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Financial Planning -> Wills & Estate Planning

Wills & Estate Planning


Advantages of having a will

What happens if you die without a will?

Do you need a lawyer to write a legal will?

Does a will need to be registered?

Who can challenge a will?

Sample will

Probate Fees

Minimize probate fees

 - Joint tenancy, multiple wills, value of estate

Probate fees by province/territory

When Someone Dies

What to do when someone dies - includes:

bulletExecutors have many responsibilities.
bullet An estate may have to register as an employer with Canada Revenue Agency.
bullet An individual is deemed to have disposed of all capital property immediately prior to death.
bullet Links to information on federal and provincial/territorial websites.

What happens to debts of the deceased?

Deemed disposition of capital property upon death

Death of a Taxpayer / Loss on Residence Sold by Estate

Income Taxes

Minimize taxes of a deceased taxpayer

bulletDeemed disposition of capital assets
bulletDistribution of property to spouse or spouse trust
bulletContribution to RRSP of surviving spouse
bulletMultiple tax returns on death
bulletCPP or QPP death benefit
bulletT3 trust return

OAS Clawback for a Deceased Taxpayer

Are gifts or inheritances taxable? - Includes information on consequences of selling capital property non-arm's length for less than fair market value

How are RRSPs and RRIFs taxed at death?

Donations in the year of death and in the will, qualified donee as beneficiary of RRSP, RRIF, TFSA or life insurance policy

Life Insurance / Medical Assistance in Dying (MAID)

The Impact of Medical Assistance in Dying on Life Insurance and Some Other Mentionables - from All About Estates

Before You Die

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.

Digital Assets

If you have:

bulletonline accounts such as PayPal, Facebook, Google and Apple,
bulletowns cryptocurrency (BitCoin),
bullethas licences or licence accounts (Amazon Kindle library, Apple iTunes, etc.) - did you know you don't own the items you purchased (unless otherwise required by law)?
bulletcloud based accounts (PayPal balances, cryptocurrency wallets, etc.)

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.

See 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 01, 2022


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