The Blueprint: Valentine’s Day highlights lasting love through thoughtful estate planning. Wills and trusts help prevent family disputes and ensure asset transfer as intended. Living wills and health…
Read more Cona: How estate planning ensures lasting love and family harmony this Valentine’s Day | Long Island Business NewsCanadians expect a tougher retirement than their parents Of all age groups, millennials have the gloomiest outlook, with nearly three quarters (73%) responding that their retirement plans will…
Read more Canadians fear a tougher road to retirement—and plan to help their kids along the wayLiving (inter vivos) trusts A living trust, or inter vivos trust, that you set up during your life is most commonly used for tax reasons. People might use…
Read more How to ensure your kids can keep your house when you die – MoneySenseThe great wealth transfer is upon us. DAVID MAMMINA: ‘It really depends on the person themselves on how they want to determine how their money goes when they…
Read more How to prepare for the $84 trillion wealth transfer | Long Island Business NewsLet’s dig into this by first understanding what will happen if your dad continues doing what he is doing and he doesn’t add money to his TFSA. If…
Read more What’s more important: your wealth or your legacy? – MoneySenseRonkonkoma-based Strata Alliance, a financial and business advisory firm, has expanded its services and unveiled Strata Foundation – formerly CMM Cares – an organization that gives back to…
Read more Strata Alliance expands services, unveils Strata Foundation | Long Island Business NewsIt is a story about two young adults outraged by the amount of wealth lost to taxes—$659,000—when their parents, in their early 60s, both passed away within a…
Read more Taxes halved their inheritance. Could anything be done? – MoneySenseIn fact, the proportion of Canadian women without biological children has been rising steadily, up to 17.4% of those over 50 in 2022. And family sizes are smaller than…
Read more How to plan for old age when you don’t have kids – MoneySensePlanning for your death may not be pleasant, but it’s important for the family left behind. Planning for your digital legacy is equally important. Planning for your death…
Read more A Maryland estate planner’s advice for your digital afterlife – WTOP NewsIf the RRIF is not set up this way, there will be immediate tax consequences, and the estate wishes of your husband may not play out as intended.…
Read more What happens to a RRIF when the account owner dies? – MoneySenseThe essential guide to inheritance planning Neglecting to plan your inheritance is a bit like leaving your garden unattended for a few seasons. What starts as a minor…
Read more Don’t squander your legacy – MoneySenseGifting some or all of a rental property The act of adding a name to a property itself does not give rise to capital gains tax. There’s a…
Read more Tax implications of adding a child’s name to your rental property – MoneySenseLoan forgiveness is an option If you loan money to a child, you can forgive the loan during your life or upon your death. Of course, you should…
Read more A parents’ guide to home down payment gifts and loans – MoneySenseShould you keep renting a cottage or buy one? You don’t need me to explain the personal perks of having a vacation home or a cottage. But to…
Read more Yes, a cottage is an investment property—here’s how to minimize capital gains tax – MoneySenseDie Broke is the book where I first encountered the colourful quip about how the last cheque you write should be to your undertaker, and it should bounce.…
Read more A review and summary of Die with Zero and 4,000 Weeks – MoneySenseRESP contributions grow tax-deferred and are eligible for government grants and bonds. Withdrawals are partially taxable and partially tax-free. The taxable portion can be taxed to the post-secondary…
Read more When and how to transfer an RESP for grandchildren – MoneySenseThe basics: U.S. estate tax for non-residents The U.S. imposes estate taxes on the worldwide estates of its citizens and residents. However, as a Canadian with no U.S.…
Read more Cross-border estate planning: What should Canadian parents with U.S. beneficiaries do? – MoneySenseMany non-financial assets depreciate in value. Cars, furniture and other such assets tend to be worth less over time, and they are generally not subject to capital gains…
Read more You have to sell a cemetery plot—will you owe capital gains tax? – MoneySenseWhat is an executor? An executor is a person named in your will who will be responsible, after you die, for making sure that your assets are distributed according to…
Read more How executors get paid in Canada – MoneySenseIf you are going to sell next year, it is worth paying $833 of tax a year earlier? Think of it like debt. Imagine you can buy a…
Read more How much is capital gains tax in Canada?—and other questions answered – MoneySense
