Family | Crawford • Ashwood Financial

Going through a separation or divorce is one of the most emotional and disruptive experiences one can face. Even when it’s mutual or amicable, it brings a mix of grief, relief, uncertainty, and very often, financial anxiety. After supporting many clients through this transition, I’ve learned that people don’t just need information; they need reassurance, clarity, and a path forward. If you’re navigating this chapter, here are some general things to consider to help you rebuild confidence and move toward long-term financial success. 1. Give Yourself Space to Breathe First It’s completely normal to feel overwhelmed. Before you jump into…

Last month, I shared the first post in my Great Wealth Transfer series, discussing how trillions of dollars are expected to move between generations in the coming decades. In this second part, we’ll focus on how estate planning can help minimize the taxes owed, so more of your wealth goes where you intend. There’s no official “death tax” in Canada, but the final tax bill can sometimes feel like one. When someone passes away, most of their assets are treated as though they were sold, triggering potential capital gains and income taxes in the year of death. Add in probate…

Over the next 10–20 years, we will experience one of the largest transfers of money in history—an estimated $1–2 trillion in Canada alone as Baby Boomers pass on their wealth to the next generation. For many families, this may be the single biggest financial event of their lifetime. With so much at stake, it’s not just about what gets passed down, but how. Without thoughtful planning and open conversations, inheritances can create problems. Families may experience financial stress, conflict, or even fractured relationships. Many families avoid conversations about money because it feels uncomfortable, emotional, or even taboo. But silence can…

While many people are making their New Years Resolutions about health and wellness, consider committing to your financial wellbeing too! Here are a few things to think about when writing down your 2024 goals. Top up your TFSAs or consider making a regular contribution The new maximum limit for 2024 is $7,000, however if you have not maximized your contributions in previous years then you will have more than the annual limit to contribute. If you don’t have the cash available for a larger deposit, you could consider making regular bi-weekly or monthly contributions throughout the calendar year to maximize…

While many people are making their New Years Resolutions about health and wellness, consider committing to your financial wellbeing too! Here are a few things to think about when writing down your 2022 goals. Top up your TFSAs or consider making a regular contribution The new maximum limit for 2022 is $6,000, however if you have not maximized your contributions in previous years then you will have more than the annual limit to contribute. If you don’t have the cash available for a larger deposit, you could consider making regular bi-weekly or monthly contributions throughout the calendar year to maximize…

I think that we are all feeling various levels of unease at present; from slightly off kilter to all-out anxiety. Watching the numbers of new infections of COVID-19 every day certainly doesn’t help, nor do the wild swings in markets help calm us. We are living in a world where we are bombarded with daily news and it can be exhausting trying to keep up with it all. As we talk to many of our clients, we find that everyone’s approach to coping is different. Some people are glued to their TVs and radios, others are choosing to use this…

This is becoming one of the more common questions asked by our clients in recent years. A person or couple’s home, if owned, is often one of their largest assets, so people look for ways to limit the probate due on these assets. But you have to be very careful about putting an adult child as a joint owner because there can be some serious consequences. 1. A principal residence is one of the few assets that gets preferential income tax treatment, so losing this potential benefit is something you want to avoid. In most cases, the child will not…

As loving parents, we teach our children the important life skills that we hope will give them a happy & productive life. Money Management is a skill that needs to be learned and it is our job to give them a good foundation on which to build their futures. I have observed two very interesting realities interacting with several generations of families while coaching them about money management. One is that there does seem to be a personality type (or as we laughingly call it a money gene) that will give children a tendency to be good with money, or…

No matter the circumstances, losing a spouse through divorce can be an emotionally devastating experience. It is also a time when many financial matters require your immediate attention. To help avoid making emotionally driven – and potentially harmful – financial decisions, it’s important to get advice and organize yourself. Here are six important action steps that can help protect your personal finances. 1. Update your financial accounts When you are starting your new life as a single, you will need to change the registrations on any financial accounts that are owned jointly. Such ownership changes typically require certain documentation. It’s…

The birth of your baby is the perfect time to review your financial life. You want your loved ones cared for if something were to happen to you or your partner, and be in the know regarding benefits and savings options available for your new bundle of joy. I am sure you and your partner put a lot of time and research into what went on your baby gift registry, and read every review under the sun regarding car seat safety, and what perfect shade to paint the nursery. Wouldn’t you agree that you should plan to keep your little…

Category Archives: Family

Life After Separation or Divorce

How to Minimize Estate Taxes in Canada

The Great Wealth Transfer

Happy New Year

Happy New Year

Thoughts for Difficult Times

Should I put my kids on title of my principal residence?

Teaching Our Children Money Skills

Divorce

The Birth of Your Baby