canada Recovery Caregiving Benefit (CRCB) is considered taxable income, therefore the total amounts that you received from this benefit will have to be included on your tax return. 

If you have a modest income and a simple tax situation, fortunately there are volunteers near you that may be able to complete your tax return free of charge. This year, to reduce the spread of COVID-19, volunteers may be able to complete your return by video conferencing or phone, or through a document drop-off arraignment. To determine if you’re eligible and to find a tax clinic near you, visit canada.ca/taxes-help

A big thanks to the Burlington Age Friendly Council and Community Development Halton for making much of the information featured in this blog post available.

If you or an elderly loved one are looking for more support in the way of preparing to file your income tax return, don’t hesitate to reach out to me via email at mariongoard@kw.com and I’d be more than happy to connect you with a reputable and trusted accountant in the area who may be able to support your needs and help take the guesswork out of preparing your income tax return.


Can I Buy or Sell a Home Without a Real Estate Agent?

 Sunday, April 11, 2021     Marion Goard     Financial Health House and Home Real Estate Market Buying and Selling

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Today's real estate market is one of the fastest-moving in recent memory. With record-low inventory in many market segments, we're seeing multiple offers (with bidding wars) for homes in the most sought-after neighbourhoods. The has led some sellers to question the need for an agent. After all, why spend money on a listing agent when it seems that you can stick a For Sale sign in the yard then watch a line form around the block?

Some buyers may also believe they'd be better off purchasing a property without an agent. For those seeking a competitive edge, proceeding without a buyer's agent may seem like a good way to stand out from the competition - and maybe even score a discount. Since the seller pays the buyer's agent commission, wouldn't a do-it-yourself purchase sweeten the offer?

We all like to save money. However, when it comes to your largest financial asset, forgoing professional representation may not always be in your best interest. Find out whether the benefits outweigh the risk (and considerable time and effort) of selling or buying a home on your own - so you can head to the closing table with confidence.

SELLING YOUR HOME WITHOUT AN AGENT

Most homeowners who choose to sell their home without any professional assistance opt for a traditional "For Sale By Owner" or a direct sale to an investor, such as an iBuyer, Here's what you can expect from either of these options.

For Sale By Owner (FSBO)

For sale by owner or FSBO (pronounced fizz-bo) offers sellers the opportunity to price their own home and handle their own transaction, showing the home and negotiating directly with the buyer or his or her real estate agent. While Canadian statistics on FSBO's are limited, according to data compiled by the US-based National Association of Realtors (NAR), approximately 8% of homes were sold by their owner in 2020.

In an active, low inventory real estate market, it may seem like a no-brainer to sell your home yourself. After all there are plenty of buyers out there and one of them is bound to be interested in your home. In addition, you'll save on the listing agent's commission and have more control over the way the home is priced and marketed.

One of the biggest problems FSBO's run into, however, is pricing the home appropriately. Without ongoing access to current information about comparable properties in your area, you could end up over pricing your home (causing it to languish on the market) or underpricing your home (leaving thousands of dollars on the table).

Even during last year's strong seller's market, the median sales price for FSBO's was 10% less than the median price of homes sold with the help of an real estate agent. And during a more balanced market, like the one we experienced in 2018, homes sold for 24% less than agent-represented properties. This suggests that, while you may think that you'll price  and market your home more effectively yourself, in fact you may end up losing far more than the amount you would pay for an agent's assistance.

Without the services of a real estate professional, it will be up to you to get people in the door. You'll need to gather information for the online listing and put together the kind of marketing that today's buyers expect to see. This includes bringing in a professional stager and photographer, writing the listing description, and designing marketing collateral like fliers and mailers - or hiring a writer and graphic designer to do so.

Once someone is interested,  you'll need to offer virtual showings and develop a COVID safety protocol. You'll then need to schedule an in-person showing (or in some cases, two or three) for each potential buyer. In addition, you'll be on your own when evaluating offers and determining their financial viability. You'll need to thoroughly understand all legal contracts and contingencies and discuss terms, including those regarding the home inspection and closing process.

