What every older Canadian should know about: Managing and protecting their assets

Have a financial plan

Having a good financial plan will help you understand what your choices are today and in the future. If your financial situation is complicated, consider hiring a financial advisor with a professional accreditation to help you.

Maintain your assets

In some cases, you need to make regular payments to maintain an asset and protect its value. If you own land or other real property, you must pay taxes and you may have a mortgage. You should also consider having insurance to help you pay for any damage or other loss to your property. You may want to consider setting up direct deposits and automatic bill payments.

Have a back-up plan

If for some reason you are unable to look after your financial affairs yourself, plan for someone else to step in and help you. It must be someone you trust.

There are various ways to plan, but a common way is to make a power of attorney. This is a legal document in which you name one or more people to be your "attorney" to manage all or part of your legal and financial affairs. The word "attorney" in a power of attorney does not mean lawyer. It is just the legal name used to describe your decision-maker. A power of attorney can be made in two different ways: to continue to give authority to your decision-maker, even if you become incapable (enduring power of attorney); or to be in effect only when you are capable. Any power of attorney is a legal document, and your lawyer should inform you of its risks and benefits.

Avoid scams, frauds and financial abuse

Taking precautions to avoid scams and frauds is another way to protect your assets. Con artists are constantly coming up with new scams. Do not respond to e-mail, phone or door-to-door offers from people or groups you do not know. If an offer seems too good to be true, it probably is.

Protect your personal information–reputable organizations will not e-mail, write or call and ask you to confirm information about your account.

Financial abuse is illegal or unauthorized use of your money or property, or pressure on you for use of your money or property. Abusers are often people in positions of power in your life, such as a family member, caregiver or someone you live with.

If you think you may be the victim of financial abuse, a fraud or a scam, do not feel ashamed or at fault. Many people are in the same situation. Tell someone you trust. You can report financial abuse and fraud to your local police, RCMP or PhoneBusters by calling 1-888-495-8501. Your bank or credit union can also get help for you.