Self-Assessment Check-Up

Do you wonder if you’re doing everything possible to maximize your financial position? The best way to know if you’re truly managing your wealth to its greatest potential is by asking yourself specific questions. This self-assessment test will help you see how your current wealth management strategy measures up.

Place a check in the column for each situation that applies to you.

  • Yes
  • No

Questions About Your Personal Finances

1. I have time on my hands and am very motivated to become knowledgeable about how to handle my own financial future. While I am learning, I know that I have enough of a financial and time cushion and to absorb any mistakes that occur along the way.
2. I have existing relationships with professional advisors, for example, an accountant, lawyer, mortgage broker, whom I trust. I understand the advice each one provides and know how to pull each piece together so that the financial decisions I make are integrated and work together for my benefit.
3. I know the differences between investment plan types and how to implement each at different times, to my best benefit: i.e., RRSP vs. Spousal RRSP, TFSA vs non-registered plans, contingent owner vs beneficiary, RRIFs and unlocking rules for LIFs, individual plans vs jointly owned, RESPs vs in-trust.
4. I understand concepts such as standard deviation, asset allocation and correlation analysis and how each is applied when creating an effective investment portfolio.
5. I have a good understanding of my full financial picture and have analyzed different scenarios and use these as a basis for my financial decisions and strategy.
6. I am confident my spouse and/or children understand my financial strategy and would be able to manage our family assets if anything happened to me unexpectedly.
7. My legal documents are up-to-date and accurately reflect my wishes AND I have contacted the appointed persons (executor(s) and power(s) of attorney) to ensure they are willing and able to act as my representative.
8. I have documented the location and details of all pertinent financial information so that my executor/power of attorney will be able to quickly locate what is needed when the time comes.
9. I have had an estate needs analysis completed and have made provision for any tax liability that will be due upon my passing, as well as any income or legacy needs covered for my loved ones.
10. My spouse/representatives/heirs are aware of my wishes with regards to end-of-life decisions, including medical interventions and organ donation.
11. My spouse/representatives/heirs are aware of my wishes with regards to funeral details, including type of service, burial or cremation and location of funeral plot if applicable.
  • Yes
  • No

Questions for Business Owners

1. I have a plan in place to allow my business to operate and keep my family financially sound should I suddenly become incapacitated.
2. I have a succession plan in place to either sell or pass on my business in the most tax-efficient manner.
3. I have a current business valuation, or access to valuation experts, to help me decide whether to sell or pass on my business when I am ready to retire.
4. I have a plan in place to pass on the assets within my corporation to my heirs in the most tax-efficient way possible.
5. I understand there are strategies other than drawing out dividends to access my corporation’s retained earnings, and that these may be more tax efficient.
6. I am familiar with how my personal financial plan integrates with my business finances and know Individual Pension Plans (IPP) and Retirement Compensation Arrangements (RCA) can provide significant advantages now and in the future.

The best way to know if you’re truly managing your wealth to its greatest potential is by asking yourself specific questions.

How did you score? Are there areas in your financial life that you feel could be improved, or that you’d like a second opinion about? We would be happy to review your answers with you in a free no-obligation, introductory meeting.