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- Joint tenancy, multiple wills, value of estate
What to do when someone dies - includes:
Are gifts or inheritances taxable? - Includes information on consequences of selling capital property non-arm's length for less than fair market value
Donations in the year of death and in the will, qualified donee as beneficiary of RRSP, RRIF, TFSA or life insurance policy
The Impact of Medical Assistance in Dying on Life Insurance and Some Other Mentionables - from All About Estates
The executor of your estate will spend countless hours performing all the tasks that need to be done after you die. To make things easier for them, and to ensure that your assets are distributed in the manner you want, make your will as clear as possible, and provide documentation for your executor and heirs. For an excellent article on this, see BDO's The Best of The Blunt Bean Counter - Estate Planning - A Tale of a Father's Selfless Act of Love.
If you have:
then hopefully you have the information/passwords/private keys for these accounts/assets in a safe place and have let the executor of your estate know where to find the information.
Jos Herman CPA, CA, CFP, CLU, TEP from Resources & Solutions Professional Corporation and Joseph Devaney CPA CA from Video Tax News discuss important estate planning topics and some of their challenges:
Digital Estate Planning on the All About Estates website, written by Dave Madan, Market Lead and Manager, Scotiatrust
Tax Tip: Plan ahead by making a will and ensuring your wishes are known.
Revised: October 26, 2023
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