Ray Hoger | Chair , Pension & Financial Wellness Committee , ARTA

I ’ m sorry , but I have two pieces of bad news to deliver . First , you are going to die . Yes , I double-checked the statistics , and there is no doubt about it . The second bit of bad news : your spouse ( or other family member if you have no spouse ) may not know what financial challenges or obligations you have , or where you have them ! Many couples have one “ financial manager ” between them for family finances . What happens if the manager dies first ? Have you had the discussion with them ? Here is a collection of some things you might consider discussing .

What about the will ? Both spouses and the proposed executor should know where a copy is located and who the lawyer is . In addition to this document , where are other important documents such as your marriage licence , birth certificates , social insurance numbers , bank records , insurance policies , lists of assets , recent tax returns , and perhaps , baptismal certificates ?

Many of the items listed above can be accessed online . Do you have a list of passwords for all sites ? This list might include bank accounts ( maybe for several institutions ), online trading accounts , insurance policies , and of course the Canada Revenue Agency ( CRA ) online portal in addition to the My Service Canada Account . These last two sites are both government sites , but they are not the same

and do not necessarily share passwords .

If the deceased was a Canada Pension Plan ( CPP ) contributor , you will want to apply for the death benefit , a one-time payment of $ 2,500.00 . You may also qualify for the survivor ’ s pension ( conditions apply ) of up to sixty per cent of the deceased partner ’ s CPP pension . You must apply for both of these within a year of the death or there will be a loss of benefits .

Although the Old Age Security ( OAS ) benefit is rather small , you are allowed to receive the benefit for the month in which the pensioner passes away . There is an allowance for survivors if your income falls below an income threshold of less than $ 27,240 . This amount is adjusted annually .

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