Occupation:

Sandra had to retire from her job since she could not move. Her older parents are retired and live on a small pension. Ryan does not work and is not comfortable going outside of home. He does not like to meet other people.

Financial Assets:

Sandra is receiving CPP disability benefits and is getting a tax-free monthly disability payment from her government employer. She already has a Registered Disability Savings Plan (RDSP), TFSA and RRSP account opened. Her home is mortgage-free, even though she owes a little bit of money to her mother.

Goals:

Sandra wants to make sure her retirement income is protected once her government pension starts at age 60 and the CPP disability stops at age 65.

Challenges:

• Sandra does not know how the regular CPP, OAS and government pensions work in her retirement. Is it going to be enough for them?
• Sandra has a lot of questions about her RDSP, but her bank financial advisors do not have any expertise in it. Every time she asked them an RDSP question, they connected her with a telephone banking agent, and she had a hard time understanding their scripted languages.
• Sandra also does not know anything about her investment. She always had an automatic savings plan that invests regularly in her investment accounts, but she does not understand how the bank invests. Someone also pointed out to her that she is paying high fees in her bank’s mutual funds.
• What would happen to Sandra’s only son Ryan if something were to happen to her? Ryan is not going to take care of his personal finances.
• Sandra had a hard time getting Ryan to apply for his Disability Tax Credit (DTC) application. Ryan’s family physician is very supportive of the application, but Sandra finds it difficult to convince him to apply for the DTC. Ryan may qualify for both RDSP and Assured Income for the Severely Handicapped (AISH) benefits.

Our Solution:

• Our comprehensive financial plan looks into all your retirement income options including RDSP, personal savings and other government benefits. This makes sure that we take a holistic approach ensuring all the federal and provincial government benefits are maximized on an ongoing basis.
• We are experts in RDSP and DTC planning. Over the years, we built deep knowledge while going through our own journey. So, we understand the nuances around financial planning for families with special needs.
• Our approach is to educate about investment. With low-cost ETF investment, we strive to achieve the lowest possible cost for our clients.
• We have a group of professionals who specialize in disability space, and we can strategize to make sure that Ryan’s needs are taken care of when Sandra is no longer around.