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 The
Money Management Newsletter: Managing
Money
Attention Snowbirds: Talk finances before
you take flight
By the Money Management Editor (with files from NC)
Money Management Newsletter
Getting ready to leave the bitter cold of Canadian
winters for the balmy beaches of the sunny south? By getting your financial
affairs in order before you depart, you won't need to worry about a GIC
renewal when you could be enjoying an ocean breeze. As your aware Fiscal
Agents provide a no-fee deposit placement service that can be easily accessed
from south of the boarder.
More than 150,000 Canadians aged
55 plus spend three to six months in the southern United States each year.
A full third of these "snowbirds" take flight from the Toronto
area.
But before you pack your bags
for an extended stay south of the border, you'll need to make sure you
have a financial plan in place. Canadian snowbirds should pay particular
attention to the rules and regulations that apply to Canadians during
their stay in the States. Depending on how long you spend in the U.S.,
for example, you could be considered a U.S. resident and subject to U.S.
tax. Remembering to review your investments with a financial adviser before
you leave is key. It is also advisable to meet with your tax advisor to
assess your tax residency status.
Some key financial considerations for snowbird
clients:
- Set up online and telephone
banking before you leave, allowing you to monitor your finances and
pay bills quickly and easily from anywhere.
- If you have an investment
savings account similar to the ING Bank account, you can move monies
from that into you chequing account at any one of the other major banks
or trusts. If you have GIC or term deposits maturing when your away,
call Fiscal Agents GIC placement desk to learn more about how you can
negotiate a higher rates and the renewal of your GIC investments over
the phone or via email - its simple and save you lots of time or worry
- Why because we are authorized agents for nearly all financial institutions
in Canada, and can make the deposit on your behalf directly into the
financial institution of your choice.
- Consider arranging pre-authorized
payments for your regular bills to avoid the hassle of writing cheques
and mailing them on time. You'll avoid late fees and credit problems
from late payments. As an added bonus, you'll save time and stamps!
- Most importantly, ensure your
overall financial affairs are in order while you are away and keep your
money working hard while you take a break in the sunny south.
- Review the travel insurance and out of country medical
and health coverage before you leave.
Note: This article is not
applicable in Quebec.
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©
, Fiscal Agents Money Management Newsletter
25 Lakeshore Road, Oakville, On L6K 1C6.
(905) 844-7700
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