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Financial Tips For Snowbirds
Source: Patricia Lovett Reid, Senior VP, TD Waterhouse Canada Inc.TD Waterhouse Canada Inc.
Thousands of Canadians 'snowbirds' fly
south each winter to escape the cold and enjoy the warm weather south
of the border. If you're among them, take note of these important
financial precautions offered by Patricia Lovett Reid, senior vice
president of TD Waterhouse Canada Inc:
- Ensure your Will is
up to date. If you own property or other assets in the U.S. or another
country, make sure the terms of your Will are valid there.
power of attorney to allow someone to manage your affairs in case
you're incapacitated. You should have powers of attorney for financial
matters and for medical and personal care or the equivalent in your
- Review your investment portfolio. Will any
investments mature while you're away? If so, you may want to leave
instructions as to how they should be reinvested.
- Purchase adequate health insurance. Medical care outside Canada can be extremely expensive.
up access to investment and banking accounts. Options include Internet
access, automated telephone services, and personal telephone contact.
for bill payments. Make a list of bills that will come due, and
determine how to deal with them. If you can't make payments through
post-date bill payment from a bank account or through Internet or
telephone banking, have someone pay them for you.
sure you'll have access to cash. This may be as simple s taking an
automated banking machine (ABM) card with you. You could also take
travellers' cheques or transfer cash from Canada to a financial
institution at your destination.
- Be sure to pack the
names and numbers of your Canadian financial institutions. Toll-free
numbers are usually available for those who winter in the U.S.
these easy steps will give snowbirds peace of mind, knowing their
financial needs are taken care of so they can relax and enjoy their
time away with confidence," says Lovett-Reid.
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