Category Archives: Estate Planning

The Role of Power of Attorney
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When it comes to planning for the future, one must consider naming a Power of Attorney. A Power of Attorney (POA) is a legal document that allows someone else to act on your behalf in various matters, including financial and healthcare decisions. In this article, we will focus on the significance of having a Power of Attorney for Property (commonly referred to as a Financial POA). What is a Power of Attorney for Property? A Power of Attorney for Property is a legal document that grants someone else the authority to handle your financial matters on your behalf. This designated…

Importance of Executor / Estate Trustee
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Being named an executor of someone’s will is a significant responsibility that comes with various duties and tasks. An executor plays a crucial role in managing the deceased person’s estate and ensuring that their final wishes are carried out. Let’s explore what it means to be an executor. Some of the key responsibilities of an executor or estate trustee include: Planning the Funeral: As an executor, one of your initial responsibilities may involve making funeral arrangements according to the deceased person’s wishes or family preferences. This can involve coordinating with funeral homes, arranging the service, and managing related costs. Inventory…

Happy New Year
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While many people are making their New Years Resolutions about health and wellness, consider committing to your financial wellbeing too! Here are a few things to think about when writing down your 2024 goals. Top up your TFSAs or consider making a regular contribution The new maximum limit for 2024 is $7,000, however if you have not maximized your contributions in previous years then you will have more than the annual limit to contribute. If you don’t have the cash available for a larger deposit, you could consider making regular bi-weekly or monthly contributions throughout the calendar year to maximize…

Happy New Year
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While many people are making their New Years Resolutions about health and wellness, consider committing to your financial wellbeing too! Here are a few things to think about when writing down your 2022 goals. Top up your TFSAs or consider making a regular contribution The new maximum limit for 2022 is $6,000, however if you have not maximized your contributions in previous years then you will have more than the annual limit to contribute. If you don’t have the cash available for a larger deposit, you could consider making regular bi-weekly or monthly contributions throughout the calendar year to maximize…

Should I put my kids on title of my principal residence?
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This is becoming one of the more common questions asked by our clients in recent years. A person or couple’s home, if owned, is often one of their largest assets, so people look for ways to limit the probate due on these assets. But you have to be very careful about putting an adult child as a joint owner because there can be some serious consequences. 1. A principal residence is one of the few assets that gets preferential income tax treatment, so losing this potential benefit is something you want to avoid. In most cases, the child will not…

Generosity Helps Everyone
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Canadians are generally a very giving lot – 84% of Canadians made a charitable donation in 2010; the last year Statistics Canada kept records. Between time spent volunteering in a wide range of organizations and money donated to worthy causes, philanthropy in its various guises seems to be in our DNA. Our reasons for giving are as diverse as we are as a people, but according to Imagine Canada, we give out of compassion for others, for a cause we believe in, to make a contribution to our community, or for something that touches us personally. Whatever the reason, we…

Digital Assets
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I recently had a meeting with a Tax & Estate specialist who spoke about Digital Assets, and the importance of covering these assets through your Will (and Powers of Attorney). Even 5-10 years ago, these assets were not of much value, and certainly were never thought to be included in your estate plan. So, What are Digital Assets? Digital Assets are essentially your financial footprint in the online world. Do you collect grocery points, airline rewards, credit card rewards, gas station points? It might seem silly, but there have been studies that have found by the year 2020 (not so…

Death of a Loved One
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The perception that our jobs, as financial advisors, is just about money and investments is far from the truth. Our clients lean on us for help with constantly changing life events; such as death, disability, marriage and divorce, leaving a job, buying a house, and new parenthood. We encourage them to do so. It is far simpler to prevent mistakes rather than trying to fix things after bad decisions are implemented. In the next several blog posts, we will discuss some of these topics, and how we can help when a major life event happens in your life. In this…

Cottage Ownership & Taxes
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Don’t fool with the taxman when transferring your cottage By Tim Cestnick Last week I took my son, Win, to Dairy Queen on his eighth birthday. He was half-way through his ice cream when he said: “Dad, people who have a plastic leg have to be careful not to eat too much ice cream – it can hurt them.” Now, I’m no expert on prosthetic limbs. But I had to believe there was a flaw in Win’s thinking. “What makes you think that?” I asked. “Well,” he continued, “I read it in a book at school.” “So, what happens if…