Check-up 27 things to find out

One item can touch several areas, so these add up to more than 27.

• Add up your essential monthly expenses, and find out how much money you could reach if income stopped (how fast, at what cost, and whether it is kept apart from investments) and how many months it would last

  Ask You can check this yourselfWithin two monthsWhy

  Why it is worth finding out

  The standard measurement for an emergency fund is based on a defined number of months of fixed necessary living expenses. These funds are held in highly liquid, principal-protected accounts separately from market-exposed long-term investments.

  FP Canada Financial Planning Practice Standards (2025 PAG)

  Your answers

  • How much pressure do your fixed monthly payments put on you? · A lot of pressure
  • Is there still a mortgage on your property? · Yes
  • How many incomes does your household have that need someone working? · 1

• Find out how long you could last if your main income stopped, and what second sources of income are possible

  Ask You can check this yourself · Insurance advisorWithin three monthsWhy

  Why it is worth finding out

  Employment Insurance (EI) for self-employed individuals is voluntary and restricted to special benefits (maternity, parental, sickness, caregiving), excluding regular unemployment benefits.

  CRA / Service Canada Employment Insurance for Self-Employed Individuals

  When household cash flow relies exclusively on a single employer or single client, termination of that employment or service contract reduces immediate cash inflows to zero.

  FP Canada Financial Planning Practice Standards (2025 PAG)

  Your answers

  • How many incomes does your household have that need someone working? · 1
  • What kind of income mainly pays your household's day-to-day living? · Salary from a job

• Estimate, at local market rates, the yearly cost of replacing the work done by the partner who stays home

  Ask You can check this yourselfWithin three monthsWhy

  Why it is worth finding out

  Unpaid childcare, caregiving and household work done by a family member has a replacement cost: if it stops because of disability or death, the equivalent services carry a market price.

  LLQP E311 Life Insurance / Statistics Canada Unpaid Work Valuation

  Your answers

  • If the partner who runs the home no longer could, have you priced paid help? · Haven't worked it out
  • What does your household look like? · With a partner and dependants

• Pull the last three months of bank and credit card statements, sort every item, and find out what you really spend each month

  Ask You can check this yourself · Investment advisorWithin two monthsWhy

  Why it is worth finding out

  Actual household expenditures frequently increase in tandem with total income growth (lifestyle creep), creating a material discrepancy between subjectively estimated living costs and actual cash outflows.

  Statistics Canada Survey of Household Spending (SHS)

  Your answers

  • When did you last list a month's actual spending item by item? · Over 2 years
  • When did you last work out how much you'll need each month in retirement? · Never

• Find out how much cash flow your current assets produce each year, and how steady it is

  Ask Investment advisorWithin a yearWhy

  Why it is worth finding out

  Assets are distinguished into cash-flow-generating assets (dividends, interest, rent) and non-cash-flow assets reliant on capital appreciation, creating structural liquidity differences.

  FP Canada Financial Planning Practice Standards (2025 PAG)

  Your answers

  • Once you stop working, have you thought about whether your assets can produce cash flow? · Thought about it, not done yet
  • Besides pay from working, do you have a steady source of passive income? · No

• Find out which skills, resources or room to earn more you have outside your main job

  Ask You can check this yourselfWithin a yearWhy

  Why it is worth finding out

  When household cash flow relies exclusively on a single employer or single client, termination of that employment or service contract reduces immediate cash inflows to zero.

  FP Canada Financial Planning Practice Standards (2025 PAG)

  Your answers

  • Besides your main job, have you thought about other ways to bring in income? · Haven't thought about it
  • How many incomes does your household have that need someone working? · 1
  • When your household saves more, is it mainly from spending less or earning more? · Mainly by spending less

• Find out the market pay range and skill requirements for your role

  Ask You can check this yourselfWithin a yearWhy

  Why it is worth finding out

  When household cash flow relies exclusively on a single employer or single client, termination of that employment or service contract reduces immediate cash inflows to zero.

  FP Canada Financial Planning Practice Standards (2025 PAG)

  Your answers

  • If you looked for work again, do you know how your skills and pay compare? · Roughly

• Find out how your current life insurance amount was set, which debts and expenses it covers, and what has changed at home since it was last reviewed

  Ask Insurance advisor · LenderMortgage renewal or policy anniversary, whichever comes firstWhy

  Why it is worth finding out

  Group creditor mortgage insurance utilizes post-claim underwriting at the time of claim, with the financial institution designated as the mandatory primary beneficiary.

  LLQP E311 Life Insurance / FCAC Mortgage Creditor Insurance Rules

  Actuarial quantification of life insurance coverage is determined by the sum of outstanding debt obligations, future family income replacement requirements, and specific terminal tax liabilities upon death, rather than a single static metric.

