Paying for Care: RRSPs, RRIFs, HELOCs and What Families Need to Know — with Personal Finance Expert Rob Carrick

The financial side of caregiving can feel overwhelming, especially when aging parents want to stay at home. But understanding the options early can bring clarity, relief, and a stronger sense of control.In the last episode, personal finance expert Rob Carrick walked through a practical financial checklist to help caregivers start important money conversations with aging parents. In Part 2 of his conversation with Teri Hart, Rob goes deeper into the financial realities families may face as parents age, especially when they want to age in place.Teri and Rob unpack the difference between a home equity line of credit (HELOC) and a reverse mortgage, how care costs can reshape expectations around inheritance, and why the so-called “great wealth transfer” may not be as straightforward as many families think. They also discuss registered retirement savings plans (RRSPs), registered retirement income funds (RRIFs), tax-free savings accounts (TFSAs), estate planning, and the often-misunderstood tax implications that can come later in life.This episode is for anyone helping aging parents make financial decisions, trying to understand the cost of aging in place, or wondering how to have more honest conversations about money, care, and quality of life before a crisis hits. As Rob shares from both his professional expertise and his own caregiving experience, the “care years” are something many families enter with little preparation, but the right conversations can make those years easier to navigate.__This episode is sponsored by RBC Wealth Management. A longer life means planning for the longer run. And that requires more than just financial foresight. It takes a plan that encompasses health, wellness and finances. That’s why RBC Wealth Management partners with leading organizations to help Canadians maneuver each of life’s stages with peace of mind and confidence. This includes insights into physical and mental health, caregiving, financial stability, and preparing for later life transitions. After all, your health is wealth. Visit the RBC Wealth Management Aging Well hub to learn more.RBC Wealth Management: http://rbcwm.com/Aging Well Hub: http://rbcwm.com/agingwell__Resources:Follow Rob Carrick:Website: https://robcarrick.ca/Substack: https://robcarrickpf.substack.com/LinkedIn: https://www.linkedin.com/in/rob-carrick-66a6a017/To watch this episode, subscribe to The Hart Of It All's YouTube channel: https://www.youtube.com/@TheHartofitAllPodFollow The Hart Of It All:Instagram: https://www.instagram.com/thehartofitallpod/Facebook: https://www.facebook.com/thehartofitallpodTikTok: https://www.tiktok.com/@thehartofitallpodWebsite: https://www.thehartofitall.ca/Follow Teri Hart:Instagram: https://www.instagram.com/terihartCo-Executive Produced by: Carrie Hayden & Jess Carroll of 6of1 DigitalInstagram: https://www.instagram.com/6of1digitalWebsite: https://www.6of1digital.com/I’m here to share stories and conversations, not medical or professional advice. I’m not a doctor, therapist, or licensed professional, and this podcast is NOT a substitute for guidance from qualified experts. Please seek out professional support when you need it. Take care and I’ll see you in the next episode.__🟡 About The Hart of it AllA podcast about navigating the realities of caregiving.No one should have to do it alone. That’s the heart behind The Hart of It All, hosted by Canadian broadcaster Teri Hart. Inspired by her own experience caring for her dad and helping her mom navigate a new reality, Teri shines a light on the stories, resources, and conversations caregivers need most.From doctors and nutritionists to fellow caregivers living it every day, each episode offers guidance and connection. Honest, supportive, and grounded in lived experience, The Hart of It All is here to remind us that caring for each other is something we’re all in together. Hosted on Acast. See acast.com/privacy for more information.