Life Insurance money doesn’t simply have to be used after you pass on. Read up on several ways you can use life insurance money below:
Read up on an interesting article which offers insight as to why you may wish to purchase life insurance:
Having a contingency plan in place is the cornerstone of a Power of Attorney. Read about why a Power of Attorney is important in the article below:
Are you a pet lover? How much do you spend on your pet’s actual NEEDS? Now how much do you LAVISH on pet accessories, pet massages, grooming and all of those fancy luxuries?
What does estate planning have to do with your pets?
You’re probably already acquainted with the basics of estate planning: the importance of a Will, Power of Attorney, a Living Will as well as the significance of settling your taxes, planning ahead for your estate when you are gone, and so forth.
Please note: This article does not pertain to residents of Québec.
Are you thinking of adding your adult child as a joint owner to any of your property? If so, you should be familiar with the legal and tax consequences of joint ownership.
Joint tenancy vs. tenancy in common
The common law, which applies in all Canadian provinces except Québec, recognizes the following two forms of joint ownership:
If you are interested in the duties concerning an Executor, read on below:
This checklist will provide a better understanding of your many duties as an Executor; however, depending on the situation and your relationship with the deceased, not all of the points will apply. It is recommended that you seek legal advice at the outset if you think it might be necessary.
The introduction of the Tax-Free Savings Account (TFSA) in 2009 represented the most important change to the way Canadians save money since RRSPs were launched in the 1950s. But the big question on many people’s minds is whether they should contribute to a TFSA, the tried-and-tested RRSP or possibly even both?
The principal residence exemption allows you to exempt from taxation some or all of the capital gains that you realize when you sell a home that qualifies as a “principal residence” – a potentially significant tax savings.
A Registered Retirement Savings Plan (RRSP) is a great way to invest for retirement and reduce income taxes. But, like most good things, it must come to an end. You are required by law to wind-down your RRSP by the end of the year in which you turn age 71. In reality, most people start drawing on their RRSPs for retirement income before then.