A Power of Attorney is an integral part of estate planning; it is a legal document that allows someone else to act on your behalf to manage your finances and assets. If you ever become incapacitated or unable to look after your finances, a POA ensures that you won’t have to worry. So, what would […]
The federal government and all provinces allow a tax credit based on pension income received. The federal tax credit is 15 per cent of the lesser of $2,000 and the eligible pension income of the individual, while provincial percentages and limits vary.
The Canada Pension Plan (CPP) provides a number of benefits, the most significant of which is the retirement pension that forms an integral part of most Canadians’ financial plans for retirement. The Quebec Pension Plan (QPP) provides parallel benefits for Quebec residents. Every contributor to these government-sponsored pension plans will eventually need to make important […]
One of the more popular tax planning strategies is “income splitting.” To the extent income can be shifted within a family unit from a higher income earner to a lower income earner, less income tax is paid and more after-tax income is retained within the family unit.
Individuals in receipt of eligible pension income can allocate or split up to 50% of the income with their spouse or common-law partner, and the allocated income is reported as the spouse’s taxable income. This allows the shifting of income from a higher-income spouse to a lower-income spouse, enabling the couple to reduce their combined […]
Why Have a Will? Convenience is a factor in creating a Will online. A Will determines who controls your assets after death and also identifies the people to whom your estate and assets will go to. Preparing a Will is the simplest way to ensure that your funds and property will be distributed according to […]
What are some of the strangest Wills in recorded history? From Ancient Rome to William Shakespeare, there are some bizarre Last Will and Testaments throughout history. This is not unusual in of itself, given the fact that there have been many famous (eccentric) icons throughout history. A Last Wil and Testament is obviously very important; […]
A Living Will (also known as a Power of Attorney for Personal Care/Health Care Power of Attorney/Advance Directive) allows you to express your wishes and directions regarding your health care and to appoint individual(s) to act on your behalf for health care matters in the event that you are unable to do so. The purpose […]
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 […]