While you're doing all this work, it's likely that you'll still need to pay the buyer's agent's commission. So be sure to weigh your potential savings against the significant risk and effort involved.

If you choose to work with a listing agent, you'll save significant time and effort while minimizing your personal risk and liability. And the increased profits realized through a more effective marketing and negotiation strategy could more than make up for the cost of your agent's commission.

iBuyer

iBuyers have been on the Canadian real estate scene since around 2018, providing sellers with the option of a direct purchase from a real estate company rather than a traditional direct-to-consumer sales process. iBuyer companies tout their convenience and speed, with a reliable streamlined process that may be attractive to some sellers.

The idea is that instead of listing the home on the open market, the homeowner completes and online form with the information about the property's location and features, then waits for an offer from the company. The iBuyer is looking for a home in good condition that's located in a good neighbourhood - one that's easy to flip and falls within the company's algorithm.

For sellers who are more focused on speed and convenience, an iBuyer may offer an attractive alternative to traditional real estate sales. That's because iBuyers evaluate a property quickly and make an upfront offer without requesting repairs or other accommodations.

However, sellers will pay for that convenience with, generally a far lower sale price than the market will provide as well as feed that can add up to as much or more than a traditional real estate agent's commission. According to a study conducted by MarketWatch, iBuyers netted, on average, 11% less than a traditional sale when both the lower price and fees are considered. Other studies found some iBuyers charging as much as 15% in fees and associated costs, far more than you'll pay for a real estate agent's commission.

In a hot market, this can mean leaving tens of thousands of dollars on the table since you won't be able to negotiate and you'll lose out on rising home prices caused by low inventory and increased demand. In addition, iBuyers are demonstrably less reliable during times of economic uncertainty, as evidenced by the halt of operations for most iBuyer platforms in early 2020. As a seller, the last thing you want is to start down the road of iBuying only to find that the corporate mandate is stopping your transaction in its tracks.

If you choose to work with a real estate agent, you can still explore iBuyers as an option. That way you can take advantage of the added convenience of a fast sale while still enjoying the protection and security of having a professional negotiating on your behalf.

BUYING YOUR HOME WITHOUT AN AGENT

According to the most recent statistics, 88% of home buyers use a real estate agent when conducting their home search. A buyer's agent is with you every step of the way through the home buying process. From finding the perfect home to submitting a winning offer to navigating the inspection and closing processes, most homebuyers find their experience and guidance invaluable. And the best part is that, because they are compensated through a commission paid by the homeowner at closing, most agents provide these services at no cost to you!

Still you may be considering negotiating your home purchase directly with the seller or listing agent, especially if you are accustomed to deal-making as part of your job. And if you are familiar with the neighbourhood where you are searching, you may feel that there is no reason to get a buyer's agent involved.

However, putting together a winning offer package can be challenging. This is especially true in a multiple-offer situation where you'll be competing against buyers whose offers are carefully crafted to maximize their appeal. And the homebuying process can get emotional. A trusted agent can help you avoid overpaying for a property or glossing over 'red flags' in your inspection. In addition, buyer agents offer a streamlined, professional process that listing agents may be more likely recommend to their clients. 

If you decide to forgo an agent, you'll have to write, submit, and negotiate a competitive offer all on your own. You'll also need to schedule an inspection and negotiate repairs. You'll be responsible for reviewing and preparing all necessary documents, and you will need to be in constant communication with the seller's agent and your lender, inspector, appraiser, title company, and other related parties along the way.

Or, you could choose to work with a buyer's agent whose commission is paid by the seller and costs you nothing out of pocket. In exchange, you'll obtain fiduciary-level guidance on one of the most important financial transactions of your life. If you decide to go it alone, you'll be playing fast and loose with what is, for most people, their most important and consequential financial decision.