  LLQP E311 Life Insurance (2022-10, 9ED) · standard life insurance needs analysis (FNA)

  Your answers

  • Do you know how your current coverage amount was worked out? · Not sure
  • Do you have life insurance in your name? · Yes
  • Is there still a mortgage on your property? · Yes
  • When did you last sit down with a professional to review your coverage? · Never
  • In the last three years, what has changed at home? · Bought a home Within 1 year, Had a child 1–3 years

• Find out your current group coverage amount, whether you can pay to raise it, and whether you can convert it to a personal policy if you leave the job

  Ask Employer's HR · Insurance advisorWithin three monthsWhy

  Why it is worth finding out

  Group life coverage generally terminates when the employment relationship ends. Some group contracts offer a conversion privilege to an individual policy, subject to a time window and a coverage cap, typically without new evidence of insurability.

  LLQP E311 Life Insurance (2022-10, 9ED) · common industry terms; the policy contract governs

  Group insurance terms, coverage caps, and underwriting rules are established between employers and insurers, typically terminating upon cessation of employment, whereas individual contracts are held directly by the insured and remain independent of employment status changes.

  LLQP E311 Life Insurance (2022-10, 9ED) · group vs. individual insurance structure

  Your answers

  • Is your insurance mainly from work, or did you buy it yourself? · Group coverage only
  • When did you last check the actual amount of your group coverage at work? · Never
  • Does your employer or professional association give you group insurance benefits? · Yes

• Find out the premium on your mortgage insurance, what it pays today, who it pays, and whether it is only underwritten at claim time

  Ask Lender · Insurance advisorMortgage renewal or policy anniversary, whichever comes firstWhy

  Why it is worth finding out

  In Canada a mortgage's term (the contract period, commonly 5 years) and its amortization (commonly 25–30 years) are distinct. At the end of a term the loan is not repaid; it must be renewed and repriced at then-current market rates — so interest-rate risk recurs once every term.

  FCAC · common industry structure

  Your answers

  • Is there still a mortgage on your property? · Yes
  • As your mortgage balance goes down, does your mortgage insurance premium go down too? · Not sure
  • How is the insurance on your mortgage set up? · Through the bank or lender

• Find out where the policy documents and the "insurer + policy number" are kept, and who at home knows

  Ask You can check this yourselfWithin two monthsWhy

  Why it is worth finding out

  Insurers do not actively monitor life status; if beneficiaries are unaware of a policy's existence and fail to submit claims, death benefits remain unpaid.

  LLQP E311 Life Insurance / CLHIA Unclaimed Plan Balances Framework

  Your answers

  • Does your family know what insurance you have and where to find it? · Not sure

• Find out how many months your emergency fund would last after buying the home, and who your mortgage insurance pays, how much, and when it would not pay

  Ask You can check this yourselfWithin three monthsWhy

  Why it is worth finding out

  The standard measurement for an emergency fund is based on a defined number of months of fixed necessary living expenses. These funds are held in highly liquid, principal-protected accounts separately from market-exposed long-term investments.

  FP Canada Financial Planning Practice Standards (2025 PAG)

  Group creditor mortgage insurance utilizes post-claim underwriting at the time of claim, with the financial institution designated as the mandatory primary beneficiary.

  LLQP E311 Life Insurance / FCAC Mortgage Creditor Insurance Rules

  Your answers

  • Does your household have money set aside just for emergencies? · No
  • Is there still a mortgage on your property? · Yes
  • In the last three years, what has changed at home? · Bought a home Within 1 year, Had a child 1–3 years
  • How is the insurance on your mortgage set up? · Through the bank or lender

• Find out your mortgage renewal date, remaining amortization, the payment at different rates, and the cost of switching rate type

  Ask LenderWithin two monthsWhy

  Why it is worth finding out

  In Canada a mortgage's term (the contract period, commonly 5 years) and its amortization (commonly 25–30 years) are distinct. At the end of a term the loan is not repaid; it must be renewed and repriced at then-current market rates — so interest-rate risk recurs once every term.

  FCAC · common industry structure

  Your answers

  • Is there still a mortgage on your property? · Yes
  • If rates are higher at renewal, have you worked out your new payment? · Haven't worked it out

• Find out how much credit you can draw on (including a HELOC) in total, and at what interest rates

  Ask LenderWithin a yearWhy

  Why it is worth finding out

  Home Equity Line of Credit (HELOC) interest rates are variable and directly pegged to financial institutions' prime rates, fluctuating in tandem with central bank rate policy.

  FCAC Home Equity Line of Credit Consumer Information

  Lines of credit (such as HELOCs or personal LOCs) are revocable revolving credit facilities. Financial institutions typically reserve the contractual right to reduce limits or freeze withdrawals based on risk assessments, meaning credit lines do not constitute guaranteed liquidity equivalent to cash.

