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9 Financial Benefits of Re-Investing Your Tax Returns with an Eligible Funeral Arrangement

Do you receive a tax refund? If yes, you may be wondering how to best optimize your hard-earned money in a way that is both meaningful and financially sensible for you and your family. Why not have your money work hard for you by prepaying your future funeral arrangements? The best way to do this is by using all or part of your tax refund to set up an Eligible Funeral Arrangement. 

What is an Eligible Funeral Arrangement 

An Eligible Funeral Arrangement (EFA) is a fully prepaid or partially prepaid eventual funeral arrangement that you set up with a licensed Funeral Home and a licensed Funeral Director. 

Financial Benefits of an Eligible Funeral Arrangement 

The financial advantage of prepaying funeral arrangements is that your money is: 

  1. Always invested under your name 
  2. Your funds are insured up to $100.000.00 
  3. Your funds earn tax exempt 1.75% interest 
  4. There are no medical questions asked 
  5. It is easy to enroll 
  6. It is simple process 
  7. It is a loving gift to your family 
  8. You are in full control of your money and your wishes 
  9. You lock in the future price of the funeral and any inflationary risks rest with the funeral home, not your family.  

Why is This a Good Idea? 

Eventually, we will all need to have some type of funeral to celebrate our life. Don’t leave your family a huge funeral tab. Instead, leave them with a solid plan for how you want your life to be celebrated.  Your loved ones will be both relieved and grateful that you already have a plan in place for them to follow – completely free of financial strain or burden. Show your family how much you truly care, even after you’re gone.  

I would love to hear from you and help get the conversation started.  You can connect with me via email or telephone, leave a comment here on the site or click the contact tab at the bottom of the screen if you are reading this post on the website. Don’t forget to join the conversation on Facebook and Twitter too. 

Until next time, 

Kat 

Katherine Downey is the #1 Funeral Preplanning Professional in Canada for the fourth time. She is a professional educator, author, licensed funeral director and insurance advisor. Not only is she a Certified Professional Consultant on Ageing and an Executive Advisor, but she is compassionately understanding.  To set an appointment or have your questions answered, please contact Kat directly.  

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Do I need a Casket, a Container, a Coffin…?

funeral preplanning Mississauga Oakville

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Have you asked the question – do I need a casket, a container or a coffin? Did you know that when an individual wants to be cremated, buried or entombed, by law the body must be in a casket or container?

A coffin is rarely used in Ontario and differs from a casket. A coffin is 8 sided and usually made of wood (see right). It is more common to see coffins used in Europe rather than Canada.

For earth burial many people are familiar with the casket (pictured above) being lowered into the ground. A casket is a 6 sided container made of particle wood with a felt cloth covering, a mix of particle wood and solid woods, soft woods, hard woods or metal. The range in price of a casket can vary widely from $500.00 to over $10,000.00. Read more

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Is that Really my Loved One’s Cremated Remains?

prepaid funerals Mississauga Oakville

A concern that people have shared with me is “How do I know that it is really my loved one’s cremated remains that I am getting back?” The answer to this is that our full circle of care of loved one’s cremated remains starts from the initial transfer and there is a very detailed and organized method of identifying your loved one.

When someone dies and they are to be cremated, the deceased is transferred from the place of death to the funeral home. At the place of death the identification of the deceased is checked before the body is transferred to the funeral home. Once the deceased is at the funeral home, a cremation application is filled out and signed by the Estate Trustee. Each cremation application has a unique number. This number identifies the deceased and the coroner that signed the cremation application. The Estate Trustee is given copies of these forms. Read more

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Snowbird Traveler’s Check List – 15 Things to Consider

secure return travel assurance plan Are you a snowbird? How wonderful it is to be able to travel south to warmer weather over the winter. Before you fly or drive away, peruse the checklist of 15 items below to be sure you have your health and hearth protected. Read more

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Process for Assessing & Collecting Ontario Estate Administration Tax

Ontario Estate Administration Tax

In the 2011 Ontario budget, the Ontario government indicated that they would tighten the probate filing rules to enhance compliance by transferring administration of the Estate Administration Tax from the Ministry of the Attorney General to the Ministry of Revenue and Finance. This change received royal assent in 2011 and was announced in force January 1st, 2015. Effective January 1st, 2015, the Ministry of Finance now has a more defined process for assessing and collecting the Estate Administration Tax (EAT). Read more

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Ontario Estate Administration Tax Filing Rules

prepaid funeral plans Mississauga Oakville

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?

funeral preplanner Mississauga Oakville

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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5 Tips for Delivering a Powerful Eulogy

eulogy template

Today your best friend’s wife called and asked you to deliver the eulogy for her husband’s upcoming funeral. A eulogy is a speech or written tribute giving high praise to a deceased person. Immediately you agree to do this and feel honored to have been asked. Later that day as you sit down to write the eulogy you might find yourself feeling overwhelmed, have no idea where to start, and stare at the blank paper or screen for a long time. What do you say? What impact did this person have on your life and on the life of others? How do you begin to sum up the accomplishments and the influence your best friend had on you and others over the years? These are great questions and certainly not an easy task.  A well prepared and delivered eulogy not only helps the family but helps those attending the service who did not know the individual as well, have a great sense of who they were, what mattered to them and how they positively impacted other people’s lives. I thought it might be helpful to provide the following 5 steps to help you craft a powerful eulogy. Read more

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Can I be Cremated if I’ve had Hip or Knee Replacement?

funeral preplanning Mississauga Oakville

“Can I be cremated if I’ve had hip or knee replacement?” is a reasonable question and the answer is yes! Increasing people are choosing cremation as their choice of disposition. According to the Board of Funeral Services Ontario Quick Facts 2103, of the 93,102 registered deaths in 2013, 56,294 or 60.46% of the disposition was cremation. These figures are provided by the Office of the Registrar General and data from 2014 is not available. Read more

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What to do Next When a Loved One Dies in Hospital

funeral preplanner Mississauga Oakville

I have had this question from a few people who have attended my seminars… “If my loved one dies in the hospital – what do I do next?”  The answer is – Your first call is to the Funeral Home.

The Funeral Home will ask you some initial questions and fill out what is called a First Call Sheet. The information needed will be: Read more