Estate Planning

Estate planning encompasses many different areas and can become complicated very quickly. What we can do is step back, look at the big picture, and suggest changes to help make the process simpler. We will review all your relevant estate documents, current accounts, and intended beneficiaries. If your needs exceed our expertise, we can refer you to other professionals to assist with designing the best possible plan.
Our Estate Services
  • Estate Review
  • Executor Products
  • Estate Taxes
  • Estate Management

Estate Reviews

Reviewing your estate is an important process to undertake from time to time, especially as you age. It involves reviewing your existing documents, such as Wills, Powers of Attorney, Health Care Directives, Insurance plans, and beneficial appointments in your RRSPs, RRIFs, and TFSAs. It also includes a review of your financial assets, Titles to your properties, inheritance plans, trust agreements, and your personal banking needs. We can discuss topics such as exploring “Joint Tenancy” and whether your estate will need to be probated. From there, we can set out a plan and make any changes required.
Important Questions to Consider:
  • Do you have an up-to-date Will?
  • What is the effect of the Probate process on your estate?
  • What is the Tax position of your estate?
  • Are your bank accounts joint? If so, with whom?
  • Is your executor up to the job?
  • Have you named beneficiaries on your RRIFs, RRSPs, or TFSA?

Estate Products

With our extensive knowledge and experience we can review all areas of your estates, identify any missing pieces and then prepare necessary documents all in house if required. Through our Notary Services we can create new wills, powers of Attorney, and Representation Agreements / Health Care Directives. Through our Accounting Services, we can prepare Personal T1-General Tax Returns, T1 – General Year of Death Returns and when required, T3 – Trust Returns. We can also prepare estate accounting summaries for reconciliation and beneficial distribution.

Estate Taxes

Another aspect of estate planning to consider is taxes. There are many things to consider, and we can help ensure nothing is missed. Aside from filing the necessary tax returns for the Estate (e.g., Year of Death & Final returns, T3 Trusts), we can provide advice and assistance in other common Estate areas.
Common Tax Issues With Estates
  • The effects of capital gains on your final return
  • RRSP, RIF, and pension management upon death
  • The effect of the probate process on the Estate

Year of Death and Trust Returns

When a loved one passes, the last thing anyone wants to think about is tax returns. We can help relieve some of the burden by taking the work off your hands. We can handle the preparation and filing of the Year of Death and Final tax returns, and, if necessary, a T3 Trust return. Along with the tax filing, we can review and discuss any other aspects of the process you are unsure about and make recommendations for the next steps.
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Estate Management

Our office has extensive knowledge and experience which we can use to review all areas of tax relating to your loved one’s estate. There are many accounts to consider such as RRIFs, TFSAs, RRSPs, and pensions all of which we can help you manage effectively. We will work with you to discuss beneficiaries and resource allocation to create a plan that works best for your situation. Lastly, we can work to reduce the amount you pay in taxes and offer advice about what to do moving forward with your loved one’s estate.