If you have received an inheritance, it is wise to give some thought to your financial options.
It might be tempting to spend all of the money, but it will serve you better in the long run if you:
- Pay off any debts;
- Set aside some savings for future needs. For example, you might want to invest the money in a Registered Retirement Savings Plan (RRSP) or other registered savings plan, and
- Keep some money in a separate account for emergencies.
Be sure to meet with your financial advisor to update your personal information and re-visit your investment plans.
If you have any tax concerns, consult a tax professional.
