Thursday, 8 February 2018

CPP, Are You Leaving Money on the Table? - What's On Your Mind - February 2018 Edition

Did you know that not everyone qualifies to receive a CPP monthly survivor benefit when their working spouse passes away? If you and your spouse have both contributed to CPP and have both paid in the maximum contributions then it is quite likely you will only be entitled to a one-time lump sum payment of $2,500 death benefit.

The Canada Pension Plan is set up as a pool. This means that your estate will not necessarily receive any of the contributions made by your deceased spouse. The pool is used to fund the people on CPP currently. Given that it could be a possibility if you are married or living common law with a working spouse, what are the alternatives?

Now may be a time to sit down with your financial advisor and discuss your options on how to best get the maximum amount of benefit possible. Since every situation is different you should figure out the best solution for you. It is not possible to predict the future but with careful planning you can try and beat the odds.

This planning should take place for most people between the ages of 59 and 65 although having a discussion with your financial advisor earlier will always be beneficial. As Canadians we pay more than our fair share of taxes without leaving more money on the table.

As always if you would like to know more or have ideas for future articles please feel free to call or email us.

Linda J. Levesque, CFP®, FMA, FCSI®
Sr. Investment Advisor
Director, Private Client Group
HollisWealth®, a division of Industrial Alliance Securities Inc.
Levesque Wealth Planning

Insurance Advisor
Hollis Insurance Inc.

One Corporate Plaza, 2075 Kennedy Road, 5th Floor, Toronto, ON M1T 3V3
Tel: 416-412-8018 / 1-800-322-4030
Fax: 416-332-6772

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Advisor and Director, Private Client Group of HollisWealth® is an author of The 5 Minute Wealth Plan, Saving Today for a Richer Tomorrow, in The Road to Success with Jack Canfield and in The Authorities, Powerful Wisdom from Leaders in the Field.  If you're ready to jump-start your life, have more fun and joy in all that you do, get a FREE consultation from Linda J. Levesque 

This information has been prepared by Linda J. Levesque who is an Investment Advisor for HollisWealth® and does not necessarily reflect the opinion of HollisWealth. HollisWealth® is a division of Industrial Alliance Securities Inc., a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. The information contained in this newsletter comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any of the securities mentioned. The information contained herein may not apply to all types of investors. The Investment Advisor can open accounts only in the provinces in which they are registered.  Levesque Wealth Planning is a personal trade name of Linda J. Levesque. Insurance products provided through Hollis Insurance Inc.  For more information about HollisWealth, please consult the official website at

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