SO, IS A REAL ESTATE AGENT RIGHT FOR YOU?

It is important for you to understand your options and think through your preferences when considering whether or not to work with a real estate professional. If you are experienced in real estate transactions and legal contracts, comfortable negotiating  under high-stakes circumstances, and have plenty of extra time on your hands, you may find that an iBuyer or FSBO works for you.

However, if, like most people, you value expert guidance and would like an experienced professional to manage the process, you will probably experience far more peace of mince and security in working with a reliable real estate agent or broker.

A real estate agent's comprehensive suite of services and expert negotiation skills can benefit buyers and sellers financially, as well. On average, sellers who utilize an agent walk away with more money than those who choose the FSBO or iBuyer route. And buyers pay nothing out of pocket for expert representation that can help them avoid expensive mistakes all along the way from contract to closing.

According to NAR's profile, the vast majority of buyer (91%) and seller (89%) are thrilled with their real estate professional's representation and would recommend them to others. That's why, in terms of rime, money, and expertise, most buyers and sellers find the assistance of a real estate agent essential and invaluable.

QUESTIONS ABOUT BUYING OR SELLING? WE HAVE ANSWERS

The best way to find out whether you need a real estate agent or broker is to speak with one. We're here to help and to offer the insights you need to make better-informed decisions. Let's talk about the value-added services we provide when we help you buy or sell in today's competitive real estate landscape.


Estate Planning Should Be Legacy Planning

 Wednesday, February 17, 2021     Christine Brunsden     Financial Health House and Home Real Estate Market

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This article is reproduced with permission. Originally written and published by Christine Brunsden (TEP, CEA, EPC, MFA-P), Founder of Trusted Legacy & Co-Founder of Legacy You.

For decades people have talked about 'estate planning' - the act of devising a plan to distribute stuff upon passing. Increasingly, it is an outdated notion - one that is being replaced by a more powerful idea. It is called 'legacy planning.'

Legacy planning encompasses estate planning - the distribution of assets - as well as the morals, ideals, beliefs, philosophies, and core values they would like to impress upon their heirs. It also sets the state to craft a family narrative that speaks to much more that just the distribution of assets on death. We call it creating a 'legacy mission statement.'

For many, legacy planning places an emphasis on philanthropy, which is driven by contemplating one's social capital. Social capital is defined as the relationships between individuals and organizations that facilitate action and value. Luckily, Canada's tax system is very generous in support of philanthropy; yet, most people are unaware of the rules and laws designed to encourage us to give, especially on death.

What is a legacy plan?

Think of your legacy plan as the road-map you carefully design to achieve your objectives and to provide important information to those who will act on your behalf when you are no longer capable or have passed away.

Here are some of the essential elements to be considered when planning your legacy:

  • Self-reflection and determination of your core values and beliefs as they relate to personal family and community relationships important to you
  • Wills, trusts, and powers of attorney
  • Beneficiary and guardianship designations
  • Charitable foundations or donor-advised funds and your recognition preferences
  • Personal information
  • Beneficiary information
  • Inventory of assets and liabilities
  • List of digital assets, computer information, social media platforms and passwords
  • Memberships, subscriptions and loyalty programs
  • Instructions for location pertinent documents and/or assets

Letters of Wishes, memorandums, care plans, living arrangement preferences, pet provisions, funeral/burial wishes.

Some additional elements you may wish to include in your legacy plan are:

  • Medical history information
  • Legacy stories
  • Letters or video messages for loved ones (how would you like to be remembered?)

Why do I need a legacy plan?

Without a valid power of attorney, someone will need to apply to a court for permission to act as your legal representative or guardian.

Without a valid Will, you are deemed to have passed 'intestate' and provincial legislation will set out how your estate will be distributed, which may not align with your wishes. You will not have the ability to appoint executors, trustees, or guardians for your children under the age of 18. You will also not have the ability to engage in effective tax planning or provide gifts to the individuals or charities of your choice. By failing to plan, you leave your affairs in limbo, until a person or governmental body can be appointed, which results in further delay and potential increased cost to your estate.

