Retirement planning is an essential component of long-term financial security, and group retirement plans play a vital role in providing this stability. For Indigenous organizations in Canada, these plans offer not only financial benefits but also support community well-being, cultural values, and long-term sustainability. In this article, we’ll explore why group retirement plans are crucial for Indigenous organizations and how they can positively impact employees and employers alike.

The Unique Financial Landscape of Indigenous Organizations

Indigenous organizations in Canada often operate within a distinctive financial and cultural framework, which can include:

• Tax exemptions under the Indian Act for employees working on reserves.
• Community-focused values, emphasizing collective well-being over individual gain.
• Challenges related to economic disparities and financial literacy in some communities.

These unique factors make it essential for Indigenous organizations to adopt retirement solutions that address both immediate needs and long-term goals. Resources like the Many Nations Multi-Employer Pension Plan and the Native Benefits Plan (NBP) offer tailored retirement solutions that align with these frameworks.

The Importance of Group Retirement Plans for Indigenous Organizations

3. Supporting Intergenerational Wealth Building

Indigenous cultures often prioritize the well-being of future generations. Group retirement plans help employees build wealth that can benefit their families, fostering long-term stability and prosperity within the community.

4.Maximizing Tax Advantages

For employees working on reserves, contributions to group retirement plans may be tax-exempt, creating a significant financial advantage. Employers can structure these plans to maximize these benefits, ensuring employees get the most out of their retirement savings.

The Importance of Group Retirement Plans for Indigenous Organizations

When choosing a group retirement plan for your organization, it’s essential to select one that aligns with your employees’ needs and your organizational goals. Key features to consider include:

Challenges in Implementing Group Retirement Plans

While group retirement plans are essential, Indigenous organizations may face certain challenges in implementing them:

1. Budget Constraints

Limited funding can make it difficult to offer comprehensive retirement benefits. To address this, work with a provider who can tailor plans to fit your budget while still delivering value.

2. Lack of Awareness

Some employees may be unfamiliar with retirement plans and their benefits. Education and outreach are critical to ensure employees understand and participate.

3. Administrative Complexity

Managing a group retirement plan can be daunting. Choosing a provider with strong administrative support can alleviate this burden.

Partnering with the Right Advisor

Selecting and implementing a group retirement plan can be complex, but the right advisor can make all the difference. An advisor experienced in working with Indigenous organizations will:

– Navigate tax considerations under the Indian Act.

– Tailor plans to meet the specific needs of your community and employees.

– Provide ongoing support to ensure the plan’s success.

Building a Secure Future for Your Community

Group retirement plans are more than just a financial tool—they’re an investment in your employees and your organization’s future. By providing a path to financial security, these plans support not only individual well-being but also the broader goals of Indigenous communities.

If you’re ready to explore the importance of group retirement plans for Indigenous organizations in Canada, the team at Eagle Bay Financial Services is here to help. With over 23 years of experience in group benefits and retirement planning, we understand the unique needs of Indigenous communities and are committed to delivering culturally sensitive solutions.

Good dental health is a cornerstone of overall wellness. For employers, providing comprehensive dental coverage isn’t just about supporting physical health—it’s about fostering equity, promoting trust, and contributing to the long-term well-being of employees and their families.

For Indigenous employees, dental benefits are especially important in addressing healthcare disparities and supporting community health. Continue to read our newsletter to learn how you can design a dental coverage plan that meets the unique needs of your Indigenous employees while respecting cultural values.

Why Dental Coverage Matters

Providing access to dental care is about more than just teeth—it’s about building healthier teams and communities.

1. Improving Health Outcomes

Oral health is closely connected to overall health. Without proper care, dental issues can lead to more serious conditions like heart disease, diabetes, or respiratory infections. Comprehensive dental coverage helps Indigenous employees stay healthy and avoid these complications.

2. Addressing Health Disparities

Indigenous communities in Canada often face barriers to accessing dental care, such as remote locations, financial constraints, or limited culturally appropriate services. By offering dental benefits, employers can help bridge this gap and promote health equity.

3. Boosting Retention and Job Satisfaction

Dental benefits are a valued part of any compensation package. They show employees that their well-being is a priority, increasing loyalty and morale across the organization.

4. Orthodontic Care

Orthodontics are particularly valuable for families. Consider coverage for:

• Braces and other corrective treatments for children and adults.
• Clear guidelines on lifetime maximums and eligibility.

Addressing Challenges in Dental Coverage

Indigenous employees may face unique challenges in accessing dental care. Here’s how you can help:

Serving Remote Locations

Many Indigenous employees live in areas with limited access to dental care. Address this by:

• Partnering with plans that offer tele-dentistry services.
• Including travel allowances for appointments.
• Encouraging mobile dental clinics to serve remote communities.

Navigating NIHB Coverage

The Non-Insured Health Benefits (NIHB) program provides dental coverage for eligible First Nations and Inuit individuals. To avoid duplication, employers can:

• Supplement NIHB with additional benefits for procedures it doesn’t cover.
• Extend coverage to family members who may not qualify for NIHB.

Balancing Costs

Affordability is critical. Manage costs by:

• Negotiating group rates with insurers familiar with Indigenous benefits.
• Using co-payments or annual maximums to control expenses.
• Offering tiered plans that allow employees to select the level of coverage they need.

3. Provide Flexibility

Offer plans that adapt to diverse employee needs, such as:

• • Family coverage for multigenerational households.
  • Optional add-ons for specialized treatments.

Measuring the Success of Your Plan

Once your plan is in place, track its impact by monitoring:

• • • Utilization Rates: Are employees regularly using their benefits?
    • Health Outcomes: Are preventive care and treatments reducing oral health issues?
    • Employee Satisfaction: Gather feedback to ensure the plan meets employees’ needs and expectations.

Beyond the Workplace: The Broader Impact of Dental Coverage

Dental benefits do more than support individual employees—they create ripple effects throughout the community by:

• • Fostering Health Equity:

    Bridging gaps in access to care.

  • Promoting Economic Stability:

    Healthy employees are more productive and engaged.

  • Supporting Community Well-Being:

    Improved oral health benefits families and builds stronger communities.

Partner with Experts to Build the Right Plan

Creating a dental benefits plan that aligns with Indigenous values and priorities takes expertise and understanding. At Eagle Bay Financial Services, we specialize in designing group benefits that support the health and well-being of Indigenous employees and their communities.

With over 15 years of experience, we’re here to help you create a plan that reflects your organization’s vision and values.

Let’s create healthier futures together. Contact us today to get started.

Switching from full-time work to retirement can be a huge shift in a person’s life and can affect more than just your finances. Transitioning into retirement changes how you live, from daily activities to relationships with family and friends, and even your identity. To help you navigate this transition, here are some important considerations and tips for success.

When planning for your retirement, you may not consider how it will look for you and what you may want to do.

Retirement can look different for everyone and should look different as we all have different goals and needs. Do you know what your retirement goals are? Great, but if not, asking these questions to yourself might be a good place to start: What does retirement mean for you personally? Do you want to stop working completely? Or will you want to work part time, or start a new business? Will you want to travel? Will you work on your hobbies? Maybe spend more time with family and friends?

These are all important things to think about and can help you identify your priorities.

Many retirees who have transitioned successfully have done so because they have a strong sense of identity outside their work.

A recent study showed that older Canadians retiring had a much more positive experience when they had a balanced sense of self, versus retirees whose identity was too closely entwined with their job and the status it brought them. If you find you belong to the latter camp, now is a good time to start to unwind your identity from your job to help ease the transition in the future. Were you once a teacher? Now, you could be a mentor, Elder, grandparent, volunteer or an artist. You get to decide! You are more than your work; even if you are unsure of what that looks like now, that’s okay. Taking the time to figure it out now will help when you stop working.

For many, retirement planning means financial planning and preparation for when you stop working.
However, that is just one side of the coin. It’s also important to plan your retirement lifestyle and how you will spend your time. Remember those hobbies you never had time for? Did you always want to learn how to garden? Or volunteer at the community centre? How about that trip to Europe you always wanted to take? You can do many things when you have the luxury of time on your side.

Check this article on 120 Big Ideas for what to do in Retirement for a lot more ideas.

Take the time now to dream and plan how you want to spend your days. Having an idea of how your life will look once you retire will help ease any anxieties you may have and give you something to look forward to rather than just leaving work behind.

Other issues that can arise, but are rarer, are an increase in the chance of a stroke, scarring,  pneumonia, loss of hearing or vision, swelling of the brain and superinfections of the rash caused by bacteria.

Once you have developed Shingles, unfortunately there is no miracle cream that can make it go away. At best, if you have Shingles, your doctor may be able to prescribe you some anti-viral medication that can help lessen the symptoms if taken within the first 72 hours. Antihistamines can help lessen the itching as well as pain medication such as acetaminophen and ibuprofen. If you do have shingles, make sure to cover up your blisters so as to not spread it to anyone else.

The best way to handle Shingles is prevention. To prevent your children from developing Shingles as adults, make sure they receive the Chickenpox Vaccine. As an adult who has not received the chickenpox vaccine as a child or has been previously infected with Chickenpox, the Shingles Vaccine would help prevent you from developing the disease.

To find out if your private health benefits cover the shingles vaccine you can speak with your pharmacist to find out.

If you become the victim of fraud, don’t be ashamed, it can happen to anyone. Financial fraud can cost you financial losses, potential identity theft and can take a long time to recover from. But you are not alone. We have here the steps you need to take to get your financial life back in order if you fall victim to fraud:

Collect Your Thoughts

It is nerve rattling and overwhelming when you realize you have been the victim of fraud. Your mind can begin to spin and panic set in stopping you from being able to think clearly and take the action you need. If this happens, you need to take deep breaths and calm yourself so you can focus. Once you have regained your thoughts you can begin to gather all the information you have on the
fraudsters:

• Names, titles or positions used, Emails, text messages, letters exchanged between you and the fraudsters,
• Any website addresses used, and screenshots taken of webpages and messages,
• Any phone numbers that were given to you,
• Any credit cards that were used, receipts and statements,
• Any other forms or records of payment that were involved.

