A vacation property owner has always intended to hand down the property to her two children. However, she’s planning her estate and faces a challenge. Her adult daughter regularly vacations at the lakeside property, but her son lives three provinces away and is no longer interested in the property. The equal split no longer works….
It’s natural to think that estate planning for a single person would be less involved than for someone who’s married with children. But that’s not necessarily the case. Many estate planning measures that are made automatically by a married individual, such as leaving estate assets to their spouse, require more time and thought for a…
Investment insight You’ve worked hard over the years to make sure your loved ones will be comfortable—both now and after you’re gone. However, your nest egg can disappear very quickly when it’s passed on to your beneficiaries. This “sudden wealth” approach to transferring hard-earned savings is a real concern for many people. For those who…
Wealth Transfer Each year in Canada, billions of assets are transferred at death. If you intend to transfer all or part of your assets to your heirs, you want to make sure that it goes to the people you selected and in the manner you intended. Unfortunately, wealth transfer doesn’t always occur as planned. This…
One of the tax breaks the government gives to couples takes place when the first spouse passes away. That person’s Registered Retirement Income Fund (RRIF) can be taken over by the surviving spouse without taxes being payable at the time. So those funds continue to grow on a tax-deferred basis. But what happens if the…
If you were to imagine someone establishing a trust, you may picture an individual leaving their hilltop mansion and being driven by their chauffeur to stately law offices visited only by the rich and famous. In reality, a trust can be used by just about anyone to meet a variety of estate planning needs. One…
Are you in line for a large inheritance? You might be. Are you prepared for it? Maybe not. Here’s how to get ready. Have you read about “the great wealth transfer?” In 2026, the first of the Canadian baby boomers will reach 80. Starting around then, as much as $1 trillion (that’s 12 zeroes!) will…
Most parents who think about helping a child buy a home have something in common. When they bought their first home, it was significantly easier to make the down payment than it is now. Today, real estate prices have escalated, mortgage regulations are stricter and the cost of living is higher. So a parent might…
Drafting a will probably ranks up there with flossing. We know we should do it, but we either put it off or avoid doing it completely. According to the 2019 Sun Life Barometer,* 67% of working Canadians don’t have a will. (*The Barometer is a survey that measures Canadians’ attitudes about their health and finances.) If…
You play an important role in protecting your parents’ legacy Do you remember when your parents sat you down for the talk? Back then, it likely included some awkward moments and uncomfortable feelings. It could be time for another talk, but this time you’d be starting a conversation your parents may have been avoiding – about…