Many Canadians over age 55 spend part of each winter in sunny climates south of the border. We call these travellers “snowbirds.” Before you travel, make sure you know what it means for your finances. You can avoid a lot of problems later if you plan ahead.
Five big money dangers for snowbirds are:
- Surprise health care bills
- Extra costs when the Canadian dollar drops
- Surprise taxes
- Falling behind on your finances while you’re away
- Not having an up-to-date will.
Content in this section is provided in partnership with the Investor Education Fund, a non-profit organization promoting financial literacy to Canadians. To find out more go to GetSmarterAboutMoney.ca.