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casket legacy matters kat downey
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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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Landing Papers – Who Knew They Are so Important?!

bigstock-Passport-Stamps-4027299As part of our After Care program, I was recently assisting a man with some of the necessary paperwork involved in closing part of his mom’s estate.  One of the questions I asked him was if his mom had a valid Canadian Passport?  He replied that she did not; rather she had a valid British Passport.  In the course of our conversation I asked him if I could look at the passport.  One great part of my job is that I get to look at old marriage certificates, immigration papers, passports, or birth certificates.  I love the stamps and seals or markings on these documents.  Often the writing is very precise as well. This I find very interesting.

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3 Canada Pension Benefits You and Your Executor Should Know About

Birth CertificateAs far as the Canadian Government is concerned, there are two important dates in our lives:  our birth date and our date of death.  Although we may not want to think about our own mortality – eventually this is going to happen so ensuring your personal papers are in order and readily accessible is highly recommended. Here are 3 Canada Pension Benefits that your executor should know about.

1. Canada Pension Plan Death Benefit

One of the things your executor needs to do is to apply to Service Canada for the Canadian Pension Plan Death benefit.  The current maximum is $2,500.00 and is payable to the estate of the deceased contributor.  To apply for this benefit, your executor must provide the following:

  • The deceased’s SIN number
  • Date and place of birth
  • Date of death, and
  • A copy of the funeral director’s death certificate.