When to have someone else handle your financial affairs

Many retirees spend part of the year outside Canada and find keeping track of their financial affairs difficult as a result. One solution is to engage the services of a bank, trust company, or other financial professional to look after things while you are away. They can provide administrative services that take care of your necessary record keeping and reporting ¡ª for a fee, of course. You need a minimum of between $100,000 and $200,000 in assets, depending on the institution and how much business you do with it.

These services will often include paying household bills and managing other aspects of your personal finances. Some examples of the day-to-day details they will take off your hands are:

1. Filling out income tax returns or other tax forms and making any necessary payments;

2. Safekeeping your securities, and collecting investment income such as interest or dividends and reinvesting the income as directed or depositing it into your designated account;
3. Reporting regularly on where your investments stand and providing evaluations as needed; and

4. Executing any investment transactions you require.