Estate Planning | Crawford • Ashwood Financial

Last month, I shared the first post in my Great Wealth Transfer series, discussing how trillions of dollars are expected to move between generations in the coming decades. In this second part, we’ll focus on how estate planning can help minimize the taxes owed, so more of your wealth goes where you intend. There’s no official “death tax” in Canada, but the final tax bill can sometimes feel like one. When someone passes away, most of their assets are treated as though they were sold, triggering potential capital gains and income taxes in the year of death. Add in probate…

Over the next 10–20 years, we will experience one of the largest transfers of money in history—an estimated $1–2 trillion in Canada alone as Baby Boomers pass on their wealth to the next generation. For many families, this may be the single biggest financial event of their lifetime. With so much at stake, it’s not just about what gets passed down, but how. Without thoughtful planning and open conversations, inheritances can create problems. Families may experience financial stress, conflict, or even fractured relationships. Many families avoid conversations about money because it feels uncomfortable, emotional, or even taboo. But silence can…

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…

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…

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…

In the realm of personal finance, Tax-Free Savings Accounts (TFSA) stand out as a top choice for Canadians in terms of financial flexibility. Introduced in 2009, TFSAs have become a cornerstone for savvy investors and savers alike. Let’s delve into a refresher on key aspects that make TFSA a powerful tool for tax-efficient wealth building. 1. What is a TFSA?A Tax-Free Savings Account is a versatile investment vehicle that allows Canadians to earn investment income and capital gains tax-free. Unlike traditional savings accounts, TFSAs offer a broad range of investment options, making them an effective tool for growing wealth over…

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…

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…

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…

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…

Category Archives: Estate Planning

How to Minimize Estate Taxes in Canada

The Great Wealth Transfer

The Role of Power of Attorney

Importance of Executor / Estate Trustee

Happy New Year

The Power of Tax Savings

Happy New Year

Should I put my kids on title of my principal residence?

Generosity Helps Everyone

Digital Assets