Starting a family can be both exciting and expensive. How can first-time parents prepare? Mindi Banach, Tax and Estate Planner, TD Wealth, joins Kim Parlee to talk about the importance of creating a comprehensive and flexible budget, and why it can be beneficial to draft a will or update your current one before your child arrives.
People who hold joint accounts with parents or children might breathe a sigh of relief following proposed changes to the rules around bare trusts. Key takeaway: Bare trusts won’t have to file a T3 return for the 2024 tax year. Nicole Ewing, Director, Tax and Estate Planning, TD Wealth, joins Greg Bonnell to help explain the changes.
Many kids’ activities — athletic, artistic or hobby — can cost thousands of dollars annually at elite levels. Sometimes these expenses are unexpected as children move from the world of just-for-fun to a more competitive and serious arena. Meeting these costs and all the other aspects of their family finances can be tough but Natasha Kovacs, Senior Financial Planner with TD Wealth, says parents need to have a holistic family plan to manage all their needs.
Joint accounts can be a convenient tool between spouses or to help a senior parent manage finances. But what happens when a joint account is used as an estate planning strategy? Mindi Banach, Tax and Estate Planner, TD Wealth, joins Kim Parlee to share some situations where it can make sense and where things could get complicated.
