A decent way to understand how the government thinks about common law relationships vs. marriage is that moving in together is mostly–but not always only–about income and getting married is–mostly, but not always only–about property.
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RESPs are accounts that have other accounts inside of them…kind of like Russian nesting dolls. And you can’t just take the money out and hope for the best…well, you can, but it’s likely to result in the government getting money that could have been yours, if only you knew how to get at it.
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Life expectancy is math. It’s a number that comes from how long other people have lived in the past, and it describes how many more years you might live from today. It’s important for financial planning, but it’s even more important for changing the world.
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Season Two of Ready…Set…Money is coming soon, and we’re looking at our money as a system - how everything about your finances touches everything else. We’ll zoom in on smaller, individual systems and zoom out to look at bigger systems that feel invisible but impact us every day.
Watch for Season Two to drop in August.
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Over time, your investments will perform however they perform. Inflation will do its thing to your expenses. Your income will grow (or not). You’ll save more or less than you thought you’d be able to. The interest on your debt will change, and you’ll pay off more or less than we assumed. Tax policy will definitely change to incentivize different behaviours.
This, friends, is the reason it’s called “financial planning”: it’s an iterative process, rather than a one-and-done product.
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