Higher inflation, a hawkish pivot by central banks and increasing fears of a recession weighed on both equities and fixed income during the second quarter. Unfortunately, there was no reprieve from the volatility of the first quarter.

A vacation property—whether it’s a cottage in Muskoka or a chalet at Tremblant—is a valuable asset, not just in terms of the real estate, but also as a place that holds years of family memories. For many Canadians, passing the property to the next generation is a priority, but there are significant tax and non-tax-related considerations associated with keeping that cabin or condo in the family.

Many Canadians designate a direct beneficiary on their RRSP, RRIF, TFSA or insurance policies without giving it a second thought (although in Quebec, beneficiary designations are only effective on insurance policies). However, designating a direct beneficiary is not recommended for many plan/policy owners, where they have non-traditional or unique family situations, as it can lead to unfavourable tax implications for beneficiaries.