This document provides advice on financial planning considerations for those diagnosed with cancer. It discusses how financial institutions, advisors, and insurance agents can help by keeping finances organized, accessing specialized services, and ensuring proper documentation is in place. Key questions are outlined to ask about accounts, products, fees, benefits, tax implications, and insurance policies. Regular financial reviews are recommended to ensure goals and plans remain on track. Federal and provincial assistance programs are also noted. The overall message is that seeking help from professionals can help focus on treatment and recovery by keeping financial affairs in order.

1. What to Expect From Advisors
Andrew B. Tricomi, B.A. Econ.

2. Have you just been told you have cancer? Or have
you beaten it? You probably have a lot of worries
and concerns.
Its important to know that you are not alone, and
help is always available.
The information shared here was prepared to help
you better understand some concerns and questions
individuals frequently have, in hope that you can
gain the confidence in your financial planning and
better focus your energies on your treatment and
recovery. This information can vary based on
province and jurisdiction.

3. AGENDA
1. How your bank or financial institution can help and what
questions to ask
2. How your financial advisor can help and the types of
services that they may provide – the potential costs of what
to expect
3. How your insurance agent can help you with gathering info
and services they provide
4. RRSP/Investments – What to think about

4. How your bank or financial institution can help..
To name a few:
Your financial institution can provide you with:
1. Helping you keep your financial affairs in order to your
specific short term and long-term objective.
Be open with them about your current financial situation so
that they can do their best to accommodate you with what
they have to offer.

5. 2. Access to specialized services in their branch
ie. Certified Financial Planners, Accounting
and/or Tax Services, legal advice and documents
or even possibly some products such as
emergency loans and relief funds, depending on
your institution and products available to you.
Ask to find out.

6. 3. Financial institutions carry a fiduciary
responsibility to provide you with the
appropriate advice and recommendations.
They can always step in at the right time to
help you make decisions and see your financial
picture more clearly.

7. Financial Assistance: Helping you keep your financial
affairs in order to your specific short term and long-
term objectives
Dealing with finances can take up a lot of your time
and energy. Focusing on your recovery might be the
number one priority, for you and your family.
Not having time to multitask is quite common, that is
why leaning on others for help can be important.

8. Your financial institution, in most cases, can allow you
to and may encourage you to bring along your family or
other professionals to meetings. This can be helpful so
that everyone can stay in the loop and work together to
help you.
You will save yourself a lot of time and worry if you keep
good financial and medical reports right from the start
of treatment.

9. 1. Stay in control
a) Power of Attorney
b) Documentation
Think about how you can ensure you are in
complete control of your situation and finances…

10. 2. Credit Reports/Rating
Your credit rating can be important to know for
any future loans or access to emergency funds
or relief programs, if there are any
• Summarized documentation and up to
date statements of all your investments,
loans and products and the most recent
values should be kept up to date
• Request frequent statements be sent to
you so you can keep record

11. 3. Credit/Loan Info:
What is the current
interest rate you
are paying?

12. 4. Ownership
• Become or add joint ownership on any products and
accounts you have
• Your institution might be able to provide advice on
this. This might benefit you in terms of increasing your
liquidity
• Estate planning, the transfer of ownership upon
death.

13. 5. What other accounts do you have access
to that can benefit you?

14. 6. Who are your
named beneficiaries
on all accounts
owned?
This is important to
know

15. 7. What are the banks fees?

16. 8. Is there a minimum balance required
to hold certain accounts?

17. 9. What accounts are CDIC protected?

18. Customer Service
What does their customer service team look like?
What are some benefits you have access to?
Are you able to contact them immediately if there is an
emergency?

19. Applicable to both your financial
institution and advisor
What to consider?

20. Benefits
Would you have access to EI sickness benefit,
CPP disability, Disability Tax Credit (DTC),
opening an RDSP, caregiver benefits?
Ask what cancer automatically qualifies for
disability benefits

21. Tax
Eligibility to the medical tax credit, which can
allow you to receive a tax credit from medical
equipment

22. Insurance
Loan and credit card insurance, travel
insurance, extended medical insurance.
Protecting your accounts for financial relief
and/or medical bills.

23. Credit counselling
Having access to trained counsellors to help you manage debt and money
problems.

24. MANAGING DEBT AND SPENDING: IF YOU ARE UNABLE TO PAY THE BILLS, WOULD
YOU BE BEST TO FILE FOR BANKRUPTCY OR FILE
A CONSUMER PROPOSAL?

