Financially planning for your family

Moving in with your spouse

Luc and Adele have decided to move in together. They hesitate between renting and buying. If they choose the second option, what amount of mortgage could they afford ? For how long ? Should they marry or remain de facto partners? What would be the legal and financial implications of these two options?

After childbirth

Luke and Adele now have three children. Funding for post-secondary education is now paramount. By contributing from the children's very early age to a family RESP program, the cost of education would be paid in part by government grants. Adele and Luc could recover the invested capital while their children would benefit from the tax-free income generated over the years.

Building a company

Luc has set up an IT consulting firm. Its good reputation benefits the steady expansion of its turnover. His friend Martin, an expert in data management, would like to become his partner. Should they be incorporated ? Do they have to draw up a contract between them ? What kind of remuneration should they choose: salary or dividends ? How could they protect their company and customers if one or the other decides to part ways or falls ill ?

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Things go wrong...

Luc has filed for a divorce. Adele panics. She stopped working to raise their three children and has very little savings. Luc has always taken care of the family finances and Adele has no idea what her financial needs and those of her children will be for the next few years. Her marriage contract entitles her to half of the family patrimony but what will happen afterwards ? How much will she be able to spend for the funds to last ? Will she need to go back to work ?

Thinking about retirement

Luc is now 55 and plans to retire in the next 10 years. He and his new partner Marie are starting to think about their future lifestyle: they would like to travel more often, move to the countryside while continuing to practice their favourite sports. How much must they have spared to afford such a lifestyle ? What amounts will they receive from the government ? What options does Luc have as far as selling his business ?

Planning the succession

One of Luc's sons, Philippe, is very interested in taking over his father's business. His daughter, on the contrary, prefers to pursue a career in journalism. Eric, the family’s youngest, although very good at computer science, has trouble managing his finances. Luc would like to ensure that his children and his new spouse are financially protected. He also does not want them to have to pay too much tax upon his death. How to proceed?

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