Beware Of Potential Recovery Fraud

Some fraudsters will target people who have just been frauded by way of “recovery fraud” or a “recovery pitch.” How it works is you could possibly be contacted by someone claiming to be a government official or someone who works for a recognized company or tech support claiming that they have recovered your stolen money or lost prize and can return it to you for an advanced fee. If you receive such a message, ignore it and collect all of the same information mentioned above to use in your report of the incident.

Contact Your Financial Institutions

Contact all of your financial institutions, banks, and credit card companies to make them aware of the fraud and put flags on your account so they can monitor for suspicious activities. They will possibly cancel your credit cards and issue you new ones. You will also want to change all your banking and credit card login passwords. Once you have reported it to all of your financial institutions you will want to report it to the credit bureaus Equifax and Transunion as well.

Website Fraud

For fraud that took place over an official website (make sure it is not a phishing website), report the incident directly to the administrators of the website via a link called “Report and Issue” or “Report and Ad” on the website.

Mail Fraud

In the case where you believe someone has rerouted or redirected your mail, contact Canada Post and then notify your utilities providers of the fraud as well (Hydro, telephone, water, gas etc.).

Status Card Fraud

With a lost, stolen or misused Status Card, contact Public Inquiries at Indigenous Services Canada to report it. They will cancel the card to prevent any further fraudulent activities. You will have to reapply to get a new card issued for you. On the application, list “lost or stolen” as the reason for the application.

Social Insurance Number Fraud

If you lost or believe your Social Insurance Number was stolen you must follow the steps listed above and in this link and then contact Service Canada with the police report.

Birth Certificates, Driver’s Licenses, etc. Fraud

For lost or stolen provincial or territorial documents such as birth certificates, driver’s licenses, health care cards contact the provincial or territorial government where it was issued and report the incident.

Remember, if you fall victim to fraud, don’t be shy. In addition to telling police, your financial institutions, and necessary organizations, tell your friends, family, and neighbours. Your story can help notify them and prevent them from falling victim to fraud as well.

Mail Fraud

In the case where you believe someone has rerouted or redirected your mail, contact Canada Post and then notify your utilities providers of the fraud as well (Hydro, telephone, water, gas etc.).

Status Card Fraud

With a lost, stolen or misused Status Card, contact Public Inquiries at Indigenous Services Canada to report it. They will cancel the card to prevent any further fraudulent activities. You will have to reapply to get a new card issued for you. On the application, list “lost or stolen” as the reason for the application.

Social Insurance Number Fraud

If you lost or believe your Social Insurance Number was stolen you must follow the steps listed above and in this link and then contact Service Canada with the police report.

Birth Certificates, Driver’s Licenses, etc. Fraud

For lost or stolen provincial or territorial documents such as birth certificates, driver’s licenses, health care cards contact the provincial or territorial government where it was issued and report the incident.

Remember, if you fall victim to fraud, don’t be shy. In addition to telling police, your financial institutions, and necessary organizations, tell your friends, family, and neighbours. Your story can help notify them and prevent them from falling victim to fraud as well.

Take Steps To Protect Yourself In The Future

When it comes to protecting yourself from becoming a victim of fraud again, there are several things you can do:

• Always make sure your computer, laptop, phones, tablets and other devices are current with the latest security and operating system updates.
• Use different passwords for devices, websites, and accounts. Don’t use the same password for each one.
• Enable multi-layer authentication whenever possible on your accounts.
• Make sure your home WIFI is password protected to prevent unauthorized access.
• When creating passwords, make sure you avoid using easily guessable information like birthdates and names.
• Only log onto your accounts from trusted sources and sites. Look at the URL to make sure it is the official site and not a phishing site.
• Be extra careful of using public WIFI, as your information is vulnerable to attacks when using public access.
• Don’t click on suspicious links or downloads from texts or emails. If the company, financial institution, or organization doesn’t normally reach out to you via email, call or text, be suspicious of incoming messages claiming to be from those places.
• Regularly review your accounts and statements to be aware of any suspicious or fraudulent activity.
• If you get a phone call from your bank or credit card company, you can verify if it is truly them by hanging up and then calling the bank or credi card company back using the phone number on the back of your card.

It’s time, they’re here! You are now eligible for your health benefits. It’s an exciting moment when you are able to access your employer sponsored health benefits. It means improved health and well-being for you and your family and a weight of worry off your shoulders as the health bills are now covered.

But with this new coverage can come a slew of new questions, like who is covered? When can I add them? For how long are they covered? These questions and more are often asked, and we are here to answer them and take some of the mystery out of the process. In this newsletter we will cover:

Who Is Considered A Dependent For Health Insurance

Definition of Spouse

Your spouse can be your legal married partner, or common law partner with whom you publicly present as your partner and with whom you have resided with for a specific period of time. Each insurance company defines common-law spouse differently, so consult your plan administrator for the exact definition.

Definition of Dependent Children

For most health benefits plans, a child is considered a dependent within your family group. This means that your or your spouses’ children can be added to your coverage. Your children may be adopted by you or your spouse, your natural children or stepchildren.
They must be unmarried and usually under the age of 21 to be eligible for most health benefit plans.

Other Family Members

Typically group health insurance plans don’t consider siblings or parents of the insured to be dependents, and therefore they are not eligible for coverage under your group health benefits plan.

What Is A Life Event

It is important that you notify your insurer of any of these life events immediately, usually withing 30 days of them happening, to keep your policy and coverage up to date for you and your family.

How Long A Dependent Can Be On Your Insurance

The Cost Of Adding Dependents To Your Insurance

The cost implications of adding a dependent to your health insurance plan will vary from insurer to insurer, as well as different factors like your dependents health and age. For more information, check the premiums information of your insurer’s website or brochure, or contact us to speak to one of our plan member service representatives to learn more.

Adding The Dependent To Your Insurance

Once you have taken out the policy or you are eligible for workplace group benefits plan your dependents are also eligible. Each dependent is eligible to be added based on certain criteria: For a spouse or common-law partner, they are eligible from the date of marriage or according to the common-law definition of the insurance company. For a child, they are eligible from the date of birth, adoption, or assemblage of the relationship between you and your spouse.

Remember to gather the necessary information and documentation for each dependent, like the birthdate of each person to be included on the application and their medical information (name and addresses of the family doctors and details of prescription drugs). The documents that are sometimes needed to prove the relationship between the insured and the dependent differs per insurer but could be the following:

• Personal Health Number (PHN) for everyone.
• For a spouse, marriage certificate or documentation that you are in a common-law relationship (utility bills, etc.).
• For newborn children, birth certificate.
• For adopted children, a copy of the Notice of Placement from the adoption agency is required.

For indigenous applicants to some group benefits plans provided through a First Nations organization (such as First Nations Health authority) you may also need the following:

• Indian Status Number (register with ISC as soon as possible as the wait can be up to two years).

Note, for a newborn dependent who has been registered with ISC, and has a PHN number, they could be covered under your account for up to two years while they wait for their Indian Status Number. Once the documentation has been provided to the insurer, processing times will vary.

If you have any questions or would like to review how your dependents are covered under your workplace or individual plan please
don’t hesitate to get in touch with our Plan Member Service Representatives. You can connect with them here using this link. We
are here to help!

When it comes to retirement, there are so many things to consider: When will you stop working? What sources of income will you draw from? What will you do with your time? This well-earned milestone in your life should be walked into with as much joy and carefreeness as possible, as you deserve it. To get there it will take some knowledge and planning and we want to help you along the way.

For Indigenous seniors, they heavily reply on public income sources like CCP/ QPP, OAS, and GIS in their golden years. So much that it accounts for 47% of Indigenous seniors’ income, whereas only 25% is coming from private income sources. Compare that to non- Indigenous, statistics show that 34% of their retirement income coming from private sources and 33% from government sources.

Canada Pension Plan (CPP) and Quebec Pension Plan (QPP)

The Canada Pension Plan and the Quebec Pension Plan are very similar but have some differences. They provide monthly payments to people who contribute to the plans during their working years. Indigenous employees living off-reserve (or those receiving taxable employment income) must contribute to the Canadian Pension Plan. However, if they are living on-reserve, their employer can choose whether to opt into CPP or not. If they are self-employed or living on-reserve and wanting to opt-in on their own, they must pay into the Canada Pension Plan and contribute both the employer and employee portion of the contribution.

Calculating Monthly Payment Amounts

The total monthly amount that you will receive will depend on how long you contributed to the plan as well as how much you contributed. The amount is also dependent on when you start receiving your CPP or QPP pension. To maximize your CPP pension, you must contribute the maximum amount (based on your yearly earnings) to CPP for 39 of the 47 years you work from ages 18-65.

When Can I Receive My CPP/QPP Payment?

You can choose to take your CPP or QPP pension as early as 60 years of age, or as late as 70 years. Most people opt to take it the month past your 65th birthday. If you choose to take the pension earlier at age 60, it will permanently lower your monthly payment.

As well, the inverse is true, the later you take your CPP or QPP pension the higher your monthly payments will be. To have better understanding of how much you can expect to receive, you can use the Canadian Retirement Income Calculator. Click here to calculate your expected benefits.

Will I Have To Pay Tax On My CPP Benefits?

Yes! Canada Pension Plan benefits are considered income and subject to income tax when receiving those benefits. However, for First Nations, Inuit and Metis, if all of your contributions to Canada Pension Plan were made using tax exempt earnings, then your CPP benefits will also be tax exempt. On the other hand, if your CPP contributions were made with earnings from both on-reserve and off-reserve earnings then only the amount of CPP payments resulting from taxable earnings will be taxed.

Old Age Security (OAS)

Old Age Security is a monthly benefit that you can receive at age 65 or older. Unlike CPP or QPP, you don’t have to work or contribute to Old Age Security to receive it. It is an available retirement fund for most residents in Canada who meet the Canadian legal status and residency requirement. You can choose to receive it at age 65 or defer for up to 5 years. Similar to CPP and QPP, if you choose to receive OAS later your monthly payments will be higher.

Guaranteed Income Supplement (GIS)

The Guaranteed Income Supplement is a non-taxable supplement to the Old Age Security pension for recipients who are low income and live in Canada.

Eligibility

To be eligible to receive GIS you must file a tax return every year to show your income. If you are
automatically enrolled in OAS, you will also be automatically enrolled for GIS. For more information on the income threshold click the link here.