  CMHC Residential Mortgage Industry Report · standard lender credit agreement terms

  Your answers

  • Has your home gained a lot in value, or is most of the mortgage paid? · Value rose a lot or mortgage mostly paid
  • When did you last confirm with the bank how much home equity credit you have? · Over 3 years
  • What kinds of property do you or your family own? · Home I live in

• Put your will, every policy and every registered account's beneficiary designation side by side, and check who each one names today and whether it matches the will

  Ask Lawyer · Insurance advisor · You can check this yourselfWithin three monthsWhy

  Why it is worth finding out

  A beneficiary designation on a life insurance policy operates independently of the will: proceeds are paid directly to the named beneficiary, bypassing the estate and not governed by the will's terms. Quebec rules differ.

  LLQP E311 Life Insurance (2022-10, 9ED)

  Direct inheritances or insurance proceeds payable to minor beneficiaries are held by courts or public trustees until provincial age of majority unless held in trust.

  LLQP E311 Life Insurance / provincial Children's Law Reform Act · varies by province

  Your answers

  • Do you have a will that is signed and properly witnessed? · No
  • Does any of your policies name a minor child directly as beneficiary? · Not sure
  • If a minor child got an insurance payout, is an adult named to manage it? · No
  • When did you last check the named beneficiary with your insurer? · Never
  • Which accounts do you have now that hold money? · RRSP, TFSA, FHSA
  • When did you last check the beneficiary on your RRSP / TFSA? · Never

• List your assets in two columns, "passes directly" and "goes through the will", and check that this matches what the will intends

  Ask Lawyer · You can check this yourselfWithin three monthsWhy

  Why it is worth finding out

  Assets held in joint tenancy with right of survivorship pass by operation of law to the surviving joint owner on death; they do not fall into the estate and are not governed by the will's terms. Any provision in the will dealing with such an asset therefore has no effect. This form of ownership does not apply in Quebec.

  Provincial property law · LLQP E311 Life Insurance (2022-10, 9ED), estates chapter

  When a policy's beneficiary is designated as the estate, proceeds fall into the estate and are therefore subject to probate, probate fees and the claims of estate creditors — unlike the direct payment path that applies when a named beneficiary is designated.

  LLQP E311 Life Insurance (2022-10, 9ED)

  Your answers

  • Which accounts do you have now that hold money? · RRSP, TFSA, FHSA
  • Can you tell which of your money passes directly and which goes through the will? · Roughly
  • What kinds of property do you or your family own? · Home I live in

• Find out the legal order of distribution in your province when there is no will

  Ask LawyerWithin three monthsWhy

  Why it is worth finding out

  When a person dies without a valid will (intestacy), the order and shares of distribution and the appointment of an administrator follow provincial statutory succession rules.

  Provincial succession law (e.g. Succession Law Reform Act) · varies by province

  Your answers

  • Do you have a will that is signed and properly witnessed? · No

• Write one page: which accounts you have, at which institutions, where the policies are, and who your advisors are

  Ask You can check this yourselfWithin two monthsWhy

  Why it is worth finding out

  A Power of Attorney (POA) is effective only during the grantor's lifetime for property management or personal care decisions, whereas a Will takes effect only upon the testator's death for estate liquidation and distribution. The two legal instruments operate on distinct timelines and cannot substitute for each other.

  Ontario Substitute Decisions Act and Succession Law Reform Act · estate and power of attorney law varies by province

  When financial accounts and information are managed exclusively by a single family member, that member's sudden incapacity or death prevents other family members from accessing financial accounts without legal authority, leading to immediate liquidity disruptions or asset freezes.

  LLQP E112 Ethics and Professional Standards · bank personal account agreements and PIPEDA

  Your answers

  • Who mainly handles the investments, bills and insurance at home? · Mostly me
  • Does your partner know where your main accounts and policies are? · Roughly

• Find out how the two powers of attorney (property and personal care) are set up in your province

  Ask LawyerWithin three monthsWhy

  Why it is worth finding out

  A Power of Attorney (POA) is effective only during the grantor's lifetime for property management or personal care decisions, whereas a Will takes effect only upon the testator's death for estate liquidation and distribution. The two legal instruments operate on distinct timelines and cannot substitute for each other.

  Ontario Substitute Decisions Act and Succession Law Reform Act · estate and power of attorney law varies by province

  Your answers

  • Have you signed a power of attorney (POA)? · No

• Find out how much of your RRSP / RRIF would be taxable in the year of death if there is no spouse to roll it to

  Ask AccountantWithin a yearWhy

  Why it is worth finding out

  The annual RRIF minimum withdrawal may be calculated using the age of a younger spouse, which lowers the mandatory annual amount. The election must be made before the first withdrawal and is **irrevocable** once made; it cannot later be switched back to the annuitant's own age.

