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Estate Planning Archives

Have you considered all of the benefits of a tax free savings account?

The tax free savings account is a cost-effective investment tool not only because it shields your savings from taxes, but also because a TFSA is not necessarily subject to probate and can be used to pass an inheritance confidentially to a beneficiary.

Poll: 40 per cent of Canadians draw down retirement savings before career's end

A comprehensive estate plan can include multiple vehicles for retirement savings. For example, a trust, a tax free savings account and a registered retirement savings plan can all be coordinated in the same estate plan in order to maximize your finances during retirement.

Tax free savings account a hot topic in upcoming election

In less than a month, Canada will hold its 42nd general election, and a hot political topic this year is the Tax Free Savings Account. The annual contribution limit for the TFSA was raised by the current Conservative government to $10,000, and the Liberals and New Democrats have made it clear that they want to bring the amount down to the previous limit of $5,500.

Survey says support of adult kids delaying Canadian parents' retirement

Retirement planning is an essential part of comprehensive estate planning, but these days many Canadians are having a difficult time saving for retirement because of a common factor: they still support their adult children.

Planning your estate? Don't leave your heirs in the dark

You can try to ignore the topic, but doing so could lead to confusion and conflict among family members, as well as losses to your estate. According to a recent poll by the Canadian Imperial Bank of Commerce, more than 50 per cent of Canadians expect to leave behind assets upon death, but 47 per cent have never actually communicated their estate plans to their heirs.

Steps children can take to prepare to be beneficiaries

In our last post we wrote about things that parents seeking to leave assets to their children can do to make the transfer easier. In this post we will look at steps children who are, or may be, slated to be beneficiaries of their parents estate, can take. Some of these tips should be considered while one's parents are still alive while the others apply following their deaths.

How parents can prepare to leave assets to children

Those, who have never experienced wealth transfer upon death of a parent may think that it will be a simple process. The reality, however, is that for such a transfer to go smoothly after the parents die, many matters must be taken into consideration and planned for before the transfer occurs. There are steps that the parents, who are passing their wealth to a next generation, can take to make things easier for everyone in the end. There are also steps that can be taked by the children, who are named as beneficiaries, to ensure that the process goes smoothly.

When creating estate plan consider tax ramifications

Going in with a ready plan of action is generally much better than having no plan at all. Estate planning is no different. Most of the time, a simple estate plan is much better than no plan at all. While most estate plans focus who will receive the assets upon the testator's death, the benefits of proper estate planning extend beyond simple distribution of the property. The creation of an estate plan could significantly minimize the amount of money that the tax collector receives from an estate. If an estate is left to people other than one's spouse, a potentially significant tax bill could be forthcoming.