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The Cove – March 2021 Newsletter

Welcome back Moms! After a very long February, March is here, which hopefully means the weather will start improving and we can get outside again. More space, more activity, and more faces! So I say “bring on spring!”

At The Cove Global we are in the final month of our Security quarter which is all about finances. Whether your currency is the dollar, euro, peso, pound, franc, rupee, yen, lira or mark, we all need to earn them, save them and look after them for many different purposes. We have the usual expenses like taxes (ugh!), rent / mortgage, food, utilities, children (because we all know they aren’t free, lol), birthday gifts, ballet lessons and baseball camp. 

Life is expensive, that’s for sure!

There are a lot of other expenses that we could (and should) also be considering, if possible. Expenses like contributing to your RRSP, the kids’ RESP, life insurance, a vacation fund, an emergency fund, and neither last nor least – a retirement fund. That’s a lot of places for one salary. With all those expenses, let’s look at how we plan for retirement, because it is never too soon to start, and in fact, the sooner the better!

A good friend of The Cove, Anthony Gordon, of FiduSure Financial, is a tax lawyer with great advice for us when it comes to planning your retirement. Anthony says “in order to build a plan today, you need to know what you are building towards”. You need to plan how you want to live once you retire. Perhaps you dream of a gorgeous simple cabin on a glorious beach, or maybe you are passionate about remaining in your home as long as you can. The time to plan is now.

Retirement: The Top 5 Mistakes People Make

The first mistake people make is not having a comprehensive financial plan at all. How and when do I want to be able to retire, and how am I going to attain that goal? Here are a few of Anthony’s suggestions (see full article attached below for the complete list):

1. Complete a net worth statement listing all your assets and liabilities.

2. Establish your financial goals based on your values and your vision.

3. Know your monthly cash flow needs and separate that from major annual expenses such as trips, cars, home renovations, etc.

4. Reduce or defer income taxes wherever possible.

5. Develop a sound plan for your estate including wills, powers of attorney, and life insurance.

The second mistake: not monitoring your key retirement metrics. You will need to figure out how much money you will need each month once you retire. Then you should plan where this money is going to come from (RRSP, stocks, GIC, company pension, CPP, Old Age Security, etc.).

The third mistake: not managing risks, like living longer. Anthony says that while longevity is wonderful in theory, it also comes with risks, and is the number one risk in retirement.” Living longer means health care expenses, long term care, and don’t forget to plan for inflation. 

The fourth mistake: not minimizing tax. This is a big one. Many do not consider the taxes that will have to be paid. Did you know that when and from which savings you draw your income from first also makes a difference in taxes? This is where you should speak with a professional.

The fifth mistake: not planning your estate. This means planning where everything is going after you have passed. It is not about you dying, but about having control over your estate in the most tax efficient manner, and so that the courts and Canada Revenue Service aren’t making decisions for you after the fact. 

Thank you to Anthony Gordon for his excellent advice. Retirement is definitely something we should all be thinking about regardless of our age. Don’t ignore it. It is a reality of life and should be mapped out long before you plan to retire.

Anthony Gordon’s complete article and contact information can be found here: It includes lots of additional important information and details, which you should read in its entirety.

Start saving now so you can live a long and happy life later.



We at The Cove wish everyone a wonderful March. You can look forward to our new quarter starting in April – Cultivate, which is all about the Home. Spring cleaning and organizing comes to mind, but so does planting those bulbs in the garden, and being able to get outside more.  

We want to hear from you! We want to know what you want to know. Please reply and let us know what financial issues you would like more information about. And while you’re in a Cove state of mind, let us know what topics interest you most for our upcoming quarter about Home. Anything goes. We really do want to hear from all of you.

Remember to make someone smile every day! And don’t forget to do something each day that makes YOU smile, as that is the most important goal of all!

Stay safe and healthy friends.

From your Cove Team Moms,
Athena, Aleka, Michele & Heidi