Will I Have To Pay Tax On My GIS?

Luckily, no! The GIS is non-taxable benefits that is meant to supplement if your income is below a certain threshold. Therefore, no taxes will be applicable on these benefits.

Strategies To Maximize Your Retirement Income

• Registered Retirement Savings Plans (RRSP) a registered retirement savings account that allows you to save and invest your money while being able to use the contributions to lower your taxable income while the earnings grow tax free until you withdraw money (then it’s taxable).

• Registered Retirement Income Fund (RRIF) a registered retirement income account that allows you to move money from a registered pension account (RRSP, RPP, etc.) to an income account solely for the purpose of paying you income. Funds in these accounts can still be invested and grow tax free but are taxable when withdrawn. There is also a minimum that must be paid to you annually.

• Tax Free Savings Plans (TFSA) a registered savings investment account that allows you to grow your money tax free and is generally tax free even when withdrawn. However, the contributions of the savings account are not tax-deductible like with an RRSP.

• Registered Pension Plan (RPP) a registered pension plan that is set up by an employer or a union for their employees. Both the employer and employee
  contributions are tax-deductible.

The World Health Organization (WHO) has identified diabetes as one of the greatest public health challenges of this century. It is a serious health concern among people living in Canada and especially for Indigenous Communities. In fact, statistics shows that Indigenous populations have a higher risk of developing diabetes than non-indigenous communities. Research also shows that self-reported diabetes rates among First Nations adults living off reserve and Metis adults are 1.9 and 1.5 times higher than that of non-indigenous adults, respectively.

There are multiple reasons why diabetes rates are higher within Indigenous communities. Indigenous people have suffered inequities as a result of colonial policies and practices including systematic racism, intergenerational traumas, disruption of cultural identity and self-determination, and limited access to resources. These factors have severely undermined indigenous values, cultures, and spiritual practicing, creating long-lasting physical, mental emotional, and social harm for these communities.

Continue to read the rest of our newsletter to learn more about the causes, types, and prevention methods of diabetes.

Understanding Diabetes

Diabetes is a chronic health condition characterized by elevated levels of blood sugar. When healthy, our bodies break down most of the food we eat into sugar (glucose) and release it into the bloodstream. When blood sugar rises, it signals the pancreas to release insulin. Insulin acts as the key to taking blood sugar into the body’s cells to use it as energy. With diabetes, the body cannot produce or use enough insulin. When you don’t have enough insulin or your cells become unresponsive to insulin, excess blood sugar remains in your bloodstream. Over time, diabetes causes serious damage to the heart, blood vessels, eyes, kidneys, and nerves.

There are different types of diabetes that people are diagnosed with. Let us discuss them in detail below:

Gestational Diabetes

This type of diabetes is diagnosed during pregnancy. This type often goes away after delivery, however, there is a high risk that people with gestational diabetes and their babies may develop type 2 diabetes later in life.

Aside from these types, researchers also include prediabetes. Pre-diabetes is a condition in which blood sugar levels are higher than normal but not high enough to be diagnosed as type 2 diabetes. This condition is associated with an increased risk of developing type 2 diabetes.

Diabetes Medication: Statistics & Drugs

Statistics indicate that the diabetes treatments and supplies category is dominating all other therapeutic classes for health benefits plans and experiencing strong growth year over year. In 2022, diabetes treatments and supplies totaled up to 15% of the total amount covered on drugs. This percentage rose to 31.7% for non-insured health benefits (NIHB) and first nations health benefits (FNHB) plans. Among the top treatments for diabetes for the NIHB and FNHB plans is Ozempic.

Research shows that in 2022, Ozempic accounted for almost 30% of the total amount covered for diabetic drugs, and the utilization rates have increased by 70% from 2021 to 2022 across different age ranges from 25 – 65 and older.

So, what is Ozempic, and how does it work?

Ozempic is one of the most commonly used diabetes control drugs of our time. Ozempic (generic term: semaglutide) binds to glucagon-like peptide-1 (GLP-1) and stimulates insulin release from the pancreas when needed, which helps lower blood sugar and hemoglobin A1C. Ozempic also reduces the amount of sugar your liver produces. It slows down food leaving your stomach and prevents blood sugar spikes in your body. What makes Ozempic a unique drug is that it does not inject insulin into the body. Instead, it helps your body release its own insulin.

Ozempic is used only once a week and the amount injected varies, depending on individual health conditions.

This drug is a popular treatment for type 2 diabetes, and the BC government announced that it will expand its production of Ozempic to meet demand and ensure continued availability of the drug to patients who need it.

Can Ozempic be covered by private insurance?

Patients with private drug plans may be eligible for coverage of Ozempic – depending on the plan and insurance provider. Sometimes the coverage options may vary; it could be partial prescription drug coverage, or it could be having a maximum amount the company will cover. Talk to your Plan Administrators about the details of your benefits plan coverage.

Some people use Ozempic for weight loss too; is it safe?

Although Ozempic was not approved for weight reduction, some people use it as a weight loss tool. Some people are experiencing weight loss when taking Ozempic if combined with proper dieting and exercise. Nevertheless, the Ministry of Health is asking respective colleges to ensure the physicians prescribing and pharmacies dispensing Ozempic are compliant with the procedure-approved indication.

Here are some of the dangerous side effects of Ozempic: pancreas inflation, changes in vision, low blood sugar (hypoglycemia), kidney problems (kidney failure), serious allergic reactions, and gallbladder problems.

Talk to your doctor about how Ozempic may affect your health and monitor your body for irregular symptoms while on Ozempic.

Diabetes: Prevention Method

Although many studies were and – are still being – conducted to learn more about the causes and means to prevent type 1 diabetes, no prevention method has been identified yet. Nonetheless, scientists are inventing drugs that can potentially delay a diagnose of type 1 diabetes for two years such as Teplizumab. Scientists also encourage early screening to detect Type 1 diabetes early on to manage it at its earliest stages.

For type 2 diabetes, the situation differs. Mitigation and prevention methods are found and if practiced appropriately, they can have a major role in preventing type 2 diabetes. Some of those methods are proper dieting and frequent exercise. Let’s explore these options further in the following sections.

2. Prepare Your Meals

Weekly meal planning helps you avoid making decisions at the moment when you are hungry. When you create a meal plan for the week, you are choosing better quality food for your diet (fruits, vegetables, protein) and thus improving your organ function and blood sugar. Meal preparation also helps you reduce the stress that is caused by feeling guilty for eating unhealthy food.

3. Use The Glycemic Index

Blood sugar management is an important factor in managing and preventing diabetes and this is where the glycemic index comes to play. “The glycemic index is a measure of how fast different carbohydrate-containing foods raise our blood sugars after eating them” – Lumino Health.

Using the GI can help you make better choices when it comes to meals and snacks. The GI of foods is ranked as follows:

• Low GI: 0 – 55
• Medium GI: 56 -69
• High GI: 70 – 100

Essentially, the lower the glycemic index, the slower your blood sugar will rise and the steadier your blood sugar will be after you eat that food.

Physical Activity

Another key factor to prevent diabetes is physical activity. Doctors recommend an active routine to ensure your body is protected from illnesses like diabetes. Here are some of our recommendations for a healthier lifestyle:

1. Fit Movement into Your Day

Many of us have stories of starting a new exercise routine and then failing to commit to it a couple of weeks or months after. We need to transform thinking about exercise into actually doing the exercise!

To start, you need to think about what is motivating you to commit to those 30 or 45 minutes of exercise every day. Often time, we lose interest quickly because we don’t have what motivates us to move out from the couch. So as the first step, learn about what motivates you.

The second step: know your barriers. Is it not having enough time? or, is exercising at 6 o’clock in the morning exhausting you? Or is it a financial cost? Once you have identified your barriers, it’s time to address them. Find a closer gym, exercise at home, exercise at a time that works well with your schedule, etc.

And remember, short workouts are better than no workouts at all. You can start with a short period of 5 minutes and then increase gradually. There are some phone applications you can use that can keep you on track, such as the MOVR app.

Most importantly, you need to remember to designate a time for exercise, just like eating, sleeping, or working. Once you prioritize your workout time, there will always be time for it.

They advise you to acknowledge your roadblocks and set up an accountability system where someone expects you to show up to their workout session every time. Go with a friend, you will be held accountable!

Experts also advise when trying to commit to a workout plan, lose the critical self-talk when you miss a workout or two. Remember that every activity counts, even a short walk after work!

Being able to manage diabetes successfully is about so much more than tracking blood sugar. It’s about setting a healthy lifestyle and committing to it; being able to make the right food and exercise choices when the time comes. Go for a walk, eat well, avoid blame, learn a relaxation technique, and don’t be afraid to ask for help from family and friends.

It is that time of the year again! You guessed it, it’s Tax Season.
In Canada, individuals who may owe income tax or may be eligible for Canadian government tax credits or benefits file “income tax and benefit return” by the end of April, every year. Indigenous people are subject to the same tax filing requirements as non-Indigenous residents in Canada, even if income is eligible for the tax exemption under Section 87 of the Indian Act.

How do I know if I am eligible for tax exemption as Indigenous person?

According to Section 87 (1) (a) of the Indian Act, “The personal property of an Indian or a band situated on reserve” are exempted from taxation in Canada. This means the income of registered Status Indian will be exempted if that income is located on a reserve.

This exemption does not apply to all Indigenous people living in Canada because there are conditions to meet for a tax-exemption approval.

If you are unsure if your income qualifies for tax exemption, speak to your employer. There are a variety of criteria that must be assessed including a connecting factor test that assesses related criteria such as the domicile of your employer, working from home, location of work duties performed and proration rules.

Learn more about the connecting factors test here.

My employment income is considered tax -exempt, should I still file a tax return?

My employment income is considered tax -exempt, should I still file a tax return?

As Indigenous person, you have access to the same benefits and credits as non-Indigenous Canadians. If you choose not to file your tax return, you may be ineligible for specific benefits and credits that you may be entitled to.

To ensure that you are receiving benefits and credits, you must submit your tax return on time, every year even if your income is considered tax-exempt or if you had no income at all. You spouse or common – law partner needs to do their taxes as well so that CRA can calculate the payments based on household income.

