Creating a will means making big decisions that will impact your family for years after you’ve gone. While divvying up assets, assigning care for dependants and tax planning will take up most of your will-creating conversation, you’ll also have to consider who should be the executor of your will (or the liquidator in Quebec).
When it comes to insurance, there are some types that we automatically take out. Car insurance, home insurance and life insurance are often considered non-negotiable essentials.
It’s not easy to talk about estate planning; after all, who wants to think about what might happen when they’re no longer here? It’s also a complicated topic, covering investments, tax and real estate, not to mention hard-to-navigate family issues. There’s far more to it than just making a will — find out exactly what’s involved in estate planning. As a result, many people make mistakes or forget important steps when developing their estate plan, which can lead to trouble for their loved ones.
Canadians are pretty good at some aspects of estate planning. Almost half of Canadians have drawn up a will, and that number shoots up to 78% of Canadians aged 55-plus.
The 2024 federal budget tabled by Finance Minister Chrystia Freeland on April 16 contained several proposals that will impact the financial, tax and estate plans of Canadians. The following is a summary of the most relevant budget proposals that may impact Canadians.
In the relentless pursuit of success, Canadian high-net-worth individuals, including CEOs, senior executives, entrepreneurs and managers face a business landscape defined by constant change.
According to a recent Stats Canada report, almost 1.4 million Canadian households reported having property rental income. That’s a significant portion of the population.. Given that rents increased on average across Canada by 11% in 2022 (and by considerably more in big cities, such as Toronto and Vancouver), it’s understandable why investing in property is so popular.
Those Canadians (45%) who say that they have a retirement plan feel less stressed about their future because retirement feels more attainable. However, many of those are unaware of what a real retirement plan looks like. Regularly saving in a company pension plan, an RRSP or a TFSA is not a retirement plan.
Most people think of life insurance as a necessary expense. It’s something that you almost begrudgingly pay for, in the hope that you’ll never need it, but with the expectation that it will protect your family’s finances, should the worst happen.
If you die without leaving a will, it could become a major headache for your family members and loved ones. With no will, the government will decide on who gets your money and assets, and every province and territory have their own distinct intestate rules regarding who will benefit from your estate.
Succession planning requires identifying and developing potential leaders within your organization who can step into critical roles when current leaders leave, retire, or otherwise can't perform their duties. Here are some reasons why it's vital.
Tax preparation season is a good time to take a look at your unincorporated business and consider whether you should consider changing its status. If you don’t need all of your business’s income for your personal needs, it could make sense to incorporate it. In this article, we examine the different kinds of business ownership, the types of tax advantages and savings that can come with incorporation, and whether it might be a valid option for your business.