Many mistakenly believe that if they need Long Term Care, either in their home or in a facility, the cost will be covered by provincial health care or other government agencies. While certain programs are available, a large portion of these costs become the responsibility of the patient or their family.
The recent Federal Budget included measures to close a favorable tax rule for investors in investment accounts or through corporations, trusts and holding companies, who have proposed rules to curb the tax advantages of “corporate class” mutual fund shares.
If you are concerned about your future finances, you are certainly not alone as noted in a global survey of 19,000 adult in over 19 countries (including Canada).
Nearly 68% (or two thirds) of the 1000 Canadians interviewed in the survey conducted by the Financial Planning Standards Council (FPSC) said they still had concerns about their personal finances. For those in mid-life, anxiety caused by an unknown financial future is greater with a reported 79% worried, which shows it is not wise to procrastinate in your early life.