TD Wealth › Life Events

Life events

How will they shape you,
your priorities, and your goals?


Major life events can change your financial
landscape in a significant way.

TD Wealth is at your side - to help you stay focused on what’s most important to you in these key moments.
See how below

 
 

Retirement planning

Getting started

Planning is the key to achieving the retirement lifestyle you envision. We can put you on a path to help get you there.

What to consider:

Expand Your retirement vision

Retirement planning is different for everyone, which is why we provide tailored advice. Your goals and timelines provide parameters around which a saving and investing plan can be set up to provide the funding for your retirement vision.


Expand How to build your nest egg

For most Canadians, a registered Retirement Savings Plan (RSP) is the cornerstone of their retirement savings. Contributions are tax-deductible and grow tax-deferred as long as they are in the plan. Tax-Free Savings Accounts (TFSAs) and non-registered investments may also play an important role in helping you accumulate the savings you need to see you through retirement. Your advisor can recommend solutions that are appropriate for you, help you create a plan and set up automatic contributions to help you reach your savings targets.


Expand Portfolio management

To build the funds you need for retirement you may hold a range of investments in both registered and non-registered accounts. Based on your need for security, income and growth, the number of years left until you plan to retire and your comfort level with risk, your advisor can help you determine the mix of assets that are right for you and review your investment options. Over time, as you get closer to retirement your advisor can also help you rebalance your portfolio to meet your evolving needs.


Expand Wills and estate planning

A will and power of attorney (known as a mandate in Quebec) are two key components of your estate plan. Your will sets out how your property will be managed and distributed, including who will be the executor and the recipient beneficiaries. Powers of attorney enable you to name someone you trust to have the authority to make decisions on your behalf. Together with your advisor, our estate and trust specialists can work with you to create an estate plan for your property matters.

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Pre-retirement

Build your retirement dream

Retirement is a big step; to help with the transition, you may want to start planning five to 10 years ahead of your target date. That means revisiting your existing plan or building a plan to help meet your short-, medium- and long-term goals.

What to consider:

Expand Your investments and sources of retirement income

With retirement approaching, your advisor can review your existing registered and non-registered assets in light of the retirement income you are likely to receive from government benefits, company pension plans and other sources. Depending on your timeframe, it may be appropriate to begin adjusting your asset allocation, in order to provide the income you will need. Your advisor can help you make any adjustments needed in order to meet your target date.


Expand When and how to turn your RSP into an income stream

You have until the end of the year you turn 71 to convert your RSP into a source of retirement income. You can take out cash, convert your RSP to a registered Retirement Income Fund (RIF) or purchase an annuity. Your advisor will help you with timing and also help you determine the conversion choices that are right for you.


Expand Wills and estate planning

A will and power of attorney (known as a mandate in Quebec) are two key components of your estate plan. Your will sets out how your property will be managed and distributed, including who will be the executor and the beneficiaries. Powers of attorney enable you to name someone you trust to make decisions on your behalf. Together with your advisor, our estate and trust specialists can work with you to create an estate plan for your property matters.


Expand Business succession planning

The value of an active business can often represent a significant part of an owner's retirement savings. Whether you plan to transition your business to one or more family members or sell it to a partner, senior employees or significant shareholders, the process can be complex. Your advisor has access to a team of specialists within TD who can help create a detailed and customized business succession plan.

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Enjoying retirement

Helping structure your retirement income

Retirement planning doesn't stop just because you've retired. It remains just as important as it was in your younger years. A detailed plan outlines the possibilities ahead and helps you feel confident about your future.

What to consider:

Expand Retirement income planning

In retirement, your income is likely to come from a variety of sources, including government benefits, employer-based pensions, business interests and your own registered and non-registered savings. Some of these are flexible and under your control while others are not. Your advisor can work with you to structure a tax-efficient retirement income plan that can help generate the growth and income you need throughout your retirement years.


Expand Planning for health challenges

As you get older, there is an increasing likelihood that you may encounter physical changes that make certain activities difficult or even impossible. You may even reach a point where you need help with everyday activities. Your advisor can help you take steps today that will help build your financial resources to provide the level of care you may need.


Expand Wills and estate planning

A will and power of attorney (known as a mandate in Quebec) are two key components of your estate plan. Your will sets out how your property will be managed and distributed, including who will be the executor and the beneficiaries. Powers of attorney enable you to name someone you trust to make decisions on your behalf. Together with your advisor, our estate and trust specialists can work with you to create an estate plan for your property and to document your wishes to reflect your property matters.

