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Ontario Estate Administration Tax Filing Rules

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In our last blog we spoke about Ontario Probate becoming the Estate Administration Tax, the Certificate of Appointment of Estate Trustee and the importance of this certificate to confirm the appointment of an Estate Trustee. This certificate authorizes the Estate Trustee to work on behalf of the deceased and start the process of closing the estate. Further to this, effective January 1, 2015, the Ontario Ministry of Finance implemented new Estate Filing Rules for people acting as an Estate Trustee in Ontario, for estates valued at greater than $1,000.00. Read more

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Pre-paid Funeral Plan – Will I Get What I Paid For?

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During a recent presentation to a Lions Club a lady asked me “How do I know that the prepaid funeral will actually give me what I paid for – not something cheaper in the end?” When people have the courage to preplan and prepay their eventual funeral arrangements, they enter into a contract with the Funeral Home and a licensed Funeral Director. The binding legislation for the profession is the Funeral, Burial and Cremation Services Act. In this legislation, it is mandated that every funeral home must have a current price list, and all goods and services must be itemized on the prepaid funeral contract – exactly as these items are listed in the price list. Additionally the Ontario Board of Funeral Services has outlined how all prepaid funeral contracts must be organized. Read more

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Disabled Beneficiaries – Would a Henson Trust Benefit your Situation?

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Many Canadians are aware of the importance of having a valid will and powers of attorney document, yet, the importance of these documents is vastly underestimated in the special needs arena. Careful estate planning is necessary if persons with disabilities are to become beneficiaries of an estate. Individuals who live in Ontario should consider taking advantage of the Henson Trust when planning for their beneficiaries, who are recipients of ODSP benefits. Read more

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Who Will Preplan & Prepay Your Funeral Arrangements if you Can’t?

Alzheimers and funeral preplanningIt is estimated that by the year 2020 – 1 in 4 people will be diagnosed with cognitive related issues under the Alzheimer’s umbrella. The onset of cognitive decline may be slow and progressive or rapid and unexpected. The Alzheimer’s Society advocates “Speak Up” – get your affairs in order now. I have adapted this information in the context of prepaid funeral pre-planning. The question I pose to you is:  If you are not of mental capacity – then who will make your funeral pre-arrangements for you? Read more

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Act Now – 10 Things to Save your Estate $1000s of Dollars!

licensed pre funeral planner MississaugaAn adult son called me today asking about what he could do and how to start organizing his mother’s affairs. His mom now has advanced Alzheimer’s and before her cognitive decline she drafted a valid Power of Attorney for Property and Personal Care and a valid Will. Here are my suggestions for 10 ways to save your estate $1000s of dollars if you act now. Read more

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Kat Downey, Canadian Certified Executor Advisor (CEA)

CEA OntarioI am thrilled to introduce you to the CICEA and let you know that I successfully completed the 30 hour on-line course offered by the Canadian Institute of Certified Estate Advisors and successfully completed the Certified Executor Advisor Examination.

As the first licensed Funeral Director in Ontario with the CEA designation, I can be a great resource to my clients and community.

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The Importance of Naming a Beneficiary

Benefits of a beneficiaryWhy is it important to name a beneficiary on our life insurance policy?

A beneficiary is the person, charity or other organization that you name to receive your money or property from your life insurance policy, investment accounts or trust funds. For example: Mr. Anderson has a $30,000 life insurance policy and named his wife as the first beneficiary and his two children as the second beneficiaries. If Mr. Anderson dies before his wife does, then she will receive tax free, the $30,000 death benefit of his policy.

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