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.
• Arrange 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 province.
• 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.
• Set up access to investment and banking accounts. Options include Internet access, automated telephone services, and personal telephone contact.
• Arrange 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.
• Make 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.

"Following 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.