Learn more about TD Wealth services

Meet our advisors


Buying property

Buying a vacation or investment property

Whether for recreational or investment purposes, buying property is a big decision. You'll need to think about the best way to finance it, whose name it should be in, how it will affect your cash flow and how to deal with any tax implications that might arise if it changes hands.

What to consider:

Expand Financing your purchase

There are a variety of ways to finance your purchase, from a mortgage, to using your existing equity or financing through your business, if you're a business owner. Your advisor can review all your options and help you choose the solution that can be the most advantageous to you.


Expand Protecting your loved ones against debt

Your property may represent a significant investment and the cost of financing it may take a sizable portion of your total monthly income. It's important to protect your loved ones in the event that your income is no longer sufficient to cover your financing. Your advisor can help identify cost-effective ways to pay off debts or maintain payments on your property in the event of death or disability.

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Changing careers

Changing careers

A change in your career may necessitate a change in your financial strategy.

What to consider:

Expand The importance of a contingency plan

We recommend setting aside the equivalent of three to six months’ salary where you can access it quickly in case of job loss, injury or other unexpected events. Your advisor can help you determine how large a contingency fund you need and what form it should take, and set up regular contributions to build it.


Expand Adjust investment plans to income level

If you’re switching to a job with a higher salary, you may be able to save and invest more for your future goals. Your advisor can help you revisit your savings and investing plans in light of your new position, taking into consideration your existing investment portfolio, your goals, tolerance for risk and any income tax implications.


Expand Branching out on your own as an entrepreneur or consultant

As an independent business-owner, you may be able to take advantage of tax-planning opportunities, including income-splitting with your spouse and adult children. Your advisor can examine how self-employment may affect your cash-flow projections and your plans for retirement and revisit the asset allocation in your investment portfolio to best address your new situation.


Expand Funding your new business

Starting a new business often requires capital. While business loans are one option, you may also want to consider other sources of capital. Your advisor can assess your needs and recommend strategies to help you achieve your goals.

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Leaving a legacy

Leaving a legacy

One of the benefits of accumulating wealth is the pleasure you gain from sharing it with others, including assisting your family members and supporting charitable organizations that are important to you. Your advisor can work with other TD specialists to help you fulfill your estate and philanthropic objectives in a tax-efficient manner.

What to consider:

Expand Tax planning

When you pass away, your estate may be liable for capital gains taxes - as you are deemed to have sold all of your capital property at its fair market value. With advance planning, you may be able to reduce the tax liability, leaving more for your loved ones. Together with your advisor, our estates and trust and tax specialists have the experience and expertise to help you create an effective, tax-efficient estate plan.


Expand Charitable giving

For many Canadians, giving back is important. Whether you choose to donate during your lifetime or would prefer to leave a legacy to one or more charitable organizations, your advisor can help you explore your options for philanthropy and make the choice that’s right for you, your loved ones and the charities you support.


Expand Special needs beneficiaries

There are many situations in which one of your intended beneficiaries - a child, a spouse or loved one - has special needs that require something other than a straight bequest of cash or property. A disabled child may require ongoing income for the rest of his or her life. Your surviving loved ones may have little or no investment knowledge and require help managing finances. In these situations, your advisor can work with our other specialists to identify solutions to help ensure your beneficiaries have the support they need for as long as they need it, such as a trust or a Registered Disability Savings Plan (RDSP).

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Health changes

Dealing with health challenges

Often, it's a minor health crisis that reminds people how important it is to be prepared for the unexpected. Perhaps you or a loved one has had health changes that affected your finances. Events like these may have you thinking about contingency and estate planning.

What to consider:

Expand The importance of a contingency plan

We recommend setting aside the equivalent of three to six months' salary in an account where you can access it quickly in case of job loss, injury or other unexpected events. A Tax-Free Savings Account (TFSA) is a popular choice for many, as plan earnings and withdrawals are tax-free. Your advisor can help you determine how large a contingency fund you need and set up regular contributions if you need to create one or add to an existing account.


Expand Making sure you can afford the care you need

One of the effects of today's longer lifespans is that an increasing number of Canadians need support for everyday activities later in life and for a longer period of time. Whether it's occasional help with housekeeping, in-home nursing care or full-time care in a facility, healthcare support can be costly. Your advisor can help identify different ways to help cover long-term care costs should you become incapacitated.


Expand Wills and estate planning

A will and power of attorney (known as a mandate in Quebec) are two key components of your estate plan. Your will sets out how your property will be managed and distributed, including who will be the executor and the beneficiaries. Powers of attorney enable you to name someone you trust to make decisions on your behalf. Together with your advisor, our estate and trust specialists can work with you to create an estate plan for your property matters.

Learn more about TD Wealth services

Meet our advisors