If you are comfortable doing so, communicate your plan ahead of time to the individuals who will act on your behalf. It is also advisable to communicate your plan to your heirs when they are of an appropriate age. The will allow those who are impacted by your plan to ask questions and seek clarification from you while you are still able to provide it.

Keep your plan in a secure location (not a safety deposit box) and provide its location to those who will require access to it.

When is the best time to start planning?

Planning should be considered a lifelong activity - one that begins when you are legally able to sign documents and ends upon death.

Can you imagine if each of us decided today it was important to make a plan for the loved ones we leave behind? Imagine what could be achieved if we led by example and engrained in future generations how important it is to plan, organize, and communicate all aspects of a legacy plan. It would be empowering for our loved ones and the causes we love.

Who can assist me in developing my plan?

You can engage a legacy planning professional, wealth advisor, accountant or lawyer to assist you in planning your legacy. The TEP designation (Trust and Estate Practitioner) demonstrates the professional has an advanced understanding of trust and estates, and they take a proactive approach, working at the forefront of the latest developments in the industry.

Remember that the best planning allows for collaboration amongst all your trusted experts. It is important to ensure your plan is reviewed regularly and updated over your lifetime, based on changes to your individual circumstances and legislation.

If you have questions about legacy planning, please reach out to Christine Brunsden.  She can be reached at christine@trustedlegacy.ca 


New Year, New Home? Set Homeownership Goals Whether You’re Buying, Selling, or Staying Put

 Sunday, January 3, 2021     Marion Goard     Financial Health House and Home Real Estate Market Buying and Selling

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The start of a new year always compels people to take a fresh look at their goals, from health and career to relationships and finance. And now, with historically low mortgage rates, increased home sales and price growth and a tight housing inventory, the time is right to also make some homeownership resolutions for 2021.

Home buyers, is this is the year you work to improve your credit score, pay down some debt, or save for a down payment?

Home sellers, I've laid out plans for you to get top dollar for your property, including timing of your home sale, making your property stand out from the crowd, and investing in your extra living space.

Even if you're staying put for a while, homeowners, you can resolve to improve your status quo by evaluating your home budget, finalizing your home maintenance schedule, or maybe investing in a second property.

So no matter your home ownership status, below are some ideas and advise for you to make this year your best one yet. Read on to learn more.

HOME BUYERS

Resolution #1: Qualify for a better mortgage with a higher credit score.

Your credit report highlights your current debt, bill-paying history, and other key financial information. Importantly for your home-buying journey, it is also used by lenders and companies to calculate your credit score, which partly determines if you are qualified to obtain a mortgage. Therefore, before you start house-hunting, make sure your finances are in the best possible shape by checking your credit report and credit scores, available directly from Equifax and TransUnion.

Your credit score will be a number ranging from 300-900. Generally speaking, a credit score of 725 or higher is considered very good to excellent. If your score drops below 725, you might need to work at boosting your score for a few months before you begin house-hunting. Ways to do this are to pay your bills on time every month, keep your credit card balances low, and avoid applying for new credit.

Resolution #2: Improve your credit health by paying down debt.

Do you have student loans, credit card debt, or car payments tying up your income each month? That debt is hurting your 'buying power,' or the amount of home you can afford. Not only is it money that you can't spend on your new home, your debt-to-income ration also affects your credit score, which is discussed above. The less debt you have, the higher your score and the better mortgage you can obtain.

If you can, pay off some debt in its entirety - like a low balance on a credit card. Then apply that 'extra' money you previously paid on that credit card to pay off bigger debt, like a car loan. Even if you can't pay off all (or any) of your debt in full, reducing the balance of each account will help you qualify for the best possible mortgage terms.

Resolution #3: Create a financial safety net before applying for a mortgage.