25. Your financial institution can provide some additional
support services:
- credit reports
- relief, forgiveness and possibly some flexibility for certain
products ie. Payments on your loans.
This is why bringing along: Family, financial advisor,
accountant and legal team can be helpful to ensure that every
area is looked after and is also well documented/witnessed
during meetings.

26. How your financial advisor can help and the types of
services that they may provide – the potential costs
of what to expect & RRSP/Investments – what to
think about
Starting the conversation with your financial advisor or if
you don’t have one and feel now is a time to seek that
help, here is what to ask:

27. 1. What qualifies you to provide advice?
Whether you’re looking for new advisor or
already working with one, it’s a good idea to find
out how they’re qualified to give financial advice.

28. 2. What is your approach and what
services does it include?

29. 3. What am I paying for?

30. 4. What should my goals be, and how
can you help me achieve them?

31. 5. How will we measure success?

32. Questions to ask your financial advisor during your annual review.
Once you've selected your ideal financial advisor you should be meeting up with
them at least once a year to go over the past 12 months and look ahead to the
next year.

33. 6. Portfolio and Net Worth Projections

34. 7. Financial Planning Reports: See your future!

35. What are some stress tests to run and to make
sure your advisor has accounted for these?
- What happens if I die unexpectedly?
- What happens if I die, and I have not named an
executor for my estate?
- How are my beneficiaries laid out?

36. - What if inflation is higher than expected?
- What does that mean for my medical expenses?
- Do any federal or provincial grants from the government
have indexed to inflation benefits?
- How fast can my savings erode due to inflation?
- Ask your advisor to help you understand what your fixed
expenses are

37. Adding a bit more context:
Just like the questions you can ask your financial institution, legal and tax team in
the previous slides you can most certainly ask your financial advisor. The
government provides tremendous support for Canadians with disabilities, low
income and heath matters.
Here are some important facts to note when going over financial planning with
your advisor(s) in more detail:
1. What benefits can I qualify for based on my health and/or living situation?
a) Disability tax credit: The disability tax credit (DTC) is a non-refundable tax credit that
helps people with impairments, or their supporting family member, reduce the amount of
income tax they may have to pay.
b) RDSP A registered disability savings plan (RDSP) is a savings plan intended to help parents
and others save for the long term financial security of a person who is eligible for the
disability tax credit (DTC).
Medical tax credit: How does medical tax credit work in Canada?
The medical expense tax credit is a non-refundable tax credit that you can use to reduce the tax
that you paid or may have to pay.

38. a) Age credit: The Age Amount is a non-refundable tax credit that is
available to those over the age of 65. It is “non-refundable”
because it cannot make your income tax go below zero, it will not
create a refund.
b) CPP disability The Canada Pension Plan (CPP) disability benefit
is a monthly payment you can get if you: are under 65. have
made enough contributions into the CPP. have a mental or
physical disability that regularly stops you from doing any type of
substantially gainful work.
c) Guaranteed Income Supplement non-taxable monthly payment
provided to low-income Old Age Security (OAS) pensioners. Just like
the OAS, GIS benefits are not tied to employment so you can still
collect them if you're still working or have never been employed.
d) Spousal Allowance The Allowance is a non-taxable payment you can
get if you are age 60 to 64 you live in Canada your spouse or common-
law partner is eligible to receive the Guaranteed Income supplement
(GIS) your combined annual income is less than the max annual income
threshold for the allowance

39. e) Allowance for the survivor The Allowance for the Survivor is a
monthly payment you can get if: you are age 60 to 64 you live in
Canada your spouse or common-law partner has died and since their
death you have not remarried or become a common-law partner to
another person your annual income is less than the maximum annual
income threshold for the Allowance for the Survivor.
f) EI From: The Employment Insurance (EI) program provides
temporary income support to unemployed workers while they look for
employment or to upgrade their skills. The EI program also provides
special benefits to workers who take time off work due to specific life
events: Illness, pregnancy, caring for a newborn or adopted child, caring
for a critically ill or injured person, caring for a family member who us
seriously ill with a significant risk of death
g) Pension credit: Taxpayers receiving certain pension income may
claim both a federal and provincial/territorial pension income tax
credit. This is a non-refundable credit but can be transferred to a
spouse or common-law partner if it is not fully used by the
taxpayer. Any unused portion can not be carried forward or back.
Tax Tip: Transfer any unused portion of your pension income tax
credit to your spouse.

