Estate Planning

Have you thought about leaving a legacy? How will your wealth be distributed when you die? Estate planning involves several elements such as last will and testament, power of attorney, estate trusts, deemed dispositions and much more! It’s important to be knowledgeable about the estate planning process as it can get fairly expensive.

Deemed Disposition at Death
Estate Planning

Deemed Disposition on Death

At death, an individual is considered to have disposed of all of their property of value such as investment accounts, real estate, shares in a private company, cars and more! For property that has increased in value, an individual would be responsible to pay capital gains. […]

Probate
Estate Planning

Tips on How to Avoid Probate

To determine if the will is legal and valid, it goes through a process known as probate. The will is sent to court and the courts will establish the true Last Will and Testament. Probate can help confirm the legitimacy of documents. […]

Types of Wills
Estate Planning

7 Types of Wills Used in Estate Planning

Having a will is one of the most important things you can do. Wills can distribute property, name an executor, assign guardians, pay debts and more! The larger the estate, the more complicated the will. […]

Final Tax Return
Estate Planning

Filing a T1 Terminal Tax Return

A T1 Terminal Tax Return is to be filed upon a tax payer’s death. According to Canadian tax law, a taxpayer is deemed to have disposed of all of their property at the fair market […]

US Estate Tax
Estate Planning

Canadians and US Estate Tax

Thousands of Canadians identify themselves as snowbirds who spend the cold winter months in the warm southern states. They may be surprised to find out that owning U.S. assets may be subject to US estate […]

Provinces
Estate Planning

Probate Fees By Province

Probate is the legal process where will goes through provincial courts in order to get certified and validated. This process can be expensive but there are ways to avoid probate and minimize your estate tax bill. […]

Power of Attorney
Estate Planning

Types of Power of Attorney

There are three main types of power of attorney. What exactly is a POA? A power of attorney document is an important estate planning tool. It gives an individual or perhaps more than one individual […]

Death of a RRIF Annuitant
Estate Planning

Dealing with a RRIF Account Upon Death

Naming a beneficiary on your RRIF account allows you to avoid probate fees as your RRIF account upon death will not be part of your estate. If you have a RRIF, it’s important to make […]

Naming an Executor
Estate Planning

5 Duties of a Estate Executor

A will typically names an estate executor who will be responsible to carry out the wishes of the testator’s will. The executor could be a single individual or multiple. Depending on the complexity of the […]