Since the pandemic, more people have been concerned about securing their family’s future with wills. But do-it-yourself wills or online will websites may not be the best way to secure your family’s future. In my blog, 5 Reasons You Need a Professionally Prepared Will, I highlight reasons…
Read full article
#14 Executors File Your Income Tax Returns and Pay Your Taxes – or Else Here are four key income tax concepts that are vital for your estate planning. On death, certain types of income receive different tax treatment. They may be reported by filing separate tax returns,…
Read full article
#13 You Can Have Multiple Wills Yes, you can have more than one will. This strategy is vital in dealing with business and foreign assets. In some cases, you can reduce Estate Administration Tax (EAT) taxes in Ontario by having multiple wills. However, having multiple wills is…
Read full article
Here are five reasons why you should avoid cookie-cutter wills from online will providers. If you or your family have these special circumstances or needs, I recommend that you speak with a professional in your jurisdiction to prepare your will. Do not try to do estate planning…
Read full article
A recent article in the Globe and Mail by famous author, Tim Cestnick, outlined 3 reasons wills can create problems. Tim explained why many wills are commonly challenged. Wills are legal documents that judges must validate – meaning that wills must comply with Ontario laws. In Ontario,…
Read full article
#12 What You Need to Know About Canadian Income Taxes on Death At the time of your death, you are considered to dispose of all your capital property (for example, real estate, stocks or jewelry) at fair market value of that time. This is what the government…
Read full article
#11 Income Taxes: Much Ado About Lots PART 2 I explain these key Canadian income tax concepts to help you plan your estate. Read part 1 of my post, #10 Income Taxes: Much Ado About Lots. Do you remember the DTT from my previous post? Here are…
Read full article
#10 Income Taxes: Much Ado About Lots PART 1 Q: Can I avoid paying my income taxes by dying? A: Afraid not. The government has a way of getting their money even if you don’t make a will. The government gives you a will that…
Read full article
Why Professional Wills Don’t Cost Anything Lawyer-prepared wills are investments that save money. Good wills cover a span of 5-10 years or more. Spread will your costs over this period for pennies a day of protection. That’s? Much less than your annual car insurance bill. Lawyers make…
Read full article
Q: If I don’t have a will, my family gets all my stuff anyway. Is that true? A: If you die without a will, the government gives you their will. Government wills are the same for everyone. Their rules decide who controls your stuff, who gets what…
Read full article
416 769 - 9800