Ben Franklin said “In this world nothing can be said to be certain, except death and taxes.” This statement was made centuries ago and still rings true today. When you think about your estate, do you struggle with where to put your money? Are you getting a tax refund this year? Have you maxed out your RSP and TFSA? Yes? If this is your fortunate financial situation, well done and good for you! What’s next?
If you have money to invest this year consider putting your tax refund into an Eligible Funeral Arrangement (EFA). An EFA allows up to $15,000.00 be placed into the plan to pay for eventual funeral arrangements. These funds are held in the purchasers name, are insured to $100,000.00 and earn 2% tax exempt interest.
Additionally, all Funeral Homes in Ontario must guarantee the future cost of your funeral arrangements. This ensures that you create a celebration of your life, without being an emotional or financial burden on your loved ones in the end.
What a Win – Win for life’s no win situation! Your money is safe, guaranteed and insured for a lifetime of savings. In the end the funeral is paid for from your certificate and any extra money in the EFA will be refunded to your estate.
Would you like to learn more? I am here to help. You can connect with me via email or telephone, leave a comment right here on the site, or click the contact tab at the bottom of the screen if you are reading this post on the website.
Until next time,
Katherine Downey is the #1 Funeral Preplanning Professional in Canada for the fourth time. She is a professional educator and licensed funeral director specializing in prepaid funeral planning. To set up an appointment or have your questions answered, please contact her directly.