Don't forget that buying a home requires some cash as well. This down payment depends on the home's price, but the minimum is 5% for a purchase price under $500,000, and closing costs range from 2-3%. You'll also need money for moving expenses and any initial maintenance tasks that might pop up. And as the pandemic taught us, you never know when an unforeseen event might cause a job loss, drop in income, or health scare, so having some liquid savings will ensure that you can still pay your mortgage if a crisis occurs.

Dedicate some effort to building up your reserves. Cut down on unnecessary expenses, and consider having a portion of each paycheque automatically deposited into your savings account to avoid the temptation to spend it.

HOME SELLERS

Resolution #4: Decide on the right time to sell your home.

In a typical year, spring is when home sales spike in Canada. This might be the best time to take advantage of the price increase predicted by the Canadian Real Estate Association, which says, "The national average price is forecast to rise by 9.1% in 2021 to $620,400."

But sales price isn't the only thing to consider. You might not be ready to sell your home yet because you don't want to uproot your kids during the school year or because you need to tackle some minor upgrades before placing your home on the market.

This means that there is no one month or season that is the perfect time to sell you home. Instead, the right timeline for you takes into account factors such as when you'll earn the highest profit, personal convenience, and whether your home is even ready to put on the market. A trusted real estate professional can talk you through your specific needs to clarify when to sell you home.

Resolution #5: Boost your home's resale value by making your property shine.

Housing inventory is at historic lows across the country, and that means the market is fiercely competitive. Selling your home in 2021 has the potential to net you a huge return right now and you can maximize that amount with some simple fixes to make sure your property outshines your neighbours for sale down the street.

In your home, you might need to tackly a minor remodelling project, such as upgrading the flooring or adding a fresh coat of paint. According to one remodelling impact report, simply refinishing existing hardwood floors recoups 100% of the cost at resale, and completely replacing it with new wood flooring recovers 106% of the costs.

Outside, you might consider improving your curb appeal by removing a dead bush, trimming a tree that block the front window, or power-washing your moldy driveway and sidewalks. In fact, real estate agents say cleaning the exterior of you house can add $10,000 to $15,000 to a home's sale price. And improving a home's landscaping may increase its value by 15-25%.

A good agent should provide custom-tailored suggestions to ensure your property pops inside and out. Ask me about my local insider secrets that will make you home stand out from others on the market.

Resolution #6: Invest in your "extra" living space to meet current buyers' needs.

Due to COVID-19, more people are staying at home to work, go to school, exercise, and stay entertained. And these lifestyle changes are showing up in home buyer preferences. For example, according to one study, buyers are looking more and more for homes with formal, outfitted home offices, private outdoor spaces, and updated kitchen appliances.

So if you've got an underutilized room, consider turning it into an office, home gym, schoolroom, or multi-purpose room to meet current home buyer needs and attract better offers on your home. Got some underwhelming space outside?  You could turn it into an outdoor entertainment area by adding a firepit, upgrading the patio furniture, or installing a grilling area. Be sure to consult with a local real estate professional before investing in a renovation, however as each market's buyers have different tastes.

HOME OWNERS

Resolution #7: Evaluate your household budget to reflect financial challenges.

After this past year, in particular, your financial picture may have changed. Maybe you were furloughed, had your hours reduced, or got a new job further from home. Perhaps you've kept the same job, but you're now working remotely. A work-from-home arrangement could mean less money spent on gas, tolls, a professional wardrobe, and dining out for lunch.

But this could also mean new (or increased) expenses now that you're working at home, such as new tech-related purchases, faster WI-FI, and higher energy bills. January marks the perfect opportunity to update your income and expenses and review last year's spending habits, tweaking as needed for 2021.

For more specific ideas, contact me for my free report "20 Ways to Save Money and Stretch Your Household Budget."

Resolution #8: Save money now (and earn more later) with a home maintenance plan.

