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A Day in the Life of Maria

We finally did our will! (And what surprised us)

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We finally wrote our will!

So we finally did our will today! We have been told numerous times by everyone we know that “We needed a Will.

Imperium Private Wealth, where I now work as an advisor, works with many professional partners such as accountants, will and estate lawyers, insurance providers and the like. In fact we even have an ex-CRA agent working in our office!

So here is our second issue of “A Day In the Life of Maria, the financial advisor” newsletter, where we take you, our subscribers, on a journey as I navigate my everyday, financial life!

Once you get to a certain age, you start to really think about the what ifs. And now that Mike and I have been building our life for over 24 years, we have some possessions that we would like our three kids to have. In case anything happens…..

Lucas and Ophelia, our twins are now 17 years old and our youngest son Dexter just turned 14.

I will not bore you with all of the details of the process but here are some very important tidbits from our meeting today with Andrew, our will and estates lawyer.

1. Anything labeled under “joint” such as ownership of your house, bank accounts and non-registered investments will always automatically roll over to the person you own that entity with . Even if your will says otherwise, the law bypasses the will and the entity will now be owned by the other joint owner.

2. If you currently have an RESP, you would think that the proceeds would go to your kids as they are the beneficiaries right? Wrong! The subscriber (payor of RESP), in our case both Mike and I, are the owners and the money doesn’t go to the kids automatically like a normal beneficiary say for an RRSP would.

If there are no instructions in our will for the RESP continuance, it may collapse and contributions will go to our estate or an executor will decide what to do with it! What???

Definitely look into this!

Please ensure to double check your RESP as if you have already named a successor subscriber, this is the person that would continue your RESP. If the will and the RESP successors are different then the RESP appointment usually takes precedence.

3. An executor of your estate is usually paid a compensation for performing this very important job. This is money well spent as this takes a long time and they take care of items such as the funeral arrangements, applying for a Certificate of Appointment of Estate Trustee and is responsible for paying all your taxes. They close all your bank accounts and notify all government entities of your death. They also file your final tax return and on top of that they will manage all of your beneficiaries! This is no easy feat!

Next up! We are going to make a binder with all of the information that the executor might need….stay tuned for how we do it!

So always think about all of this when you are naming your executors, or when you get named one for somebody you know.

Estate planning is not easy, Canada has definitely made sure it wasn’t….

I hope this was a good learning experience for you! It definitely was for us! And I’m glad that we have it all planned now.

You can’t pay for that kind of Peace of Mind!

Why I Have 2 TFSAs

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You’re allowed to enjoy your money — here’s the account that made our 4-week Philippines trip possible.

Hello all, we are now back from the Philippines. Back to the grind, as they say. I hope you all had a great Labour Day Weekend and a smooth first week of back-to-school.

We just got back from one of the best family vacations we’ve ever had. We’ve never taken a trip longer than 10 days — but you can’t go to the Philippines for less than 3 weeks. The flight alone? That’s another newsletter.

Now you ask: “How did we find the cash to go away for 4 weeks?”

Here’s the honest answer: WE PLANNED FOR IT. And with one of our two TFSAs.

The Tool
Your TFSA isn’t just for retirement. It’s for your life.

And it’s one of the best tools the government has ever given us. Most Canadians either don’t have a TFSA, or they have one sitting in a savings account earning almost nothing. But when you understand what it actually does, it becomes one of the most flexible financial tools you own.

1
Your money grows tax-free inside it. GICs, ETFs, mutual funds, segregated funds — whatever you invest in, the CRA doesn’t touch the growth.
2
You can take money out any time, for any reason, tax-free. No penalty. No tax hit. No permission needed. That’s what makes it perfect for a goal like a big trip — or a renovation, a wedding, a car.
3
Whatever you withdraw comes back as new room the following January. So you can use it, refill it, and use it again. It’s designed to flex with your life.
The trip to the Philippines wasn’t a splurge. It was a withdrawal from TFSA 1 — our Immediate Goal TFSA. We had been growing it for years — invested, compounding, working the whole time. When we pulled it out, there was no tax bill waiting for us on the other side. Just the trip.

This was planned. The same way you would plan for something 20 years out — like an RESP or retirement — planning for the short-term should also be part of your overall picture.

And because of that, I came home with no guilt, no mental math, just pure enjoyment of my family.

That feeling — I want it for every person I work with. And it starts with understanding one thing that most people get completely wrong about financial planning.

The Reframe
A financial plan isn’t about saying no. It’s about knowing when to say yes.

Most people think of budgeting and investing as a form of self-denial. Save now, live later. Grind for decades, then maybe enjoy it if your health holds up. That’s not a plan — that’s punishment.

A real financial plan has room for both. It protects your future and funds your present. The vacation. The renovation. The experience you’ve been putting off because it feels irresponsible.

When you know your retirement contributions are on track, your emergency fund is solid, and your goals are accounted for — spending money on something meaningful stops feeling reckless. It just feels like living.

How to Actually Do It
Build the plan that funds the life.

1
Name the goal and give it a number.
“I want to take a three-week trip in two years and I need $8,000.” Once it has a number and a timeline, you can work backwards to a monthly contribution.
2
Open a dedicated TFSA for that goal.
Keep it separate from your long-term investment TFSA. Separation removes the temptation to raid one goal for another — and it makes the goal feel real. When you see that account growing, you stop feeling like you’re sacrificing. You feel like you’re building.
3
Automate it and forget it.
Set up a monthly automatic contribution — even $100 or $200 — and let it run. You won’t miss money you never see in your chequing account. And in three years, you’ll have a trip sitting there waiting for you.
Financial planning isn’t about being responsible instead of living your life. It’s about being intentional enough to build a plan that builds the life.

Let’s talk
Curious what’s actually inside our Immediate Goal TFSA?
How it’s invested, how much goes in each month, and whether it makes sense for your goals. I’ll walk you through the real numbers. If it works for you, we’ll set one up. Thirty minutes. No pitch.