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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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Can Prepaid Funeral Payments be Deducted on Tax Returns?

licensed Pre funeral planner MississaugaOne of the questions that I am asked is whether or not prepaid funeral payments can be deducted on Personal Tax Returns. The answer unfortunately is no and here’s why.
The Canada Revenue Agency (CRA) has designated that funds held in a prepaid funeral account called an Eligible Funeral Arrangement (EFA) must be guaranteed to $100,000.00 and earns tax exempt interest. The funds held in the EFA continue to earn tax exempt interest throughout the life of the funeral beneficiary.

When the funeral beneficiary dies, the funds are released to the selected funeral home. These funds are used to pay for the desired type of funeral service. If there are residual funds in the EFA, a T5 may be issued to the estate of the deceased. Read more