This May has brought a warm start to the season, with summer just around the corner. It’s a natural time to look ahead and revisit key financial and planning considerations.

In this edition, we highlight several topics that may be particularly relevant as you plan for the year ahead:

• Market Update Snapshot - May 2026

• Joint Ownership: Simple in Theory, Complex in Practice

• Trust Reporting and Tax Planning Considerations

• Post-Tax Season Planning Opportunities

• Consumer Protection and How Your Assets are Safeguarded

• Advisor’s Corner - Your Questions Answered - A practical estate planning discussion

As always, if any of these topics relate to your situation, we would be pleased to review them with you as part of your overall financial plan.

Market Update Snapshot - May 2026

Markets continue to respond to changing economic conditions, including inflation, interest rates, energy prices, and ongoing geopolitical developments around the world. Investors are also watching how global events may affect trade, energy supply, and overall economic growth. While these headlines can contribute to periods of

short-term market volatility, major markets in Canada and the United States have generally remained resilient despite ongoing uncertainty.

For long-term investors, periods like these can serve as an important reminder that financial plans are typically designed to navigate changing market environments over time. Maintaining diversification, reviewing income needs regularly, and focusing on long-term goals rather than short-term headlines remain important principles, particularly for retirees and those approaching retirement. Insurance, estate, and

tax-planning strategies can also continue to play an important role in supporting overall financial stability.

If your circumstances, income needs, or estate goals have changed, we would be pleased to review your plans with you.

Joint Ownership: Simple in Theory, Complex in Practice

Joint ownership with an adult child is often viewed as a straightforward way to manage financial affairs or simplify estate planning. However, what appears simple can introduce unintended legal and tax consequences.

While intentions are important, joint ownership arrangements, particularly those with right of survivorship, can create complications related to control, taxation, and estate distribution. In some cases, these arrangements may not achieve the outcome originally intended.

The article from Manulife Investments provides a concise overview of key considerations, potential risks, and alternative approaches.

If you are considering or currently have a joint ownership structure in place, it may be worthwhile to review how it fits within your broader financial and estate plan.

Trust Reporting and Tax Planning Considerations

With the 2025 tax season now behind us, this is an ideal time to look ahead and consider steps that may simplify future filings.

One area receiving increased attention is the use of bare trusts. In some situations, individuals may have unintentionally created a trust arrangement, particularly through joint ownership or informal structures, without realizing the associated reporting requirements.

Recent changes have introduced expanded T3 trust reporting obligations, which may result in additional administrative complexity and cost if applicable.

The Government of Canada outlines what has changed and who may be affected.

If you have questions about whether these rules apply to your situation, a review may help clarify your obligations and avoid unexpected reporting requirements.

Bare Trust Reporting - What Families Should Know

Some Canadians may need to report certain trust or ownership arrangements to CRA beginning with the 2026 tax year.

These rules can apply where one person is listed on an account or property for convenience, while another person is considered the true owner. Common examples may include:

• joint bank accounts,

• “In Trust For” (ITF) accounts,

• or situations where adult children assist aging parents with finances or property ownership.

While many family arrangements may qualify for exemptions, the rules can still create filing obligations if overlooked.

As part of broader estate and tax planning discussions, some families also review whether beneficiary-designated products, such as segregated funds, may help simplify estate administration and potentially bypass probate.

Click here for additional information about Bare Trust reporting requirements and family planning considerations.

Post-Tax Season Planning Opportunities

Following the completion of the 2025 tax season, many clients are looking for ways to reduce or better manage future tax balances.

For those who owed tax this year, or prefer to avoid a large balance owing in the future, there are several simple planning options to consider:

• CPP and OAS recipients may request additional tax withholding at source

• Employees can request additional payroll tax deductions through their TD1 form

• Some retirees and investors may also wish to review tax instalment strategies and retirement cash flow timing

By adjusting tax withholdings gradually throughout the year, it may be possible to reduce or eliminate a balance owing at filing time while also improving cash flow predictability.

In some cases, investors may choose to keep their funds invested until tax payment deadlines instead of paying taxes well in advance. This approach can help minimize opportunity costs by avoiding the need to hold excess cash earlier than necessary.

As every situation is different, tax payment and cash flow strategies should be reviewed alongside retirement income, investment, and estate-planning considerations. If you would like assistance reviewing these options, we would be pleased to discuss what approach may be suitable for your circumstances.

Consumer Protection and How Your Assets are Safeguarded

In addition to planning considerations, clients often ask how their assets are protected.

Canada’s financial services industry provides multiple layers of consumer protection. While many are familiar with coverage through the Canada Deposit Insurance Corporation (CDIC), fewer are aware of the protections available through the life insurance industry.

Assuris, the not-for-profit organization that protects Canadian policyholders, provides coverage for many types of insurance and investment products issued by member companies.

To learn more, please refer to the resources below.

Advisor’s Corner - Your Questions Answered

A practical estate planning discussion

Q: Does “fair” mean equal when planning my estate?

I have three adult children with very different financial situations. One is financially secure, another is going through a difficult period, and my youngest has a child who will require lifelong support.

I am financially comfortable and would like to provide for my children, grandchildren, and my sister, as well as leave a gift to BC Children’s Hospital Foundation, which supported our family.

My question is: does being fair mean giving everyone the same inheritance, or should I consider their individual needs?

A: A thoughtful and important question

Thank you for sharing such a detailed overview of your situation. Many families face similar considerations, and there is no single “correct” approach, only what aligns best with your values and intentions.

1. Reviewing your will
Given that your will was prepared some time ago, it would be advisable to review and update it to reflect your current circumstances, assets, and wishes. This includes confirming your executor, beneficiaries, and how your estate is to be distributed.

2. Fair does not always mean equal
You have the flexibility to determine what “fair” means in your situation. Some individuals choose equal distributions, while others allocate assets based on financial need, family dynamics, or specific goals.

3. Structuring support for different needs
In more complex family situations, planning tools, such as trusts or structured distributions, may help ensure that funds are used in a way that supports each beneficiary appropriately, particularly where ongoing care is required.

4. Role of investments and estate planning tools
Certain investment structures, including segregated funds, may offer estate planning benefits such as beneficiary designations and potential efficiencies. These may be appropriate depending on your overall objectives.

5. Life insurance considerations
Life insurance can also play a role in balancing an estate, particularly where specific bequests or equalization between beneficiaries is desired.

6. Developing a broader estate plan
If you have not already done so, developing a comprehensive estate plan can help bring together all elements (legal, financial, and personal) into a coordinated strategy.

7. Family communication
Some individuals choose to discuss their plans with family members in advance to provide clarity and reduce the potential for misunderstandings. This is a personal decision, but one that can be helpful in certain situations.

8. Charitable giving
Your intention to support BC Children’s Hospital Foundation is meaningful. There may be tax-efficient ways to structure charitable gifts as part of your overall estate plan.

Every situation is unique. If you would like to explore how these considerations apply to your circumstances, we would be pleased to work with you in developing a plan that reflects your goals and priorities.