  CRA · Income Tax Regulations s.7308 · LLQP E211 Taxation (2022-10, 9ED)

  Your answers

  • Have you worked out roughly how much tax would be due at death? · Haven't worked it out
  • Where is the money you've set aside for retirement mainly held? · Mostly in registered accounts

• Find out the range of long-term care costs in your province and where public coverage stops

  Ask Insurance advisorWithin a yearWhy

  Why it is worth finding out

  Long-term care (LTC) accommodation and service costs are structured into government-subsidized medical and care portions alongside resident out-of-pocket co-payments for room and board, with subsidized coverage eligibility and co-payment calculations varying by province.

  LLQP E312 Accident and Sickness Insurance (2022-11, 9ED_R) · provincial seniors' and long-term care programs · varies by province

  Your answers

  • If you later needed long-term care, is it planned where the money comes from? · Haven't thought about it

• Find out how long your retirement resources would last and how much they would provide each month, and look at "an early death" and "a long life" side by side

  Ask Investment advisor · Insurance advisorWithin a yearWhy

  Why it is worth finding out

  Actuarial quantification of life insurance coverage is determined by the sum of outstanding debt obligations, future family income replacement requirements, and specific terminal tax liabilities upon death, rather than a single static metric.

  LLQP E311 Life Insurance (2022-10, 9ED) · standard life insurance needs analysis (FNA)

  The actuarial phenomenon where actual lifespan exceeds cohort average life expectancy is known as longevity risk, requiring financial planning time horizons to account for tail probabilities of survival curves to prevent late-life capital exhaustion.

  Canadian Institute of Actuaries (CIA) Mortality Tables / LLQP E313 Segregated Funds

  Your answers

  • Do you have life insurance in your name? · Yes
  • Have you worked out to what age your retirement savings would last? · Thought about it, not done yet

• Find out how much of your retirement income is indexed to inflation

  Ask Investment advisorWithin a yearWhy

  Why it is worth finding out

  Public pensions (such as CPP and OAS) undergo statutory indexation based on the Consumer Price Index, whereas inflation adjustments for defined benefit (DB) corporate pensions and commercial annuities depend on specific contractual terms and may lack automatic indexation.

  ESDC CPP and OAS Indexation Rules / LLQP E313 Segregated Funds

  Your answers

  • Have you worked out how rising prices would eat into your retirement spending power? · Thought about it, not done yet

• Find out the management fee (MER) of each holding and the fees charged at the account level

  Ask Investment advisorWithin three monthsWhy

  Why it is worth finding out

  Investment product fees (such as MERs), transaction costs, and administrative expenses continuously drag total assets, compounding over extended time horizons to exponentially reduce final net wealth.

  LLQP E313 Segregated Funds (2022-10, 9ED) · SPIVA Canada Scorecard

  Your answers

  • Which accounts do you have now that hold money? · RRSP, TFSA, FHSA
  • Do you know roughly how much you pay in investment fees each year? · Roughly

• Find out how each actively managed fund has done against its benchmark over the past few years

  Ask Investment advisorWithin a yearWhy

  Why it is worth finding out

  Investment product fees (such as MERs), transaction costs, and administrative expenses continuously drag total assets, compounding over extended time horizons to exponentially reduce final net wealth.

  LLQP E313 Segregated Funds (2022-10, 9ED) · SPIVA Canada Scorecard

  Your answers

  • Do you hold any actively managed funds? · Yes
  • When did you last compare your funds' returns with the market index? · Never

• Find out how far your actual allocation has drifted from your target

  Ask Investment advisorWithin a yearWhy

  Why it is worth finding out

  Unbalanced market movements cause asset class weights within a portfolio to diverge over time from initial targets (portfolio drift), altering the portfolio's actual risk profile unless systematic rebalancing occurs.

  FP Canada Financial Planning Practice Standards (2025 PAG)

  Your answers

  • Which accounts do you have now that hold money? · RRSP, TFSA, FHSA
  • When did you last bring your portfolio back to its target stock-bond mix? · Over 3 years

• Find out which tax items you and your spouse could coordinate

  Ask AccountantWithin a yearWhy

  Why it is worth finding out

  Withdrawals from a spousal RRSP within the contribution year or two preceding calendar years trigger attribution rules, taxing the withdrawal in the contributor's hands.

  CRA Income Tax Act s.146(8.3) / LLQP E211 Taxation

  The Canadian income tax system operates on an individual filing basis with no joint tax return filing, calculating liabilities independently based on individual income.

  CRA Income Tax Act s.2(1) / LLQP E211 Taxation

  Your answers

  • At tax time, have you and your spouse looked at your household tax together? · Haven't thought about it
  • Is there a big gap between what you and your spouse earn? · A clear gap

• This report doesn't assess any specific product or judge whether your current arrangements are good or bad.
• Amounts are not verified; they all come from what you told us.