Losing a Loved One

The passing of your spouse is a very difficult, emotional, and overwhelming experience. Making financial decisions is difficult at the best of times, let alone when emotions are running high and you aren't in your best state of mind. It's important to plan ahead - click here to learn about financial impacts of losing a spouse.

The transfer of assets can be made one of two ways: 1) in cash, when a security is sold and the proceeds are moved, or 2) in-kind, when an investment is moved exactly as is. Transfers in-kind may result in a taxable gain or loss. Click here to learn about the tax treatment of transferring funds to a loved one.

An individual still has an obligation to file a tax return and pay any applicable income tax in the year of death, regardless of the time of year when they passed.  Click here for some assistance when filing the final tax return for a deceased individual.

A Power of Attorney is a legal document whereby one person gives another person(s) the power and authority to act on their behalf.  Click here for general information, as well as the risks associated with Power of Attorney for financial and property matters in common-law provinces.

When was the last time you looked at your will or estate plan? Most legal professionals recommend reviewing your estate plan every 3 to 5 years, or whenever you experience a major life event. Discover when a change or update to your will and estate plan may be warranted. It's never too early to start planning ahead.

Filing an optional return in the year of death could reduce or even eliminate taxes payable for the deceased individual. Several strategies are available, but not all may apply to your particular circumstance. Click here to learn more.