SEAN PREVIL: A lottery jackpot is probably
a dream for most people.
And while the likelihood of winning millions
won't happen for most, the steps you take when you've won
may help you in the long run.
FRANK HOUNJET: Most important thing is really
keeping a cool head, staying calm, and taking some time
to really understand the magnitude of that win,
and avoid making any kind of impulsive decisions.
SEAN PREVIL: Accountant Frank Hounjet
says, Canadians should put together a financial plan
with a team of professionals, including
a lawyer and accountant.
This can help someone decide how to plan for retirement, gifting
some of the winnings and anything else
that may come with that jackpot.
But in Canada, many lottery organizations have the right
to publicize your name and even your photo,
meaning privacy may go out the window.
It's why financial planner Stephan
Desbiens says it may not hurt for a winner to take a break.
STEPHAN DESBIENS: Whether it's a trip or just shutting yourself
out of the limelight is, because the limelight will
probably last for a few months.
SEAN PREVIL: Yet he also encourages people
to avoid making drastic lifestyle changes,
not only to avoid draining your finances,
but to keep important connections.
STEPHAN DESBIENS: Staying connected
is an important part of financial well-being
and your health.
SEAN PREVIL: He adds people should make sure to take
care of themselves.
So they can continue to enjoy their life
with the ones they love.
Being a Canadian lottery winner has the benefit of
your winnings not being taxed.
But Hounjet says if you invest in things like stocks
or give away money to friends or family,
you may not get off tax-free, which is why
having an accountant can help.
While winning the lottery could add some stress,
experts say, it could also potentially give you the chance
to restore your life balance.
From being able to leave a job you perhaps don't like
to traveling and staying connected to those you love,
that money could turn into a jackpot for your life,
meaning you can cash in on those moments you may have missed.
Sean Previl, Global News.