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Estate planning calculator for Canada

Wassiyyah has developed an estate planning calculator that provides individuals with an overview of their estate planning requirements of the Canada revenue agency (CRA). This tool aims to help users understand various tax, gift, and estate-related terms. Since each country has its own criteria and rules for taxes imposed on different types of estates after death, it is essential to familiarize oneself with the specific regulations of the relevant jurisdiction. While some aspects of estate planning are common across countries, such as taxes on gifts to spouses, relatives, and friends, creating trusts, or making donations to charities, there are unique considerations within each legal system. For instance, in Canada, it is assumed that the spouse is a Canadian citizen, allowing for tax deferment between husbands and wives. The estate planning calculator takes these factors into account. Moreover, the calculator enables users to calculate their estates based on their assets, including cash, capital properties, stocks, bonds, investments, and capital gains or losses. It also provides information on tax-exempt estates that can be given to various beneficiaries, such as spouses, children, relatives, friends, charities, trusts, or individuals associated with Registered Savings Plans (RSPs) or Registered Retirement Income Funds (RRIFs). Estate planning in Canada holds particular significance for Muslims due to the existence of intestacy rules that differ from Islamic succession law. To ensure compliance with both legal and Shariah requirements, individuals need to create an estate plan that aligns with both systems. Wassiyyah, a platform that provides solutions for Canadian Muslims, offers a complete approach to address this challenge. One aspect that requires technical estate planning solutions for Canadian Muslims is the management of joint accounts and assets under Shariah principles. Wassiyyah offers specific strategies and guidance tailored to meet the requirements of Shariah law while adhering to Canadian legal standards. So, this estate planning calculator facilitates understanding various tax and estate-related terms, allowing users to calculate their estates based on different types of assets and visualize the tax savings.

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