This is a real tricky Financial Facelift.

First of all, this woman must act very quickly. The proposed tax changes that are being floated by the Ottawa Liberals will have a serious effect on the sale of her billboard business. Personally, I would keep the billboard business. It produces an impressive income stream that could never be equaled by returns from investing the money received from the sale of the business.

CPP + OAS + $65K from billboard business = $77K/yr, leaving a large surplus above her $30K living expenses. Add in the RRSP/RRIF cash that will start soon and she will have a very comfortable annual income.

What plans does she have for her waterfront lot? Why not sell it and invest the cash in tax-friendly dividend paying stocks? A further $6K/$7K/yr would easily be available to her.

Finally......why on earth is she continuing to pay life insurance premiums? She is 70 years old, no dependents, no desire to leave an estate. Life insurance is of no use to her.