Some of those payments include Goods and services tax/Harmonized sales tax credit (GST/HST), Canada child benefit (CCB), Northern residents’ deduction, Canada workers benefit, and Canada training credit. 

Continue to read the rest of our newsletter to learn about the six tips we recommend considering before filing your tax for the year 2022.

1. Use a simplified paper tax and benefit return

You may be able to file your taxes using “Let Us Help You Get Your Benefits! Credit, and benefit” short return. If you are a member of a First Nation, you may also be eligible for the T1S-D, Credit and Benefit Return.
To access these forms, you can contact your local friendship center, community representative, or band council office. You cannot download these forms online. Learn more here.

2. Create online account with Canada Revenue Agency (CRA)

A great way to keep track of all your previous years’ taxes, benefits and credits, balancing owing, and more is through creating an online account with Canada Revenue Agency. Your CRA account helps you easily manage your taxes and credit information online, from the comfort of your home. Here are a few excellent ways you can utilize your online CRA account:

Filing Electronically

Electronic returns are usually processed within two weeks whereas paper returns may take several weeks for processing. According to research, 92% of tax returns are filed electronically due to their convenience, security, and faster processing.

If you are registered for “My Account” with CRA, you can use “Auto – fill my return” to quickly fill in parts of your return with your information the Canada Revenue Agency has on file. If you choose to file your 2022 tax return digitally this year, access Canada.ca to learn more about the certified tax software you can use to file your tax.

3. Enter your income and other benefits payments.

If you are employed, you should receive your T4 from your employer by the end of February 2023. You may receive other slips from different payers such as pension providers, financial institutions, and educational institutions that you should also include when filing your income tax return.

If you have received benefits from CRA such as Canada Recovery Benefits, and Canada Recovery Caregiving Benefit, you will receive a T4A information slip that you should add as an income for the year 2022. You should also receive these slips from the Government of Canada by the end of February 2023.

These income sources may be generated through advertisement, referral codes, merchandise sales or commission on sales, sponsorships, or barter transactions.

Click here to learn more about reporting international income.

4. Claim your benefits, credits, and deductions

You may be eligible for tax deductions, credits and expenses on your tax return for the year 2022. CRA uses the information from your return to calculate your benefits and credit payments. Some of these payments include:

• • Canada Child Benefits
  • Good and Services Tax/ Harmonized Sales Tax (GTS/HTS) Credits
  • Provincial or Territorial Benefits.

You might be able to claim a deduction that can reduce the amount of tax you may owe. Examples of those expenses are childcare expenses and home office expenses (if you work from home as an employee and have arranged deductions with your employer). If you are self-employed, you may be able to claim certain business expenses such as a motor vehicle, and business–use–of–home expenses (heating, home insurance, & electricity).

Learn more about the tax credits and benefits you might be entitled to here.

5. File on time, pay on time!

Filing your taxes on time will ensure your taxes returns and benefits will not be delayed or interrupted.

If you owe a balance to the CRA, it is important to note that retirement income benefits such as the Old Age Security (OAS) and Guaranteed Income Supplement (GIS) may be held back if you do not file on time.

The deadline for filing for 2022 income tax is April 30th, 2023. If you, your spouse, or common law partner are self-employed, you have until June 15th, 2023, to file your taxes and benefit return. If you don’t file your taxes by deadlines, you may be subject to late filing penalties on any money you owe.

In addition to filing on time, any balance owing is also due by April 30, 2023. Paying your dues in full ensures interest will not be charged. If you are unable to pay your balance owing, contact the CRA to make payment arrangement that suit your ability to pay overtime.

Learn more about payment arrangement here.

6. Maximize your tax return with Registered Saving Programs

An excellent way to reduce taxable income is through contributing to a Registered Savings Plan.

If you are a non-Status individual or a Status individual earning taxable income, a Registered Retirement Savings Plan (RRSP) may be a good option for you. Contributions you make to an RRSP will attract a tax deduction annually. The savings within your RRSP account will grow on a tax-deferred basis. Taxes will be payable at retirement or upon withdrawal, based on your marginal-tax rate (MTR) at that time.

Generally, the contribution room (limit) for RRSP is 18% of annual earned income from the last tax year (up to a maximum of $27,830 for 2022), however, each individual has a unique RRSP limits subject to multiple factors. Check your online CRA account to find more information about your personal contribution limits.

Find more information about RRSP here.

“Mental health problems and illnesses among working adults in Canada cost employers more than $6 billion in lost productivity from absenteeism, presenteeism and turnover in 2011.”

 – Mental Health Commission of Canada

Workplaces can play a vital role in supporting and maintaining positive mental health for their employees. They can give people a sense of productivity, value, and achievement, all of which are strong contributors to employees’ mental well-being.

Yet, a workplace can also often be a big stressor and a contributor to poor mental health. There is no workplace that is immune from poor mental health risks to its employees.

Just as poor physical health can impact employees’ work performance, poor mental health is often associated with emotional distress and psychosocial impairment comparable to that of a major depressive episode.

Employee Mental Health

It is important to understand the causes and triggers for good or poor employee mental health as the later impact their over health, performance, productivity, and their work interactions. As such, employers should make a conscious effort to foster a positive work environment that enriches its employees and supports their mental health.

Prior to discussing what employees can do to support mental health of their employees, it is critical to understand some of the causes or contributors to poor employee mental health:

• Stress is the largest risk factor in poor mental health for everyone and specifically employees. While stress is common to experience in any workplace environment or field, excessive stress can have major risks on someone’s mental health.
• Bullying and Harassment at workplace are big contributors to mental health as it leaves victims with long lasting impacts that are uneasy to overcome.
• Poor working environment which includes poor working hours and workplace that can impact both mental and physical wellbeing of employees on the long-term.

What If Employees’ Mental Health is Ignored?

What Can Employers Do To Support Their Employees’ Mental Health?

 Morgan – 65 years old retiree.

In a survey done in April of 2022 for 1001 Canadians, data indicated that due to inflation, 54% of households are cutting back on dining out, 51% looking at flyers are looking for sales, and nearly half ^47%) are putting off purchases like clothing. Some households are struggling to pay the bills right away or their debts are getting bigger while for some others, they may be able to manage but not save for the future and especially for their retirement.

Understanding how inflation would hurt our retirement strategy is a must to ensure that we have enough assets to rely on and last through our retiring years.

Defining Inflation

There is no escape from this reality!

Continue to read the rest of the newsletter and let us help you understand how inflation can impact your retirement savings and what you can do to mitigate its risk.

The Impact of Inflation on Retiree

While inflation impacts everyone, retirees and pre-retirees can especially feel the effects when the money they are relying on to live comfortably for 20 or 30 years suddenly is not so secure. They would be very worried and fear that they are running out of money especially since their income is fixed meanwhile all living expenses are rising. This is concerning for Canadians that a recent statistic showed about half of Canadians, who are over 55 years of age, are planning to delay their retirement due to inflation and debt issues.

To explain how inflation impacts retiree life, lets first briefly list their potential sources of income during retirement:

What can you do to mitigate the risk of inflation on your savings?

1. Grow your retirement assets (invest!)

As we explained before, inflation hinders retiree purchasing power as the cost of everything rises faster than the pace of their asset/retirement income growth. If inflation rises by 10%, and your income increase by 3% only, then everything is 7% more expensive than before.

When savings are invested at higher rates (bonds, stocks, property), your savings worth is going up outpacing the inflation rates (plus extra bonces). Speak with your financial advisors for ways you can invest your money for a good return rate.

2. Factor inflation rates into your future savings 

Pre-retiree should do long-range planning correctly for their retirement, incorporating inflation rates in their retirement (future fixed income). Meaning that they should factor in the increase of an average of a 3% annually (as an example) into their savings and their expected spending levels when they retire.

3. Downsize or rent a portion of your home to generate side income

Selling your home and buying less expensive one can provide you with extra money in retirement. Not in favor of small living spaces? Then maybe you can free up some space in your home (ex: basement) and rent it for extra income that pays off your mortgage and allow you to have extra savings.

4. Speak to an expert financial advisor

Financial advisors can be a great resource of information and guidance. They have market experience dealing with rates, inflations, recessions, and investments. 

They can offer you advice on how you can factor inflation into your future savings, where to invest your money, and how you can grow your retirement funds with low or high risk and return, offering you peace of mind.

Contact our expert financial advisors here to help you plan early for your retiremnet and navigate through your investment options.

Even if inflation become nonexistent again soon, you still need a plan to account for it over your lifetime, so the doubt and uncertainty of your finances do not overwhelm you when another year like 2022 returns.

As social beings, we experience the need to feel included and an accepted member in a group. Inclusivity is very essential in our lives: without it, we are vulnerable to having poor mental health and experiencing feelings of loneliness and isolation.
Our healthy self-worth and self-esteem are tied to feeling included in a group or community. When we feel like we don’t belong anywhere, it can lead to stress, anxiety, and depression.

Let’s First Define Inclusion & Belongingness…

The sense of belonging is defined as experiencing the feeling of being accepted for authentic self and the feeling of being included in social circles. Inclusion is defined as the practice of providing equal opportunities and resources for people who might otherwise be excluded or marginalized.

Inclusivity & Our Health

Studies show that social environment profoundly shapes our personalities and impacts our health. We tend to suffer when our social bonds are threatened or severed. Particularly, our mental and emotional health are at risk the most when we feel we are being excluded. Let us take the workplace environment as an example of social environment. We spend a minimum of eight hours a day at our workplaces, interacting and communicating with colleagues, managers and clients (both in person and virtually). Experiencing the need to be heard, seen and recognized in that small (or big) community is essential to make us feel we are part of that community (we belong to that community).

A study in this field was conducted to uncover how employed adults define belonging and what makes them feel like they belong at work and what makes them feel excluded in the workplace. The study data was categorized per generations: millennials, Gen Xers, & Baby Boomers.

Inclusivity & Language

We use languages to communicate with each other and establish relationships. Choosing to use inclusive language with people you communicate with will means that you are less likely to make someone feel like they don’t belong. Train yourself to become more conscious of your language and the expression you use around others. It is important to remember that words have strong impact on others and when used carelessly, can deeply hurt people; leaving an impact that might not be easily forgotten.

Is exclusion considered a form of bullying?

