The possibility of not being able to make your own decisions may not be a subject you often consider, but anticipating incapacity is an essential part of estate planning. Canadians can most easily address incapacity issues with two important documents: power of attorney for personal care and power of attorney for property.
You're not alone if the prospect of talking with your heirs about estate planning makes you uncomfortable. In fact, earlier this year a poll by the Canadian Imperial Bank of Commerce showed that nearly 50 per cent of Canadians have not broached the topic of inheritance with their heirs, yet more than half of Canadians expect to leave assets to heirs upon death.
The Financial Planning Standards Council is the not-for-profit organization that establishes professional standards for financial planners in Canada. An appropriately qualified professional can earn a Certified Financial Planner certificate, but there is currently no legal requirement that a person become a CFP before charging Canadians for financial planning services.
Do you have a retirement plan but are not quite sure of whether it will be enough when you reach retirement age? If so, then you are not alone.
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.
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.
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.
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.
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.
A family cottage can be a very important asset for many estates and deciding what to do with it is often a big decision. In this post will attempt to provide some ideas how the disposition of a family cottage might be addressed.