FAMILIES

 

Families.

As a young family, you will be facing a lot of new challenges that you may or may not be prepared for along the way. Whether it’s children, a mortgage, or unexpected expenses that come up, now is the practical time to start thinking about all the potential pitfalls that may arise.

At Simplified Financial, we want to share some of the ways that insurance can help you stay ahead of these issues, as well as how to prepare yourself for some of life’s obstacles that you and your family may face.

 

 

What issues should concern you the most?


Now that you’re starting a family, your life is just one piece of the puzzle. Your spouse and any children are also top priorities, meaning that you should consider what could happen to everyone in a variety of scenarios. Here are some crucial questions you and your partner should discuss:
 

What happens if one of us becomes disabled or critically ill?

Disability or a critical illness can cripple a family unit almost as much as death.  Not only do you have to worry about losing income because you or your spouse can’t work, but you will likely have mounting bills that will exacerbate the situation.

Even if one of you can still work, is the disabled spouse able to care for the children? Will his or her disability impact their ability to do simple tasks, like buying groceries, picking the children up from school or even changing diapers? If the worst should happen, you need to be ready.

What happens if one of us dies?

While this question may seem a bit morbid, it’s a necessary possibility to plan for, particularly if you are a one-income household. Even with two breadwinners, chances are that your bills and financial responsibilities are too much for one person, meaning that you need to supplement any lost income because of one of you passing away.

What about saving for the future?

How are you saving for future expenses, like college or retirement? – If you’re like most Canadians, you probably worry about having enough money saved for your children’s post-secondary education and your retirement.

As a young family, you may believe that retirement is an event that’s too far off to consider right now, but the fact remains that when you begin saving for retirement will have a significant impact on how comfortable your retirement will be. Sooner rather than later is advisable for both retirement and university savings. 

 

How Simplified Financial Can Help.

Worrying about the future can be stressful, which is why it’s imperative that you and your spouse put a plan into place. We’re here to help you feel in control of your financial future. We’ll make sure we review the following: 

  • Mitigating against risk
  • Your financial goals and wellbeing.
  • Building a solid financial foundation that protects your growing family. 
  • Building your wealth. 

Our commitment to you is to ensure you understand your finances so you can have a financial clarity. Reach out to us today to see how we can help. 

Latest News for Families

2024 Federal Budget Highlights

2024 Federal Budget Highlights

On April 16, 2024, Canada’s Deputy Prime Minister and Finance Minister, Chrystia Freeland, presented the federal budget.
While there are no changes to federal personal or corporate tax rates, the budget introduces:

• An increase in the portion of capital gains subject to tax, rising from 50% to 66.67%, starting June 25, 2024. However, individual gains up to $250,000 annually will retain the 50% rate.
• The lifetime exemption limit for capital gains has been raised to $1.25 million. Additionally, a new one-third inclusion rate is set for up to $2 million in capital gains for entrepreneurs.
• The budget confirms the alternative minimum tax changes planned for January 1, 2024 but lessens their impact on charitable contributions.
• This year’s budget emphasizes making housing more affordable. It provides incentives for building rental properties specifically designed for long-term tenants.
• Introduces new support measures to aid people buying their first homes.
• Costs for specific patents and tech equipment and software can now be written off immediately.
• Canada carbon rebate for small business

First Home Savings Account (FHSA): What You Need to Know

First Home Savings Account (FHSA): What You Need to Know

Are you looking to buy your first home in Canada? The First Home Savings Account (FHSA) could help make it happen. This savings plan allows first-time home buyers to save up to $40,000 tax-free, with contributions being tax-deductible. In this article and infographic, we cover everything you need to know about FHSA, including eligibility requirements, contributions and deductions, qualifying investments, withdrawals, and transfers.