Yes! For many people, it is considered bullying. According to recent study conducted for young, employed adults, 54% of respondents believed that exclusion is a form of bullying at work. Meanwhile, 68% of employees that are part of the LGBTQ community believe that exclusion is a form of bullying. Whereas, for women participants, the majority believed that exclusion is a form of bullying in the workplace.

Inclusivity in the workplace

Being inclusive starts with little everyday things. For example, the choice of words you choose and how you interact in social settings. People can determine if you are being authentically inclusive or pretending to be.

For managers who aim to build an inclusive environment for their employees, start by making them feel heard, valued and recognized for their effort and unique abilities. Ultimately, when inclusivity exists in a workplace, organizations can experience game-changing insights, super-charged creativity and attract the most talented people to join a group of happy and satisfied employees.

Inclusivity for Indigenous Employees

A recent survey was conducted to explore the representation of Indigenous People in workplaces, indicated that indigenous employees are in fact underrepresented. When surveyed, participants responded that they often feel isolated at their workplaces due to the lack of Indigenous role models at senior levels. Additionally, the survey showed that Indigenous employees experience low levels of psychological safety at their workplace and also pay what is called an “emotional tax”.

Eighty-two Indigenous employees were surveyed (both men and women) working for different industries and job levels, and responded to the survey as follows:

• Fifty- two percent of them said that they are regularly on guard to the experience of bias, a hallmark of “emotional tax”.
• Sixty-seven percent of Indigenous women experience the feeling more commonly than Indigenous men (38%) which reflect the disproportionate discrimination and violence they experience compared to other groups.
• Sixty-one percent of Indigenous People surveyed indicated that they do not feel physiologically safe at work. Low psychological safety reflects on employees’ feelings of belonging and impact their job performance directly.

In comparison with Indigenous employees who experience low levels of psychological safety, we found that those who experience high psychological safety are five times more likely to have a sense of belonging to their workplaces, over five times more likely to experience being valued for their uniqueness, twice as likely to speak up when something is not right, twice as likely to report task-focus, and twice as likely to report being able to exhibit creativity.

Here is a list of recommendations when practicing the three behaviors:

• Empowerment

• • • Ensure that all team members have what they need to succeed and flourish at work and that they can bring their full selves to work by expressing and sharing their cultures.
    • Be a role model of your actions. Model your own learning, vulnerabilities and challenges related to tacking inequities and moving out of your comfort zone.

• Accountability

• • • Hold all team members responsible for their behaviours, development and work processes.
    • Openly discuss how to demonstrate that a wide variety of perspectives, identities and cultures are valued.

• Humility

• • • Practice humble listening by setting aside preconceived notions of how the world works, and truly hear what another person’s experience of the world is like.
    • Be willing to admit your mistakes; find grace for coworkers to make mistakes and take risks without being penalized.

For the full list of recommendations, click here.

Our social interactions can heavily impact our emotional wellbeing. When we experience exclusion, especially at social entities like workplace, we tend to feel sad, unmotivated, depressed and we underperform. Therefore, employers should embed inclusive leadership into their business strategy, taking care of the health and wellbeing of their employees.

 Kashif Ahmed– Real Stories from Financial Planners

Do you know how to prepare a will?

Have you made your will, yet?

Do you know the requirements of a will creation?

Will preparation could be an overwhelming task considering the rules and requirements that need to be obeyed accordingly. Nonetheless, planning ahead with respect to your personal affairs (will creation or estate planning) can save problems and expenses for your family in the future.

Not sure where to start? Continue to read this newsletter and let us guide you through the process of will preparation, validation, and the planning of your estates.

What Is A Will?

A will is a legal document that states how someone wants their estate to be divided after they pass away. Their estates include what they own (assets) and what they owe (liabilities).

Why do we create a will? Preparing a will helps protect your assets and your family; it lets the court know what to do with your estate after your death. A will often needs to go through probate, which is a process that ensures the will is real and was left by the deceased person.

Will usually names an executor or administrator (can be one person or several people) who is responsible for carrying out the instructions in the will. You may name a person who is close to you such as a family member or a friend as an estate representative. You can also name a financial professional as your estate representative. It is always recommended that you talk to your estate representative to ensure they’re comfortable with their role and responsibilities.

What Are The Requirements For A Will To Be Valid In Canada?

It is important to note that a person who is beneficiary under the will, or their spouse, must not be a witness, as this would make the bequest to that beneficiary void.

Are You Obligated To Create A Will? What Happens When You Decide Not To Create One?

You are not legally required to make a will. However, if you die without a will, your property will be divided accordingly to B.C.’s law (or in accordance with your province). You will also be giving up the right to appoint the guardian of your choice for any children in your care.

Do You Need A Lawyer To Write A Will?

You don’t need a lawyer to write a will. However, it is a good idea to obtain professional legal help when you make your will. This will help you make sure all your documents are prepared and witnessed properly.

Estate Planning and Estate Representative

Estate planning means arranging how you will leave your money and property after death, and what you intend to leave your spouse, children or others.

Part of estate planning is assigning an estate representative that will administrates your estate. Those administrators are primarily responsible for settling debts and liabilities and dealing with assets of the deceased in accordance with the will. If there is no estate representative or no will, then the responsibility of handing your estate settlement will be determined based on provincial or territorial law.

Responsibilities Of an Estate Representative

As estate representative, you are responsible for carrying out the instructions written in the will. These responsibilities may include:

Does Living On Or Off Reserve Matter For Estates?

Indigenous Services Canada (ISC) is responsible for estate services in all provinces. Meanwhile, Crown-Indigenous Relations and Northern Affairs Canada (CIRNAC) is responsible for estate services in the Yukon and Northwest Territories.
Under the Indian Act, the Crown-Indigenous Relations and Northern Affairs Canada (CIRNAC) is only involved with estates for people “ordinarily resident” on a reserve.

“Ordinarily resident” on a reserve means that an eligible First Nations person usually lives on a reserve and does not maintain a primary residence off a reserve. They may, however, temporarily live off a reserve for education purposes or to obtain care or services not available on a reserve.

What You Can Do When Someone In The Family Passes Away?

Handling the affairs of someone who died can be very different from one person to another. The following checklist helps you determine who to notify, points you in the right direction, and keep you organized:

• • • Register the death,
    • Get a death certificate,
    • Cancel a Canadian passport,
    • Cancel a citizenship certificate or permanent resident Card,
    • Cancel driver’s license, BCID, and/or BC service card,
    • And more…

For the full checklist, please click here

Helpful Resources For Indigenous Communities

Preparing a will ensures that a person’s wishes of how they want their estates to be distributed is going to be met. Educating yourself about will preparation and estate planning is an important part of planning for your family’s future. You can use a kit to write your own will, and its’ always a good idea to get help from a lawyer or notary public to review your will and ensure it is valid.

I was thinking that I was going to die. I have lived very well, I have had a wonderful life, but maybe now it’s over. My only problem was leaving my wife alone”

– Antonio Sales Martínez (COVID-19 Survivor)

How have you been feeling lately? Are you feeling anxious, depressed, or perhaps having difficult thoughts? Does going back to normal at work and in social settings makes you feel stressed and terrified?

According to recent research conducted by Statistics Canada in 2020, 38% of the Indigenous participants reported “fair or poor mental health” whereas 32% reported “good mental health”.

Indigenous women, in particular, have reported higher stress and anxiety levels during the pandemic. Among Indigenous crowdsource participants, 46% of Indigenous women and 32% of Indigenous men described most of their days as “extremely stressful” or “quite a bit stressful”.

Six in ten Indigenous participants indicated their mental health “has become worse” since the onset of physical distancing

Due to Covid-19 pandemic, most of us have transitioned to work from home setting; however, the new normal can be very exhausting for some employees more than others.

In some cases, to be more productive, employees work extra time, or at all hours of the day/night – either because it’s easier to work a lot from home.
While working from home can support the balance and give flexibility to employees, without clear parameters, lines between work life and personal life blurs.

Share your experience with your supervisors and colleagues about what works well with you; have an honest conversation about what makes you more productive and less burnt out.

The EFAP program is paid benefits that support employees and their immediate families to overcome personal and work-related challenges. The program offers confidential, short-term counseling as well as other wellness services. If this program is being provided by your employer, please take advantage of it to help you with your mental health challenges, such as;

If you don’t have an EFAP in place, please ask your Plan Administrator to contact our Account Managers to get more information.

• • • • Stress
      • Relationships
      • Addictions
      • Anxiety
      • Depression
      • Grief/Bereavement
      • Life Transition
      • and more…

Why should you practice relaxation techniques?

Practicing relaxation techniques can have many benefits, such as;

• • • Regulating heart rate and lowering blood pressure
    • Controlling the breath
    • Quelling stress hormones
    • Improving sleep
    • Increasing energy
    • Caring for mental health
    • Eliminating frustration
    • and incredibly, maintaining normal blood sugar levels

First Nations Mental Health Support Resources:

• • Assembly of First Nations 

  • First Peoples Wellness Circle 

  • Thunderbird Partnership Foundation

  • First Nations Health Managers Association

  • National Association of Friendship Centres

  • Native Women’s Association of Canada

  • First Nations Health Authority 

“There [are] a lot of things I didn’t know about [financial management], such as credit. I am learning how to manage and budget the money better. Most of my pain comes from the unmanageability of my finances. I almost didn’t come back [to the Financial Literacy workshop] because of the pain around it. That is probably why a lot of people didn’t come back; they felt shame and guilt around their finances.”

– Attendee to Financial Literacy Workshop

2. Debt

4. Creating a will & your estate

• Ensures your wishes are put in writing.
• Sets your loved ones up for a simpler process.
• Makes you feel confident about the future with a plan in place.

5. Insurance

Even though we don’t think about it too much, we encounter many risks in our lives. These may include illnesses, accidents, injuries, disabilities, hospitalization, and more… Obtaining different kinds of insurance products can be very helpful because they here to help us avoid those major risks and overcome life’s setbacks. Here are few Insurance options you may want to consider;

• Personal Health Insurance: Helps pay for health expenses not covered by your workplace or healthcare plans.
• Critical Illness Insurance: Provides a lump-sum payment to help you manage the financial impact of a life-altering illness.
• Long-term care insurance: Helps cover the cost of care and support if you are unable to care for yourself.
• Permanent life insurance: Lifetime protection with the advantage of growing cash value over time.
• Term life insurance: Flexible, affordable insurance that protects the people that matter to you most if you pass away,
  for a specific period of time.

