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OPINION 51 Reflect on the future with 2018 New Year's resolutions Review your financial planning goals and how) they affect your loved ones, says Peter Watson Making New Year's res­ olutions can be a learning experience for us all. It provides an opportunity to reflect on our future and our priorities. My theme this year is governance. How do we manage our financial planning goals? And how do our actions affect those we love? Consider all aspects of your financial life and look at the potential impli­ cations for others. For example, many families take advantage of the Registered Education Savings Program (RESP) to save for their children's post-secondary education. That is a good financial strategy because there are government grants avail­ able, as well as favorable tax implications. From a governance perspective, consider ex­ panding the use of an RESP from a savings strat­ egy to a learning experi- PETER WATSON Column ence for your children. Every year, when your child is ready, explain to him or her that continued education is expensive and therefore establishing a regular savings program is beneficial. Learning the impor­ tance of saving is a valu­ able lesson for your chil­ dren. It is also an opportu­ nity to convey your fami­ ly's values toward a continued education. Another example is es­ tate planning. Your ac­ tions, or lack of them, will have an impact on your loved ones, especially when it comes to having a will, a power of attorney for property, and a power of attorney for health. When a person dies in­ testate, without a will, the provincial government gets to decide how the de­ ceased's assets are distrib­ uted. That can cause addi­ tional pressure on family and friends. It is an act of kindness to them to have your affairs in order. The same kindness can apply to having both pow­ ers of attorney. The one for property covers financial matters while the second power of attorney addresses health issues. Understanding the best ways to organize your financial planning gover­ nance starts with consid­ ering what and who are most important to you. That will vary depend­ ing on your values, and might change during your lifetime. Everything we do in life has implications. And that is particularly true with financial decisions, or lack thereof. As we head into 2018 take some time to review your financial planning goals and how they affect your loved ones. - Peter Watson, o f Peter Watson Investments. MBA, CFP®, R.F.P., CIM, FCSI offers a weekly f i ­ nancial advice column, Dollars & Sense. He can be contacted through www.peterwatsoninvest- ments.com. 0 0 IX 3 o & Q> Q> (0 <0 Q>5: b q jC K S IKidZ we learn, we build, we play with I f G O ' B ricks MARCH BREAK CAMP The u ltim ate LEGO® Experience! O utdoor p lay included: Oakville: Faith Baptist Church Burlington: Tansley United Church Milton: St. Paul's United Church / M otorized Model Themes / M inecraft Theme / And many more!!! 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