Experienced estate lawyers will tell you that estate planning provides people with comfort, confidence and certainty. For some however, the mere mention of it causes anxiety. 

It’s been well documented that a massive wealth transfer is taking place globally, with an estimated $1 trillion in Canada alone moving to the next generation. If you’re expecting (or recently received) a sizeable inheritance, deciding what to do with it can be overwhelming.

The Canada Revenue Agency (CRA) doesn’t consider the amount you inherit to be taxable income, but before you receive this inheritance, the CRA taxes property held in the estate of your benefactor (i.e., the person providing your inheritance).

Estate planning is a legal process for the distribution of a deceased person’s assets. It allows you to create a formal strategy that helps safeguard your assets and transfer them in an orderly, tax-efficient manner to beneficiaries.

Have you ever thought about what might happen to your finances if you became physically or mentally incapacitated? Who would pay the bills, manage your investments and look after your various financial accounts? Similarly, who would make critical decisions for you regarding health care matters?

RRSPs, TFSAs and RESPs are all great savings tools to help you plan for the future. We can help you figure out which one is best for you.