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Estate Planning Video

Feb 16, 2023 | Branches | 6 comments

Video Available

149 Attendees participated in the Estate Planning webinar, and received excellent information about preparing a Departure Plan. Some members asked questions and received answers live during the presentations. Nearly everyone reported learning something new.

Important Links (Courtesy of presenter Jodi Lee-White)

If you were unable to attend the live session, use the link below to view the entire presentation:
https://youtu.be/FCGn5Xdry34

Please leave your impression of the Estate Planning webinar in the comment box below.

Keep watching for an upcoming NBSRT document outlining the steps you should follow when preparing a Departure Plan AND the steps you will need to follow
if you are acting as an Executor.

6 Comments

  1. Bob Fitzpatrick

    From Jodi – Vis-a-vis the question asked, the member looking for this information has the opportunity to do an amazing amount of good for those charitable groups that she is interested in. I am attaching links to two posts in an estate website group that provides excellent information from professionals. And if she may want to seek out the services of a gift planner to help her maximize her choices.

    One way might be through a donation of the RRSP/RRIF and the residue to a public foundation (a registered charity) that under its umbrella permits donors to set up donor-advised funds. Most of the larger financial institutions have them (and Dave may have suggestions of others) and the Fredericton Community Foundation does this as well so it is likely there is a community foundation in her area with many options. And it should, in most cases eliminate or reduce significantly any income tax payable significantly, and stream-line the work of her executor.

    https://www.allaboutestates.ca/the-overlooked-donor/ and https://www.allaboutestates.ca/canadian-donation-incentives/

  2. dgorman@davegormanfinancial.com

    Hi Margaret,

    Your home along with your TFSA will not create any tax implications to your estate upon death. Principle residence is not subject to capital gains tax when you pass. Your TFSA will simply be cashed in and added to the total value of you estate.
    Your RRSP/RRIF holdings will however be taxable income to your estate and therefore will require tax to be paid on the value.

    You may want to consider leaving these monies to a charity. When that happens your estate will receive a charitable donation in the amount that is equal to the income being taxed. A dollar of RRSP/RRIF income donated to a charity equals $zero dollars for tax purposes.

    Hope this helps Margaret. Thank you for your question.

    • Marg Urquhart

      Thanks Dave. This does help. Just to clarify regarding house – sounds like it would be best not to leave it to someone in my will.

  3. Margaret Urquhart

    While I appreciated the webinar and have in fact viewed it again, I was hoping there might be some suggestions/tips applicable to individuals who do not have a spouse/common law partner or dependents. For example, what, if anything, can they do to minimize the tax implications of having an RRIF, fully owned home and a maxed out TFSA.

    • Linda Smith

      Thanks for that one, Margie!

    • Bob Fitzpatrick

      We will ask Dave if he has any suggestions for you.

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