• Tax-advantaged Retirement Income Plans
• Canada Pension Plan (CPP)
• Old Age Security (OAS)
• Guaranteed Income Supplement (GIS)

When planning your retirement, consider your dream life after retirement, your lifestyle goals, and your time horizon. Because government programs only provide a portion of what you’ll need, and the amount will vary based on your income and how long you worked.

6. Retirement Planning

Financial Wellness Assessment

Did you know you can assess your Financial Wellness easily?

Manulife Insurance offers a free online resource to determine your financial position. Financial Wellness Assessment tool helps you understand the rating of your wellness for different financial aspects such as budget, investment, retirement planning, debt management, and financial protection.

Click Here to start your assessment and find out about your situation!

If you are looking for extra resources and learn more about how to be financially literate, please check out these resources below;

• Investments at Glance
• Sources of Retirement Income
• Identifying Your Sources of Retirement Income
• Types of Insurances
• AFOA – Intro to Banking
• AFOA – Budgeting – Good Decisions
• AFOA – Elder’s Perspective
• Million Dollar Journey
• The Financial Consumer Agency of Canada YouTube Education Channel
• The Financial Consumer Agency of Canada Website
• Checklist to Manage Your Debts & Myths About Bankruptcy

Dear Plan Members,

Your Group Benefits plan plays a vital role in your and your family’s overall health and wellbeing. You should have easy access to your benefits whenever you need them. Online registration to your plan helps you access your coverage easily and better manage your
information.

Find Information on Your Coverage Plan and Balances

Submit Claims

You can submit your health claims instantly and conveniently through your online account while saving time and paper.
Go to your insurance carrier’s website. After few easy registration steps, you will be ready to submit your claims and get access to your claim statement right away. Even more conveniently, you can access and view your completed health claims, claims statements, claims in process, claim estimates, your Medical and Dental claim summaries, and your drug summary. For more information on registering Sunlife and Canada life Online Services, check out our previous publication by clicking this link.

Signing Up for Direct Deposit

Receiving claim payments quickly is always a plus!
You can sign up for direct deposit with your bank account and enjoy getting your reimbursements faster. Register your bank information and follow the steps for an easy, quick, and environmentally friendly way of receiving payments.

Receive Notifications

Receive text messages and email notifications when claims statement has been updated. Almost instantly, you will be notified via email or text when your claim payment has been deposited into your account.

Your Digital Health Card

Did you lose your health card? Or perhaps, it got damaged? You can view, save, and print your benefits cards quickly and confidentially at your home. Save on plastic cards and enjoy an environmentally friendly way of accessing your benefit plan. Don’t have a printer at home? That is not a problem!
You can sign in to your account via your mobile phone, select your card, and then save it on your Apple Wallet or Google Pay.

Locate the Nearest HealthCare Provider

You can locate the nearest healthcare providers, learn their contact information, working hours and services conveniently. You can also find out if they have the option of a direct claim so that they can submit your claim on your behalf for your convenience.
You can further speed up the reimbursement process by having your health provider’s office submit the claim for you. Just show them your health card or digital card (on your phone), and they can take care of the rest.

How to Download the App From the App Store?

Submitting claims and making contributions are even made more accessible with your insurance carrier’s mobile app. Download your insurance carrier’s mobile application and enjoy navigating through your plan details, balances, claim statement and much more quickly.

Helpful Resources

Online registration allows you an easy, quick, and convenient way to access your health benefits plan and coverage details whenever and wherever you need it.

To learn more about your insurance carrier online registration info, please visits the links below:

For SunLife Plan Members

Online Registration Form http://ow.ly/mpIS50EoHTo
How to register online with Sunlife? http://ow.ly/qqnr50EoHUp

For CanadaLife Plan Members

Online Registration Form  https://my.canadalife.com/register

How to register online with Group Net (Canada Life) http://ow.ly/aHb050EoHWc

For CINUP Plan Members

Online Registration Form https://www.my-benefits.ca/#/sign-up/employee/certificate

For Victor Plan Members (Green Shield)

Online Registration Form https://groupbenefits.ca.victorinsurance.com/

For Manulife

Online Registration Form http://ow.ly/JmET50EoFDf

For Benefits By Design Plan Members

Insurance carrier website https://www.bbd.ca/

For ICBA Plan Members

Insurance carrier website https://www.icbabenefits.ca/

“People had to come up with some other way to pay the bills during the pandemic, including using emergency savings, paying for more on their credit card, and stopping their retirement plan savings contributions. Due to these factors, the financial impact of the pandemic will be felt well into the future.”
– Manulife 2020 Financial Stress Survey

Not sure if you will be able to pay your hydro bill next month? Does seeing your co-workers, friends and family losing their jobs due to the pandemic give you sleepless nights and put extra pressure on your body and soul?

Money problems are a heavy burden to bear, especially when there’s not enough of it. Financial stress- now increased by the COVID-19 pandemic, deepens the stress level and leads to other mental health problems such as anxiety and depression in many Canadians.

Stress isn’t something we can turn on and off easily. Naturally, we bring it into our family lives and work. However, there are ways we can take charge of the situation and feel more in control of our mental and financial health. These include;

• utilizing employer-provided wellness programs.
• caring for our mental health
• taking control of our personal finances

When we know better, we do better! Since knowledge is power, let’s dive in and learn more about achieving our financial well-being!

“Financial stress- now increased by the COVID-19 pandemic, deepens the stress level and leads to other mental health problems such as anxiety & depression in many Canadians.“

Taking Care of Our Mental Health During COVID

Feeling overwhelmed by money worries? Identifying what you are feeling is the first step is to understand that you might be suffering from financial stress. Once you accept your emotions, you will be more assertive in dealing with any anxiety and depression, which will give you more control.

Seeking help and being willing to talk about your finances is the first step to improve it. Opening up to someone you trust about your financial stress can help you better understand thoughts and emotions. And in the current economic climate, there is a good chance the person you’re talking to will be able to relate. If you would like to start your journey and review some resources, please start with these free, educational, online sources.

Hope for Wellness – This 24/7 program is specifically designed for Indigenous peoples across Canada. You can get immediate mental health counselling from culturally competent consultants. If you are in immense stress, experiencing depression and anxiety, counsellors can help you over the phone by calling 1.855.242.3310 or online chat.

Prosper Canada – Prosper Canada has co-authored with Aboriginal Financial Officers Association(AFOA) and created an interactive and simple to use “Managing Your Money” series. The program contains seven worksheets to help Indigenous individuals and families to set and work towards their money goals. You can learn how to set your money goals, track your bills, spending, income and more. Click here and download your copy.

Here to Help – You can access various screening tests, info sheets, workbooks for self- improvement. Here to Help BC also can help you with finding resources, services, programs, or other types of supports in BC. Click here to contact Here to Help BC.

Mental Health Comission – Click and access various webinars, online courses specifically designed for Indigenous peoples, youth and
seniors.

Taking Care of Our Personal Finances

Whatever your circumstances are, there are ways to get through these challenging times. If you are stressed about your finances, it means you may need to review your budget, increase your income, cut down unnecessary expenses and look for ways to reduce your debt.

It can be daunting to examine your spending and changing your spending habits; however, revising and building a realistic household budget, allocating your current and future income will give you a sense of control and ease your stress. If you lost your job and don’t have other resources of regular income, here are some crucial steps you need to take;

Utilizing Your Employer-provided Wellness Programs

Financial wellness programs offer employees a wide variety of financial education workshops. They connect employees with experienced professionals and licensed financial advisors to better understand how to overcome day-to-day money issues, credit card debt, personal finance, etc.

Build Resiliency with EFAP Programs

Employee and Family Assistance Programs(EFAP) provide confidential, short-term counselling and referral services for employees who would like to resolve personal or work-related problems. These programs are employer-sponsored services, and they offer assessment, counselling, coaching, information and training to employees and their dependents.

If you are experiencing financial stress and have EFAP embedded in your group benefits plan, you can get professional consultation where you can discuss;

Take Advantage of Financial Wellness Benefits

Many workplaces offer seminars or lunchtime sessions on physical activity, nutritional intake, healthy cooking and stress management. Why not have such an essential educational piece on personal finances?

At Eagle Bay Financial Services, we believe financial wellness is vital for our overall well-being. Therefore we offer free education sessions
for the plan members participating in a retirement plan. These sessions are performed in a group setting as well as private sessions. Perhaps you even had a chance to join us before!

Due to COVID-19, we have to move our education sessions into a secure virtual platform; however, we are still committed to preparing you for your golden years and give you a deep understanding of your existing retirement plan. During one-on-one meetings, we will usually review your plan and discuss the investment strategy, its performance, death benefits, re-examine your risk tolerance and more.

Even if you don’t have access to an employer-supported retirement plan, we can help you design your personal safety net. If you would like to know more about the group retirement plans and individual saving options, please contact our knowledgeable experts, Rita Isaac and Tiziana Cagnoni, for more information.

Feeling out of control of your finances can be stressful. Don’t avoid the problem! Go after it! Have tough conversations, take necessary steps and stay determined. However, while you are doing these things, don’t forget to engage in self-care and find positive things to keep you motivated and focused.

Here is a great video from an Indigenous-owned consulting agency, Three Things Consulting on Strategies to Address Stress & Anxiety. We enjoyed the meaningful conversation, which reminded us of the importance of talking, self-care and knowing that we are not alone.

“I was enjoying a wonderful life with my husband, his children and a grandchild. I remember the day I re-discovered my second lump. I was disappointed, and I said to my self, “Here we go again!” This time the cancer was on the left side, yet again I knew I had to go through all the same procedures; mammograms, ultrasounds, biopsy and that anxious wait!” – Ida Sue Calla

Critical Illness Insurance is a great product that covers you and your dependents for unexpected serious illnesses from a predetermined list of covered conditions such as life-threatening Cancer, Heart attack, Kidney failure, Multiple sclerosis, Paralysis, Stroke and more. Upon diagnosis of one of the covered illnesses, and after the applicable waiting period has expired, the lump sum is paid to the policyholder.

