Tax and Estate Planning
Designing your plan for family and estate protection
- An effective estate plan ensures and individual's personal property is managed effectively while they're alive and also that their wishes, such as distribution of assets and minimization of taxes are carried out following their death
The goals of estate planning includes:
- Preserving wealth
- Reducing taxes and estate fees
- Supplementing income for retirement or for supporting dependents
- Ensuring equity in estate distribution
- Family harmony
Your estate plan will serve as a road map to guide others in handling your affairs and finances after you die. Preparing an estate plan now will help protect your family's financial well being.
The importance of estate planning:
- Estate planning is one of the most important things you can do to help protect your family and your legacy. The purpose is to ensure and individual's personal property is managed effectively while you're alive and your wishes are carried out after your death, namely, distributing your assets in an orderly fashion and reducing taxes
What is estate planning?
- An estate plan directs others on how to handle your affairs and finances after you die. It tells them how to distribute your assets, including money, property and other possessions. It will help to ensure that your estate is divided according to your wishes, rather than the government's wishes. And, it can help you reduce taxes, so more of your estate is left for your heirs
- An estate plan offers benefits during your lifetime. The products you may use to support your plan may also help you accumulate savings for retirement and take advantage of tax savings opportunities. They may also help you maintain your lifestyle if you become ill or disabled for a lengthy period. An estate plan is part of your overall financial plan
If you die without a will, here's what happens to your assets:
- Your estate may be divided in a way your may not have wanted
- Someone will be appointed to administer your estate, rather than you choosing the person you want
- Your assets may be frozen, which means no one has access to money or property until the estate is settled
- A minor's inheritance may be frozen until he or she reaches the age of majority
- Your estate or your heirs may have to pay more taxes
Province | Spouse Only | Children only | Spouse plus one child | Spouse plus children |
Alberta | All to spouse | All to children | First $40,000 to spouse, balance split equally | First $40,000 to spouse; 1/3 balance to spouse; 2/3 to children |
British Columbia | All to spouse | All to children | First $65,000 to spouse, balance split equally | First $65,000 to spouse; 1/3 balance to spouse; 2/3 to children |
Manitoba | All to spouse | All to children | Either all to spouse or greater of $50,000, or half of the estate to spouse plus half of balance to spouse and half to children | Either all to spouse or greater of $50,000 or half of the estate to spouse plus half of balance to spouse and half to children |
New Brunswick | All to spouse | All to children | Marital property to spouse; balance split equally | Marital property to spouse; 1/3 balance to spouse; 2/3 to children |
Newfoundland and Labrador |
All to spouse | All to children | Split equally | 1/3 to spouse; 2/3 to children |
Northwest Territories / Nunavut |
All to spouse | All to children | First $50,000 to spouse; balance split equally | First $50,000 to spouse; 1/3 balance to spouse; 2/3 to children |
Nova Scotia | All to spouse | All to children | First $50,000 to spouse; balance split equally | First $50,000 to spouse; 1/3 balance to spouse; 2/3 to children |
Ontario | All to spouse | All to children | First $200,000 to spouse, balance split equally | First $200,000 to spouse, 1/3 balance to spouse; 2/3 balance to children |
Prince Edward Island | All to spouse | All to children | Split equally | 1/3 balance to spouse; 2/3 balance to children |
Quebec | All to spouse | All to children | 1/3 to married or civil union spouse; 2/3 to child | 1/3 to married or civil union spouse; 2/3 to children |
Saskatchewan | All to spouse | All to children | First $100,000 to spouse; balance split equally | First $100,000 to spouse; 1/3 balance to spouse, 2/3 to children |
Yukon | All to spouse | All to children | First $75,000 to spouse; balance split equally | First $75,000 to spouse; 1/3 balance to spouse; 2/3 to children |
For more information,
please contact us at
(647) 833-2782
please contact us at
(647) 833-2782