Revisiting Your Estate Plan

 These 4 reasons will compel you to revisit your estate planning 

For most of the people, a watertight estate planning means finding the best ways to equip themselves for contingencies, reduce the tax liability for their estate, and signing up for investment plans to ensure that their money continues to earn money for them. Undeniably, the components mentioned above underlie at the core of estate planning. However, there are a couple of crucial aspects at the periphery; which, when addressed effectively will provide a layer of protection to your estate planning. Unfortunately, most of the times they either get ignored or else are dealt rather inefficiently.  
 

Here are the four key components that will fortify your estate planning: 

Make a Will 

You never know what tomorrow has in store for you. Therefore, irrespective of your age get a will done first thing first. A survey done by CIBC last year revealed that almost 50% of Canadians do not have a will. It’s a fact that shouts out widespread ignorance prevailing in the arena of estate planning concerning the significance of making a will. Another prominent rationale behind creating a will is that if the deceased one leaves no will behind him/her, the government becomes the ultimate authority to decide how the execution of the estate will take place. In such a scenario, the chances are that your assets never reaches your loved ones for whom you had created it and may go to the wrong people indeed. Creating a will is one of the most emotional decisions of your life. However, they come out best when approached pragmatically. Take some time out of your busy schedule to safeguard the interest of your people. 

Reassess your estate plan when encountered with a sudden life event 

Life is a zigzag graph and never a straight line. Major occurrences might just come across you path in the most unexpected ways and at the most unanticipated times. It could be marriage or divorce. It could be the second marriage. Or else, it could be a sudden financial upheaval or abrupt gains. In such a situation, never forget to reassess your estate plan and make the necessary adjustments that suit your existing situation best. Otherwise also, doing a periodic reassessment of your estate plan keeps you future-ready.

Share your estate plan 

Talk about your estate plan to your loved ones. Share the details of your estate planning with your family. Agreed that managing expectations of one and all and gratifying every member’s desire is a task, which is so hard to accomplish that it never happens. Still, let your kin sneak a peek into your estate planning. You can always reason with your family about your decision and your motive behind it. Besides, they also get a chance to present their opinion to you about your verdict when you are still alive and eating dinner with them.

While planning your estate rather choose your heart than the brains 

However, in your quest to create a mastermind estate plan, do not lose your focus. So many times just to save on paying taxes; you may end up taking decisions that may make you regret later. Let your heart rule when it comes to matters of succession and transfer of your estate. 

Please don’t hesitate to contact us for a review of your estate plan.
 

Financial Planning: The Charter Way

5 reasons to have a plan: 

  1. Prioritize your financial goals: For example, if you buy a new car now, will you have enough savings later to buy a house or go back to school? Which of these goals is most important to you?
  2. Save money to reach your goals: You may find it easier to save when you know what you’re saving for.
  3. Focus on the bigger picture: Your financial plan considers everything from watching your spending to managing your investments to minimizing your taxes.
  4. Organize your finances A financial plan can help you balance spending and saving, keep track of expenses and manage debt
  5. Worry less about money: With a plan, you’ll know where you are today and how to get to where you want to go.

Talk to us for a complimentary review. 

Ontario Budget 2017

Ontario Finance Minister Charles Sousa delivered the province’s 2017 budget on April 27, 2017. The province’s 2017 budget is balanced, with projected balanced budgets for 2018 and 2019.

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Understanding the Registered Disability Savings Plan

The federal government implemented the Registered Disability Savings Plan on December 1, 2008.  The RDSP is a savings plan designed specifically for people with disabilities in Canada.

In the infographic, we highlight the key points of the RDSP:

  • Canada Disability Savings Grant: For every $1 put in an RDSP account, the federal government can (if your family income is below $87,123) match with up to $3.
  • Canada Disability Savings Bond: For people living on a low-income, the federal government will put in $1,000 each year for 20 years.
  • Anyone can contribute to someone’s  RDSP (friends, neighbours, family members, etc).
  • There is a lifetime contribution limit of $200,000.
  • People with disabilities can choose what to do with the money when it comes out.
  • The RDSP is exempt from most provincial disability and income assistance benefits. It does not get clawed back and it does not reduce disability benefits payments.

The RDSP can be complicated, please talk to us for a complimentary review.

 

Nova Scotia 2017

Nova Scotia Finance Minister Randy Delorey delivered the province’s 2017 budget on April 27, 2017. The budget anticipates a surplus of $25.9 million for the 2017-2018 fiscal year, $35.6 million for 2018-2019 and $46.6 million for 2019-2020.

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Shared Ownership Critical Illness

Shared Ownership Critical Illness offers business owners and incorporated business professionals a way to access the retained earnings in their corporation or provide benefits to a key employee.

Talk to us to see how we can help you.

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Federal Budget 2017 Families

Finance Minister Bill Morneau delivered the government’s 2017 federal budget on March 22, 2017. The budget expects a deficit of $23 billion for fiscal 2016-2017 and forecasts a deficit of $28.5 billion for 2017-2018. Find out what this means for families.

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Federal Budget 2017: Business

Finance Minister Bill Morneau delivered the government’s 2017 federal budget on March 22, 2017. The budget expects a deficit of $23 billion for fiscal 2016-2017 and forecasts a deficit of $28.5 billion for 2017-2018. Find out what this means for businesses.

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Alberta Budget 2017

Alberta Finance Minister Joe Ceci delivered the province’s 2017 budget on March 16, 2017. The budget anticipates a deficit of $10.3 billion for the 2017-2018 fiscal year, $9.7 billion for 2018-2019 and $7.2 billion for 2019-2020.

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Estate Freeze

Protect your heirs from steep tax burdens through executing an estate freeze

Almost half of Canadian business owners do not have a transition plan for their business, according to a 2015 CIBC poll.

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