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Posts tagged "Estate Planning"

Ideas for discussing your estate planning wishes during the holidays

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.

Committee considers new rules for financial advisors in Ontario

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.

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.