Gift of $1-million allows social-services worker, 46, to quit her job and reimagine her life

Detailed summary

Frances was in a period of ‘unmanageable’ stress at work. Now she’s travelling and mulling next steps

Savings: $118,000 in tax-free savings account (TFSA), $122,000 in registered retirement savings plan (RRSP), $1,224,000 in nonregistered investments

Top financial concern: “I don’t want to do the wrong thing with this money.”

In February, Frances – a 46-year-old social services worker in British Columbia – received an unexpected e-mail that completely rocked her world.

A much-older friend in the United States told her he was not long for this world and wanted to give her his money before he died. Soon after, she received a cashier’s cheque for US$1-million.

“I just felt so much shock and disbelief,” Frances said. “It’s been a life-changing event.”

In his e-mail, and their subsequent conversations, her friend directed her to use it for her “health, education and welfare, along with the expectation I will use any balance to help mankind in some way or another,” she said.

Despite his assurances, and her research that showed financial gifts are allowed and would not be taxed, Frances took months to truly believe the money was hers. When she finally found the courage to take the cheque to the bank, she got a friend to accompany her because she expected to be treated with suspicion.

Instead, “the teller treated it like it was a $100 cheque,” Frances said. “They kept trying to get me to exchange it.”

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Opening of the article, excerpted from The Globe and Mail (Report on Business). To read the rest, open the article on the publisher's site.