What Conditions Are Covered by Critical Illness Insurance?

Let`s quickly review the top three prevalent conditions affecting Canadians and see why Critical Illness Insurance brings peace of mind and additional financial stability during a difficult time.

Cancer – According to the Canadian Cancer Society, nearly one in two Canadians is expected to be diagnosed with cancer in their life time. The number of Canadians diagnosed with cancer each year is also increasing.

Heart Attack – Heart Disease is a leading cause of hospitalization in Canada3. Approximately 2.4 million (8.5%) of Canadian adults 20 years and older live with diagnosed ischemic heart disease, including 578,000 (2.1%) with a history of a heart attack.

Stroke – Due to increased awareness and medical improvements, 80% of those who suffer from a stroke survive4. This results in more and more Canadians living with the effects of a stroke, including services and support. More troubling, incidences of stroke are rising in young people at a faster than older Canadians.

Could your bank account survive the cost of a critical illness?

Your Options

If you don’t have Critical Illness insurance on your group benefits plan and would like to add one, that`s not a problem. Here are some ways we can help you with it;

Group Critical Illness Insurance provides coverage for all employees. If you would like to add this benefit to your group benefits plan, please contact your plan administrator. Our Account Managers Mina Dingle and Kathy Cordonier can provide them with more information.

Individual Critical Illness Insurance is an employee-funded benefit that provides coverage for employees who wants to have this protection for themselves, Spouses and Dependent Children. The cost is your responsibility and not financed by your employer. If you would like to add this benefit to your benefits plan, please contact our Financial Advisor Tiziana Cagnoni for more information.

Critical Illness Insurance provides your and your dependents with peace of mind! The financial security offered by the lump-sum payment can be used as you see the fit, allowing you to focus on the treatment, recovery, and family.

Ida Calla`s Story

I am a three times Survivor of Breast Cancer, and I would like to share my story about why I am a big fan of Critical Illness Insurance.

I had my first diagnosis in 1989

I discovered my first lump through self- examination at age 34. It was scary and shocking! Unfortunately, back in 1989, Critical Illness Insurance was not an option. But thankfully, I had excellent private insurance coverage through my employer in the USA. Most of my treatments, including chemotherapy and radiation, were covered by private insurance.

Back in 2005, at age 49, cancer came back again.

At that time, my husband Nick and I were busy building our business. I was enjoying a wonderful life with him, his children and a grandchild. I remember the day I re-discovered my second lump. I was disappointed, and I said to my self, “Here we go again!”. This time the cancer was on the left side, yet again I knew I had to go through all the same procedures; mammograms, ultrasounds, biopsy and that anxious wait!

Again, just like the first time, I was lucky because we had a private health insurance plan through our company, but we had no critical illness insurance. You need to know that during my treatments, I was able to work, the kids were old enough to take care of themselves, and we had our savings, so we didn’t need extra money to cover our expenses. However, some cancers don’t qualify under the definition of disability; yet some people might find themselves unable to work. In that case, Critical Illness Insurance is a perfect financial cushion for unforeseen medical costs and family needs.

In December 2016, at age 61, I had noticed another lump in my right breast again.

As a two times survivor, I knew the cancer was back again! I quickly saw my family physician and went through all the routine mammograms, ultrasounds, biopsy and waited. On Christmas Eve in 2016, my doctor called and confirmed that the cancer was back again. Can you imagine? It was my 3rd diagnosis!

“Some cancers don’t qualify for disability insurance yet some might find themselves unable to work. Therefore, Critical Illness Insurance is a perfect financial cushion for unforeseen medical costs and family needs.”

My oncologist told me to get a PET scan asap and start my treatments right after. Perhaps you know, the wait times for a PET Scan is quite long in B.C. We wanted to get the scan at a private facility instead but were informed it would take up to three months for B.C. Medicare to pay for the cost of the scan. It was $3,200 back in 2016. The provincial and private health insurance was covering most of my drugs; except one. The drug was a new pharmaceutical called Neulasta. Luckily, the drug got approved by B.C Pharmacare 3 days before my first treatment. If we didn`t have a Critical Illness Insurance and Pharmacare wouldn`t pay for it, we had to think twice about how to pay for the medication. Four shots of Neulasta would cost us $11,200 back in 2016.

After my second recovery, we decided to be proactive and have included mandatory Critical Illness Insurance into our Group Benefits package.

Shannon Hamilton`s Story

No one ever thinks they will fall victim to a critical illness like cancer or a stroke. But the chances are increasing, as we continue to make advances in medical science and enjoy the longest lifespan of any generation in history. The probability of being diagnosed with a serious illness and surviving is much higher than premature death…and, most of those who suffer from a serious illness recover and return to work.

I’ve been in the Group Benefits industry for over 20 years, and seen many presentations on Critical Illness (CI) Insurance. I knew CI was a great benefit, but it wasn’t until I received payout from my Employer’s Group benefits plan that my passion for the product grew.

I’ve always taken a proactive approach to my health management – I eat well, exercise regularly, and go for routine health exams. When I was 40, I referred myself for my first mammogram…and three weeks later, after a variety of other scans, ultrasounds and biopsies, I was diagnosed with breast cancer. Suddenly, my perception of being in great health and invincible to illness was shattered, and my world and everything that I knew of it came to a screeching halt. Not knowing how serious the cancer was, or what to expect next, and the worry for my husband and two children filled my head. We put future plans on hold and dealt with each day and challenge as it came. Surgery, reconstruction, radiation, chemotherapy, and the fatigue and anxiety that comes with it, could all be in my future. I would have to take time off work for recovery, and not knowing how long I’d be off added to the financial stress in our household.

“I didn`t know how serious the cancer was, or what to expect next, and the worry for my husband and two children filled my head.”

Critical Illness Insurance provides a tax-free, lump sum payment if an insured is diagnosed with a covered condition. Payment is made regardless of the insured’s ability to work or make full recovery, and can be used in any way that the insured chooses. The peace of mind that the policy proceeds gave, by allowing me to tie up some financial “loose ends” so I could focus on treatment, recovery and my family, and return to work when I was ready, meant the world to me.

It’s been four years and I’m cancer free, and I count my blessings every day that I am healthy and happy, and a proud employee of an organization that cares about my health & financial well-being.

Perhaps you remember, during the early days of the COVID-19 pandemic, we all watched stock markets turn decidedly negative – quickly. During this time, many of you had rightful concerns regarding your hard-earned savings and willingly reached out to our team to ask questions such as:

“Is my Registered Pension Plan safe?”
“Is now a good time to make some changes?”
“How do I change my investments in my Registered Pension Plan?”

As Canada slowly reopens, the federal and local governments are warning of a second wave of COVID-19; while to date, we still do not have a complete picture of how the severely the market may be affected in the coming weeks and months. As Frances Donald from Manulife Investment Managements explains, “If we were in the midst of a baseball game, we’re probably only in the second inning—and it’s still far from certain how it’ll end. We need to re-frame our thinking and find ways to help us navigate these uncertain times.”

Financial markets go up and down – and you want to be in the game when they go up. That’s why it’s important to avoid speculation of “What Is Going to Happen?” Knowing your investment risk tolerance, developing an investment strategy and sticking to your plan are all tools in your toolbox to help you achieve your investment and retirement goals.

Let’s have a look at some proven ways to help you focus on your long-term retirement goals;

1. Understand Your Investment Personality & Risk Tolerance

Do coronavirus and the stock market changes have you worried about your investments? Perhaps you couldn`t sleep last night because you were concerned about your savings?

We all make decisions in our daily lives, some with careful reflection and others without much thought. When it comes to successful wealth building, it is vital to know the investment style that suits your personality and risk tolerance. There are 5 types of investment personalities, and they dictate the way we invest our money;

1. Conservative  2. Moderate  3. Balanced  4. Advanced  5. Aggressive

Your investment personality usually depends on your age and the comfort level in taking risks with your finances. If you are not sure about your investment personality or wish to do an investment change, we strongly suggest you complete Investment Personality Questionnaire. It will guide you to determine your risk tolerance and align your investments with your priorities. 

Your investment personality usually depends on your age and the comfort level in taking risks with your finances.

2. Determine Your Investment Strategy by Talking to Your Financial Advisor

3. Maintain Calm & Stick to Your Plan

During uncertain times, many investors let their emotions get into the way of investing and react to the market after it has moved up or down. If you are nervous about market volatility, have a look at these strategies to help with avoiding emotional investing;

Dollar-Cost Averaging happens when you invest at regular and smaller amounts of money rather than putting a large lump sum at once. If you would like to learn more about dollar-cost averaging, click and review our previous publication here. Diversification can`t protect you from the market ups and downs; however, it can help to lower the volatility. Simply, you are putting your eggs into different baskets to spread the risk among your investments.

Dollar-cost Averaging and Diversification strategies can help you avoid emotional investing.

Final Thoughts

COVID-19 has taught us that things can change very quickly, and financial markets will respond and react accordingly. We need to be ready for more turbulent times ahead. Following your plans, maintaining calm, and sticking with the traditional investment philosophy will help you to focus on your long term objectives despite what might be happening in the short-term.

“6 Steps To a Perfectly Insured Trip” is originally published on Benefits by Design`s Blog

Are the long cold months of winter making you think of sunnier destinations? With March Break  fast approaching, many of our thoughts turn to tropical vacations.

“If you don’t have insurance and you find yourself
in a hospital bed, it’s too late to purchase.
coverage”

Step 1 : Make sure you have travel coverage

Do you have group benefits through your workplace? Consult your benefit booklet for information or check with your group plan administrator about your travel coverage. Most work policies offer basic coverage but do not offer coverage for things like Trip Cancellation or Baggage Insurance.

Step 2: Choose your destination carefully

Did you know not all countries are considered safe to travel to? Before you travel, make sure that you are going to a country that is safe. The government of Canada updates their travel advisory website regularly https://travel.gc.ca/travelling/advisories

Most carriers also have a clause in their travel policy to suspend or limit services in areas of political/civil unrest, riot, military uprising, and various other major disturbances. If you must visit a high risk country, ask the questions of your travel provider beforehand to know what coverage, if any you will have.

Step 3: Review your policy

Take a moment and read over what is covered under your travel policy. A little prior knowledge goes a long way in the event of an emergency. 

