top of page

Estate planning in Canada

This thorough guide provides valuable insights into the process of handling taxes following the death of a loved one in Canada. While it primarily targets executors (or trustees), it also offers testators a deeper understanding of the expectations set by the Canada Revenue Agency (CRA). The guide covers dealing with tax accounts, locating CRA contact information, the impact of GST/HST credits and CCTB credits, the required paperwork for the CRA, and more. Estate planning, often overlooked until later stages, assumes crucial importance. Numerous essential terms necessitate attention, such as Fair Market Value (FMV), Adjustable Cost Base (ACB), outlays, expenses, capital gains, and losses, Registered Retirement Savings Plan (RSP), Registered Retirement Income Fund (RRIF), GST/HST tax credits, Canada Pension Plan/Quebec Pension Plan (CPP/QPP) death benefits, final tax returns, and clearance certificates. There are several reasons why people tend to neglect estate planning. The complexity of the estate planning system, uncertainties regarding future issues, and the fact that individuals are preoccupied with wealth accumulation rather than contemplating prospective inheritors all contribute to this negligence. Moreover, adhering to Shariah compliance adds another layer of complexity to estate planning, necessitating specialized attention. It is important to note that Intestacy rules vary across Canada and do not align with Muslim succession laws. So, this guide serves as a valuable resource for both executors and testators, offering a detailed understanding of the tax-related procedures that follow the death of a loved one. It addresses various aspects of estate planning and delves into essential terms and considerations. By providing clarity and insights, the guide aims to clarify the complexities of post-death tax obligations and encourage proactive estate planning to benefit future generations. Wassiyyag provides estate plans to comply with legal and Islamic perspectives for a bachelor, family with or without children. And also, you will have the option to choose a testamentary bequest.

Want to read more?

Subscribe to wassiyyah.com to keep reading this exclusive post.

9 views
bottom of page