BE READY! WILL & ESTATE, TAX & FINANCIAL PLANNING

Financial and Will-planning Education in Canada

Did you know that approximately 62% of Canadians have no legal will, and 79% have no named Powers of Attorney? In general, financial literacy in Canada is lacking - a sentiment shared by approximately 85% of the Canadian public (MNP). In fact, less than one in five Canadians believe they have strong financial literacy skills. These statistics indicate that, when faced with an unexpected life-changing event, Canadians will be unprepared to respond and cope financially. The numbers indicate there is a perfect storm for countless Canadian families who find themselves faced with taking care of a family member or loved one socially, physically, emotionally, and financially who is diagnosed with dementia. Our financial education program aims to change this.

Background

If a life-changing event were to take place, most Canadians would not have the appropriate financial safeguards in place. One such event could be a dementia diagnosis. Current studies indicate that Alzheimer’s disease and dementia is on the rise; those diagnosed with Alzheimer’s disease or other dementia will double over the next 18 years and almost triple from 597,300 to 1.7 million people by 2050 (ASO). This puts immense pressure on our healthcare system, provincial court system, and of course Canadian families who are directly affected. There is a need to break down barriers to attitudes and perceptions of “I can’t afford it”, “If I write my Will, I’m going to die”, “If I write my Will, my kids can take my money now,” and “I just don’t know how to get started.” Our financial education program was created with the intention of creating awareness of the consequences of not having the necessary safeguards in place such as a Power of Attorney and to provide the tools necessary for Canadians to act now.

The good deed

With our “Be Ready! Will & Estate, Tax & Financial Planning” educational program, we want to make sure Canadians have the tools they need to feel financially secure in the face of a life-changing event, such as a loved one being diagnosed with Alzheimer’s disease or dementia. We will produce 14 e-learning modules Canadians can access for free on our AlzEducate site. After collaboration with Canadian financial and tax planning experts, we will translate this knowledge into an engaging, down-to-earth, and practical format that inspires participants to take action, and provides them the tools to do so. After taking our course, Canadians will: Take action, protect their family, save or even eliminate taxes. Overall, the aim of this program is to encourage and empower Canadians to take control of their financial planning.