Step 4: Know your restrictions

Have a pre-existing medical condition? It’s good to know what your particular travel plan will cover in the event of an emergency. The majority of group plans have some pre-existing medical condition clause written into their policy.

No Group Benefits Plan?

No Problem!

If you do not have insurance
coverage through your work,
we’d be happy to put you in
touch with an advisor to quote
individual policies.

Step 6: Have fun

It is important though to make sure you and your family members are covered, and know what you are covered for. Be safe – don’t be sorry and out of a lot of money. Travel insurance is added peace of mind, so you can fully enjoy your travels.

“While her mother was in the hospital, Karen moved her mother’s silver tea service, some valuable books and a grand piano to her own home. When her mother returned from the hospital, she asked the police to assist her in recovering her stolen property. Karen stated that she had taken the goods for safe-keeping and that these items are heirlooms belonging, not just to the mother, but to the entire family.”

“Both the abusers and the victims may not recognize the actions as abusive. Elder abuse is a serious issue that undermines the independence, dignity, health, and sense of security of the victim.”

What is Financial Elder Abuse?

Financial exploitation of an elder is the misuse and/or exploitation of an older adult’s funds and assets without that person’s knowledge and/or full consent.
It often starts when family members are given
power of attorney. A “Power of Attorney” (“POA”) is the legal document through which the donor grants the power to the attorney to ‘step into the donor’s shoes’ and act on their behalf in legal and financial matters. This authority can be limited by the terms of the document. Although the power of attorney or joint bank accounts is not created for malicious purposes, they sometimes end up that way.

Indicators

• Standard of living not keeping up with income or assets;
• Unusual or inappropriate activity in bank accounts,
• Overcharging for services or products, overdue bills; or
• Forcing a person to sign over property or execute a Will or Enduring Power of Attorney1( “EPOA”).
• Missing property;
• Forged signatures on cheques;

The role of Life-Changing Events in Financial Abuse

Life-changing events may increase the potential for financial abuse of an older adult. These can be things like;

• widowhood for a woman with little or no experience with financial matters
• when an older person’s health is changing, and he/she begins relying on new-found friends
• when cognitive capacity is starting to decrease
• when a person becomes dependent on others to aid with banking or shopping and more…

Typical Financial Exploitation Scenarios

Undocumented Loans

Older adults with some money or a house will often be pressured by family members for;

• Emergency loans;
• Places to live when they are out of a job;
• Help to avoid bankruptcy (adult son/daughter) at the point of losing business or home.
• Help to pay for higher education (university);
• Assisting with major purchases (e.g., a car)

Most family loans are undocumented. The borrower may later claim it was a ‘gift unless the adult child can show proof otherwise (e.g., money was in a birthday card). The legal presumption’ that these types of advancements from an older adult to an adult child are considered a loan rather than a gift.

A care-giver befriends a senior and persuades him or her to open a “joint-account” so that she can assist with bill paying and getting cash from the account as required. Within a few months, the senior discovers that the account has very little money remaining. A considerable amount of money has been withdrawn. Because it is a joint account, either party can take money out of the account.

Joint Bank Accounts

An older adult may set up a joint bank account with a relative or friend to help with banking chores and paying bills. Or older adults will often put another person on the title of a car or real  property, such as a home. But this may create another “a license to steal” because each signer on the account has accessibility to 100% of the money at any time.

“Green Shield plan
members have until
November 25,2019 to
consult their physician
and change prescriptions
to applicaple biosimilar.”

What does this mean for Green Shield plan members in BC?

By November 25, 2019, all Green Shield plan members in British Columbia taking originator drugs for the listed conditions will be transitioned to the corresponding biosimilar in accordance with Green Shield’s provincial coordination policies. To ensure Green Shield is aligned with the provincial coverage, Green Shield is adapting our Biosimilar Transition Program for all plan members who are residents of British Columbia and are covered under the PharmaCare program.

Green Shield will be issuing letters to affected plan members in August advising them to discuss a transition to the biosimilar with their physicians before the November 25 deadline. If the drug is a BC Special Authority medication, the plan member will simply need a new prescription from their physician – they do not need to reapply for Special Authority. In addition, if PharmaCare grants an exception to allow someone to remain on the originator, Green Shield will follow suit, and pay for the originator as well. At this time, the focus of our program in British Columbia will be limited to individuals coordinating with PharmaCare.

This is what the Biosimilar Transition Program will look like in BC

“Nearly 50% of Canadian workers retire
earlier than they had planned.”

For whatever reason, the thought of retiring before you had planned to can be dismaying. But don’t panic: You’ve been getting ready for this your whole working life; it’s just the timeline that’s moved up a bit. What’s your first step? Gather all your relevant documents and book an appointment with your advisor. By asking a few key questions, your advisor can help you talk through the transition and develop a plan for moving forward.

1. Based on my retirement savings, how much will I have to live on?

You and your advisor will want to work through your income sources and take a financial inventory. After all, a retirement portfolio is typically made up of many pieces: government benefits, workplace benefits, income from a registered retirement savings plan (RRSP), part-time income, home equity, etc. In a nutshell, you want to have enough on hand to pay for the lifestyle you choose, while maintaining your ability to draw an unreduced Old Age Security (OAS) pension if you can. But drawing down your savings sooner than expected may mean you’ll have to make some trade-offs.

You’ll also want to lay out a plan for what to do with your RRSP if you have one. For example, it may be tempting to convert it to a registered retirement income fund (RRIF) right away, but depending on the situation it may be wise to wait. (You don’t have to decide what to do with your RRSP until the end of the year you turn 71.) If your employer gave you a package to encourage you to retire early, you’ll want to get some advice on that, too. A seasoned advisor can crunch the numbers and show you options to help maximize your retirement income and keep your expenses low.

2. How does the stock market affect my retirement?

With retirement only weeks or months away, you may be concerned about market volatility and making sure you can hold onto the gains you’ve made in your investments. Your advisor can help you develop a strategy with the level of risk that
best suits your situation, since you’ll likely need to start drawing that income sooner than you originally expected.
Your advisor may, for example, suggest a portfolio stress test. This allows you to see in vivid detail what might happen if your investment returns drop during your retirement. Another option if you want to reduce or eliminate exposure to stock market fluctuations is to use part of your retirement savings to buy an annuity. Life annuities give you a guaranteed monthly income for as long as you live, which provides some cushion during market downturns.

4. Do I need to change my will, insurance policies or estate plans?

As we grow older, we need to ensure everything is in place in case of a serious illness or injury. This is especially important if you plan to spend long periods of time out of the country, as many snowbirds like to do. As a rule of thumb, it’s a good idea to review your will , beneficiaries, medical directives and power of attorney approximately every four years, or whenever you have major life changes. But keeping track of all that paperwork can be hard work. Your advisor can help you change the beneficiaries listed on your pensions, insurance policies and investments. See your lawyer to update your will and power of attorney.

5. What should I be asking my employer?

Your defined-contribution or defined-benefit pension plan and your workplace RRSP are likely integral parts of your retirement financial strategy. But it’s wise to think beyond those assets. Some employers offer their retirees extended medical and dental benefits, or an option to keep workplace life insurance, especially in the case of loss of employment due to downsizing.

Are you approaching or have you recently begun investing for your retirement? Are you thinking about what your financial future might look like during your retirement years?

Considering we are living longer than any generation before us, financial planning for retirement requires careful attention and longterm commitment. As we navigate through life, our spending habits and priorities change year by year.

If You Are Just Getting Started:

Setting Goals and Creating Good Habits

• Listing your retirement goals and making an action plan will help you to make a stronger connection to your retirement objectives.
• Your goals can act as checkpoints throughout life, so you can see if your plans are on track. If not, reviewing your goals once a year will help you to tweak your financial strategies when you need to.

Live Within Your Means

• We all enjoy rewarding our hard work with a dinner or a movie. But all those rewards, paired with regular monthly expenses, can add up. Creating a monthly budget and asking yourself “Do I need this?” can help you to live within your means.

Emergency Cash

• As the saying goes, “Life happens.” You should be able to set aside a few months worth of expenses in case of emergency.
• The TFSA (Tax-Free Savings Account) is a flexible source for an emergency fund for your early years. It offers flexible withdrawals and is also an excellent tool for investment income.

If You Are Getting Serious:

Knowledge is Power

• Planning ahead and drawing up a detailed budget of what you think your postretirement expenses will be helping you to determine how much income you will need in retirement. However, we will need to keep in mind that economic conditions change constantly and so will your needs. It’s important to review your retirement plan and investment selections on a regular basis. This will allow you to select the right investments for your changing investment personality and maximize your savings.

Don`t Chase Quick Returns

• Studies suggest investors who buy and hold — riding out the market ups and downs — will fare better in the long run than investors who jump in and out of the market.

The Risk of Living Longer

• Medical advances help us to live longer and healthier lives. If you aren’t disciplined about saving, you run the risk of outliving your retirement nest egg. That’s why it’s important to try to accurately predict how long you will need to live off your retirement savings.

If You Are Getting Close:

Calculate how much retirement income could your savings generate and how
long it will last

• How much money you’ll need for retirement is primarily determined by how long you live – something that’s impossible to know with any certainty. Don’t forget that Canadians live much longer than they once did. You need to know how long that pool of retirement money will hold out if you start dipping into it each month.

Review your beneficiaries?

• Look at who you’ve selected as beneficiaries for either savings or income plans, and make sure you’re still happy with your selection.

Take advantage of TFSA

• The tax-free savings account helps you to earn tax-free investment income and also withdraws without paying tax. It is a great tool to supplement your registered savings and shelter your excess retirement or pension income in a flexible account.

Understand government, company retirement and personal income sources and the facts about taxation

• Make sure to understand the differences between different income sources.

Final Words

As you can see, there are different strategies depending on your age and financial concerns. For example, the actual income you’ll receive from your income sources can vary greatly depending on your retirement age, the type of retirement income vehicle you choose, and your investment returns. We should all understand the importance of creating a retirement income strategy to not only help meet our long-term savings goals, but to reduce the stress and anxiety surrounding retirement planning as well. Knowing your options as early as possible is always the best approach! And don’t forget to ask questions of investment professionals to help you along the way.