Having a schedule of regular home maintenance projects to tackle will save you money now and in the long-term. You'll avoid some surprise 'emergency fixes,' and when you're ready to eventually sell your home, you'll get higher offers from buyers who aren't put off by overdue repairs.

Even if nothing necessarily needs fixing right now, you can lower you energy costs by maintaining and upgrading your home. For example, consider upgrading some features to ENERGY STAR high-efficiency products. You could save up to 45% in energy costs if you change your outdated windows.

For a breakdown of home maintenance projects to tackle throughout the year, contact me for my free report "House Care Calendar: A Seasonal Guide to Maintaining Your Home."

Resolution #9: Invest in real estate for a better standard of living.

Even if you don't plan on leaving your current residence, real estate is a great way to improve your quality of life in 2021.

Have cabin fever from the long quarantine? A vacation home in a getaway location you love lets you safely spread your wings. And if you've been looking for a second stream of income, an investment property might be your answer. Just be sure to consult with a real estate professional to get a realistic sense of a property's true income potential.

Want more information on how a second property fits into your 2021 plans? Request my free report, "Move Up vs Second Home: Which One Is Right For You?"

LET ME HELP YOU WITH YOUR 2021 GOALS

Without a plan and a support system, 73% of Canadians will break their new year's resolutions. Whether you're looking to buy, sell, or stay put in your home, it helps to connect with a trusted real estate agent to keep you motivated and on track.

As a local market expert, I have the knowledge, experience, and network to help you achieve your home ownership goals. whatever they may be. Reach out to me today for a free consultation and commit to a happy and prosperous new year.


30 Documents You Need Before You Die: Part IV - Life Insurance and Retirement, Accounts & Licenses

 Monday, November 23, 2020     Marion Goard     Financial Health House and Home

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In the first three blogs in this series, we discussed the list of essential, health care and ownership documents that need to be part of your death dossier. In this post, I am outlining the remaining documents that are important to collect and organize so your heirs will have everything needed following your death.

Life Insurance and Retirement

This folder is home to all policies regarding insurance, both life and car. A copy of your most recent policy renewals should be in this folder. If you have instructions for your vehicle outside of what is indicated in your will, this is the place to make a note of that. If your vehicle is old with little value, ask that your heirs donate it to a cause that will issue your estate a tax credit in return.

Financial information around your retirement should also be organized here, such as bank or investment firm statements for your RRSP, RRIF, or TFSA accounts. Details of what banks or investment firms manage your holdings should be included, especially if you invested in more than one place. Take the time to highlight any pertinent information, such as maturity dates and any special instructions. If you collect a pension - private and/or government - copies of statements or assessment should be in this folder.


Bank and Credit Accounts

Inside this folder, a list of all bank accounts, credit cards and debit cards will be helpful for your heirs. In addition to this list, add the following:
     * A few void cheques
     * List of safe boxes and their corresponding keys
     * Any loan or line if credit information
     * Business cards of any bank or investment advisors


Marriage and Divorce

This folder is the right place for any prenuptial or postnuptial documents. Whether or not you are still married, a copy of your marriage certificate and licence will be important to add to your death dossier. If you are divorced, add a copy of any judgments, your divorce order and divorce certificate.

Getting these documents ready is an important step in building your death dossier. Please visit my blog for other posts outlining the documents that should be sorted and organized for your heirs.


As a Master Accredited Senior Agent® (M-ASA) and Senior Real Estate Specialist® (SRES®), I specialize in helping seniors and their families through every stage of the decision process surrounding a potential move. Whether you are downsizing, moving to a retirement home or want to explore your options, please feel free to contact me. I am ready to answer your questions.

Testimonials

  Marion's knowledge of the area market, and her long-term, non-invasive contact left us with no question of who to call when we decided to sell. Her professional approach to our needs and concerns confirmed our beliefs. The fact that she sold the property within days (even before the sign went up) just added to a rather enjoyable experience. Thanks for everything, Marion.

Harve and Marian , Brant Hills

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