Estate Planning

Estate Planning Is Not Just for the Wealthy…it’s for Everyone

Planning for your family’s financial future is not just for the one percent; it’s important for everyone especially if you have a spouse or children. 

The reality, of course, is that most people do procrastinate and never get around to estate planning until it is too late. There are many reasons why this happens. Perhaps you are under the impression that it is too expensive. Maybe you just don’t want to think about death because it’s unpleasant or feel that because you are young and healthy, there’s plenty of time to worry about the future later.

Unfortunately, you could be wrong, and your family could be in for a surprise. Because if there’s no estate plan in place, then it could be the government who dictates how your assets and property are divided up -- not you or your family.

How does tax work in Canada upon one's death?

In Canada, all capital property owned by the deceased are considered to be sold at fair market value immediately prior to death, often resulting in large realized capital gains to be included in income of the final year. It applies to any unused RRSP, RRIF, investments such as mutual funds and public company shares, and real estates.

In the year of death, a final (terminal) tax return must be filed by the estate's executor that includes all income earned by the deceased up to the date of death. Also included in income at death is the net capital gain recognized under the above deemed disposition rules.

 We Are Here to Help You

If you’re ready to start planning for your loved ones’ financial future, you probably have plenty of questions. The good news is that we have answers. We’ve developed relationships with investment advisors, attorneys, and other financial professionals so that we are able to develop a long-term estate plan that meets the individual needs of every client. We also stay current on tax law changes that affect estate planning.

Here’s what else we do for you:

• Ensure your assets are allocated to spouses, children, trusts, and charities according to you wish
• Periodically review your estate planning needs as your family situation and finances change
• Terminal and deemed disposition tax planning strategies
• Business succession planning
• Estate trust administration
• Tax planning and preparation including terminal/final tax returns, "Rights or Things" tax returns, estate trust returns

Don’t Your Loved Ones Deserve Peace of Mind?

If you haven’t developed an estate plan, it’s not too late. Call our office and schedule a consultation today because you and your loved ones have nothing to lose, but everything to gain.