Scantlebury Wealth Management

Imagine starting a new job, full of hope for the future, only to have your world turned upside down two weeks later. That is exactly what happened to Kayla in 2023. After finding a lump on her neck and experiencing difficulty swallowing, she was diagnosed with anaplastic thyroid carcinoma - a rare and aggressive form of thyroid cancer. The problem for Kayla was a simple one: she had recently taken time off to care for her two small children; and, she hadn't built up enough hours in her new job, in her new role. The result? She was completely ineligible for EI sickness benefits. Which brings me to a key point: the financial strain of a critical illness doesn’t just come from the loss of a paycheck. Sometimes, the hidden cost is just receiving the treatment. In Kayla’s case, this meant travelling 3 hours from a rural home to an urban centre. In Kayla’s case, this meant leaving young children behind for 6 weeks during treatment, isolating children from their ill parent at a time when...

The field is quietest just before dusk, when the long shadows of the goals stretch across the grass. For Sarah, that patch of green had always been a sanctuary. It was where she had out-sprinted her anxiety during final exams, and where, during a fierce co-ed match in her university days, an accidental collision led to an apology, a post-game coffee, and eventually, a wedding band. Now, that same love of the game lived on in the frantic, joyful energy of her two sons. Watching them chase the ball from the sidelines, she could still hear the precise, familiar thwack of a perfect strike. Sarah’s life had been defined by that kind of momentum. She possessed a quiet, unstoppable drive, earning her Bachelor of Science and started her Masters, before pivoting and securing her doctorate. As a researcher at a major medical facility, her days were spent unweaving complex human puzzles, dedicated to finding answers that would save lives. She was successful, fulfilled, and deeply grounded by the ...

A cancer diagnosis is often overwhelming, not just emotionally and physically, but also financially. Treatments such as surgery, chemotherapy, and radiation can make it difficult for patients to maintain their employment, leading to a significant decline in household income. This issue, often referred to as "financial toxicity," is particularly prevalent in Canada, where the healthcare system provides universal coverage yet still leaves patients facing substantial out-of-pocket expenses.  x The Canadian Cancer Society indicates that the average financial burden for a Canadian cancer patient over their lifetime is estimated to be nearly $33,000. Given that only about 50% of Canadians have disability insurance, either on their lives or through group benefits, the potential for debt accumulation or depletion of savings is high and the additional strain that this situation adds to individuals already battling a life-threatening illness is real. One of the financial challenges ari...

  Whether it’s a weekend getaway or a five-week trip, travel is something to look forward to. However, it can also be costly. Sometimes, travellers even wonder if travel insurance is worth the cost. After all, why spend money on coverage that may go unused?  Sometimes, we forget that accidents and illness can affect anyone at any time. Whether you are young and healthy or an experienced traveller, we all make mistakes. Sometimes, we might twist an ankle because we misjudge a sidewalk; other times, a taxi or Uber we are travelling in will get into an accident. Life happens, and that is why we have travel insurance. Canadian residents are covered for certain medical expenses within their own province by their provincial government’s medical plan. However, it's a different story once you leave your home province or your home country. What you may not know is that most hospitals around the world charge foreigners for unexpected medical and dental treatments, and if you need hospit...

“Getting the vaccine will not affect your insurance coverage. No one should be afraid and choose to not protect themselves from COVID-19 because they are worried about it affecting their benefits. All of Canada’s life and health insurers are supportive of Canadians receiving government approved vaccinations to protect themselves from serious illness and death.” Kevin Dorse, Assistant Vice President, Strategic Communications and Public Affairs, Canadian Life and Health Insurance Association (CLHIA), March 8, 2021 When my colleagues started to post information about the COVID vaccination, I was a bit confused. I have been licenced to sell Life Insurance since 2003; and, in all that time, I had never asked anyone about their vaccination status. In selling policies, I have had to ask my clients about their height and their weight. I have had to ask them about their gender, about their smoking status and the amount of alcohol they consumed. I have had to ask my client’s about their drug con...

What is your most valuable asset? You might say it is your car, an antique piece of furniture or a piece of jewellery. I would say that you are mistaken. Let’s start with jewellery. The most expensive piece of jewellery for most people would most likely be an engagement or a wedding ring. While some engagement rings can cost as much as $30,000; one comparison website ( RateSupermarket.ca ) pegged the average cost of one at about $4,000.  Now, a car is more expensive than an engagement ring. If we use DesRosiers Automotive Consultants or autoTrader as our source, both have indicated that the average passenger vehicle in 2019 was just over $40,000: $40, 941 and 40,900, respectively. However, we can do better than that. As an example, think of a person’s house. Given that the average house price in Calgary is between $448,000 and $457,000, one could argue that that is the most expensive or valuable asset. For, it is more costly and beneficial than anything previously mentioned. How...

So almost a decade ago, I was handed a file. I was asked to work with a person who had recently moved from Quebec to Calgary. She had some assets with the firm I was working for and she was really in a horrible state.  Having moved from Quebec to Calgary - to leave an abusive relationship - she had very few assets. At that point, she was just a single mother trying to make ends meet and she had very few ends. One of the assets she had was a RRIF. I found this curious because the lady was only a few years older than me. At the time, I was in my late thirties and she was in her early to mid 40s.  For those who don’t know, a RRIF is a Registered Retirement Income Fund. It is not normally the financial structure that anyone under the age of 60 uses, let alone someone who is still employed. Given my confusion, I asked her a question: Why did she have a RRIF? Her answer was simple: she needed the money to make ends meet. Another advisor, at my same firm, had recommended the action a...

So you are graduating from school and you want to save for your future. You go to a financial planner and you say I have $75 dollars a month to put away, can you make a recommendation? I have come across this situation more than you can imagine and my answer has changed over the years.  Today, more often than not though, I would probably give the same answer. If you have a job with a group plan which has disability coverage, I would suggest that someone spends $25/mth on insurance and put $50 into a savings “fund”. That $25 a month should get you a small life insurance policy as well as either a small critical illness or catastrophic drug policy. The $50 should be put away in a GIC or accumulation annuity until you have $2,000 dollars. Once you accumulate $2,000, you can put money into a non-registered money market mutual fund or money market segregated fund until you accumulate $10,000. From there, in association with your GIC or non-registered funds, you can graduate...

Getting married is a large life commitment and there are so many things to think about. Many people think about the invitations and the flowers. The Groom thinks about his tuxedo, while the Bride thinks about her dress. There is food and venues and honeymoons that come to mind and need to be planned. Before getting married, however, I have learned that finances should be put alongside the cake and confetti. For, just as marriage is a time to celebrate the coming of two people, it is just as important to remember that two different ledgers are being merged. So, financial goals are important. Just think about it. If your spouse and you buy a house and they pass away, one question is left: is there enough money to allow for continued ownership of the house? Building a strong financial foundation can answer that question; and, often times that means reviewing the life insurance portfolio. Or, in a few cases, creating one. After over a decade in the industry, I have three reasons for this o...