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What is Estate Planning?
Estate Planning is the process
of foreseeing and arranging for the proper disposal of an Estate.
Individuals and estates can avoid probate fees in most cases with
proper estate planning on non-registered investments in Ontario,
Canada.
Estate Planning in Ontario
is Essential
Although Ontario does not have
any direct death tax, they do have something called probate fees
which in essence is a form of tax on ones assets when an individual
passes away. Canadians spend a considerable amount of time researching
safe investments and try to save money and accumulate wealth for
retirement. In some cases, if not in most cases, unfortunately,
Canadians do not spend much time on Estate Planning which would
ensure the passing of one’s assets to one’s heirs including spouses,
children, grandchildren and others in the most effective and tax
effective ways possible. From an investment vehicle standpoint,
all assets are not taxed at death at the same rates or in the
same manner.
 Ontario
- Probate Fees
Probate fees also known as
“Estate Administration Tax” are payable to the Ontario Government
when your Will is submitted to court after your death. The fee
is based and calculated on the size of the estate. There are couple
of Techniques to avoid this probate fees such as joint ownership
of assets, the designation of beneficiaries in plan documents
or insurance policies, estate planning and planning on non registered
investments.
Ontario Estate Planning Probate
Fees Schedule
Probate fees vary greatly from province to province.
The probate fees are based on the gross value of the deceased’s
assets which are passed under the Will. So basically, the only
debt which can be deducted is a mortgage on real estate.
The Schedule: $5 on each $1,000 for the first $50,000 and
$15 per $1,000 thereafter
Estate Planning – 4 Comments
• Your Estate Plan
You can leave your loved ones behind to struggle
with several legal issues and payments of unnecessary taxes –
Or you may form an Estate Plan that ensures the passing over of
your assets to your heir’s with no problems and the least amount
of taxes possible.
• Your Will
As you will be leaving all your assets behind, why not make sure
they go where you want them to go? A Will would give you the power
to do that even if you are not there anymore. You must consider
a Will if not a comprehensive Estate Plan, this way you secure
the lives you leave behind.
• Minimize Your Estate Taxes
You pay taxes throughout your lifetime and you will still have
to pay taxes after you die. But there are considerable ways to
minimize them – Estate Planning. After all do you want your money
to go to the Government or the ones you loved?
• Including a Trust in your Estate Plan
Trusts have certain advantages in your Estate Plan – They can
help reduce Capital Gains upon death; they allow you to split
incomes, defer taxes and reduce overall taxes and help you avoid
the high costs involved in Probate.
Proper Estate Planning is Mandatory for Potential
Retirees in Ontario, Canada
Individuals and estates can avoid probate fees
in most cases with proper planning. Individuals, who invest in
Segregated Funds, Guaranteed Investment Funds or Guaranteed Investment
Certificates (GICs) issued by Canadian Insurance Companies whereby
a named beneficiary exists, can avoid probate fees and other expenses
at death.
For additional information visit Guaranteedinvestments.com and
ask to speak to a professional advisor.
If you are interested in ensuring your investments are transferred
to your heirs in the most effective way, please CONTACT
US today.
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