40. EI continued:
- Regular benefits
- Sickness benefits
- Caregiving benefits
Caregiving benefits:
- Family caregiver benefits – adults
- Family caregiver benefits – children
- Compassionate care benefits
Regional or jurisdictional Financial Assistance
Programs (ask your advisor what is available to you
based in the province and city you are in)
Federal Financial Assistance programs

42. 8. Are all my goals still on track?

43. 9. Do I need to make any changes to my
plan?

44. 10. Is my plan making the most of tax
strategies?

45. 11. What should I concentrate on in the
coming year?

46. How your insurance agent can help you with
gathering info and services they provide
It’s always important to have good record keeping habits,
as previously discussed. All your investment and insurance
statements should be accessible to any beneficiaries
and/or POA’s, executors etc.
Staying up to date and informed about your insurance is
just as important as staying on top of your other finances,
investments, banking etc.

47. Your insurance advisor is responsible to meet
your needs, offer financial guidance and advice,
financial analysis, create and explain
customized plans, accessing clients' financial
portfolios, and analyzing clients' risk.
Being open and honest with your insurance
advisor can also translate to proper planning
and ultimately the results you look for.

48. Your life insurance agent or company will probably ask you many
personal questions about your family, health, finances and your
future.
1. Tell the agent what you need and what you can afford. Be honest
in your answers – any personal information you provide is
confidential.
2. Misleading or erroneous information can invalidate your policy.
Make sure you understand how they produced your assessment.

49. What are some types of insurance policies you
might own?
- Life insurance
- Disability insurance
- Critical Illness
- Health and Dental

50. What to ask your insurance advisor and
some common questions/concerns.
1. What exactly are the policies I have?
2. Who are the owners (joint if any) on the policy and who
are my listed beneficiaries including, revocable and non-
revocable
3. Are there any riders on this policy such as waiver of
premium upon disability?
4. Are there any exclusions?
5. What is guaranteed in the policy and what is not –
including premiums and benefits?
6. Are any benefits from the policy subject to income tax?
7. Is there a cash value that can be accessed now?

51. When you name a beneficiary, the money does not
go to your estate, but goes directly to the
beneficiary.
When you purchase a life insurance policy you can
name a beneficiary. A beneficiary is a person or
persons who will receive the death benefit from
your life insurance policy when you die.
What is a beneficiary?

52. Who can be a
beneficiary?
You can name
your spouse,
children,
dependents,
another family
member, a friend
or a charity as a
beneficiary.
If you name more
than one
beneficiary, the
insurance
company will
divide the death
benefit between
them.

53. Can I name my under-age children as beneficiaries?
• Under most circumstances, children under 18 cannot receive control over any money
left to them in an insurance policy. If you want the children to receive the money,
you should name a trustee or administrator and set up a trust for the children.
Speaking to tax and estate lawyer and accountant would be advisable.
• It is important to choose a responsible trustee who you can trust. The trustee is
responsible for:
• keeping careful records of all dealings with the money;
• investing the money as required by a court-approved
management plan;
• passing the accounts before the courts on a fixed schedule; and
• transferring all the money to the children at age 18.

54. Refer to a rep in your province to see if
this would also apply to you.
For those in Ontario: If you die without
naming a trustee or administrator, the
death benefit, and any earned interest,
will be held in trust by the province of
Ontario, and will be paid out when the
children reach legal age.

55. Notable resources and sites worth visiting:
- https://www.getsmarteraboutmoney.ca/ (Ontario)
- https://www.taxtips.ca/
- https://www.canada.ca/en/financial-consumer-
agency.html
- https://mfda.ca/
- https://www.ccir-
ccrra.org/#:~:text=The%20Canadian%20Council%20of%
20Insurance,to%20serve%20the%20public%20interest.

56. Canadian Cancer Survivor Network
Contact Info
1750 Courtwood Crescent, Suite 210
Ottawa, ON K2C 2B5
Telephone / Téléphone : 613-898-1871
E-mail: jmanthorne@survivornet.ca or info@survivornet.ca
Website: www.survivornet.ca
Twitter: @survivornetca
Facebook: www.facebook.com/CanadianSurvivorNet
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