Creating a will means making big decisions that will impact your family for years after you’ve gone. While divvying up assets, assigning care for dependants and tax planning will take up most of your will-creating conversation, you’ll also have to consider who should be the executor of your will (or the liquidator in Quebec).
It’s not easy to talk about estate planning; after all, who wants to think about what might happen when they’re no longer here? It’s also a complicated topic, covering investments, tax and real estate, not to mention hard-to-navigate family issues. There’s far more to it than just making a will — find out exactly what’s involved in estate planning. As a result, many people make mistakes or forget important steps when developing their estate plan, which can lead to trouble for their loved ones.
Canadians are pretty good at some aspects of estate planning. Almost half of Canadians have drawn up a will, and that number shoots up to 78% of Canadians aged 55-plus.
The 2024 federal budget proposed an increase in the capital gains inclusion rate for corporations, trusts and individuals from one-half (50%) to two-thirds (66.67%). This change comes into effect for capital gains realized after June 24, 2024, so some taxpayers may want to consider whether it’s beneficial to trigger unrealized capital gains before June 25, 2024.
The 2024 federal budget tabled by Finance Minister Chrystia Freeland on April 16 contained several proposals that will impact the financial, tax and estate plans of Canadians. The following is a summary of the most relevant budget proposals that may impact Canadians.
In the relentless pursuit of success, Canadian high-net-worth individuals, including CEOs, senior executives, entrepreneurs and managers face a business landscape defined by constant change.
Higher inflation, a hawkish pivot by central banks and increasing fears of a recession weighed on both equities and fixed income during the second quarter. Unfortunately, there was no reprieve from the volatility of the first quarter.
Many Canadians designate a direct beneficiary on their RRSP, RRIF, TFSA or insurance policies without giving it a second thought (although in Quebec, beneficiary designations are only effective on insurance policies). However, designating a direct beneficiary is not recommended for many plan/policy owners, where they have non-traditional or unique family situations, as it can lead to unfavourable tax implications for beneficiaries.
Did you know that many Canadians are not adequately prepared to pass on or inherit family wealth? This is often due to a lack of communication and planning. The good news is that it’s never too early or too late to start. Planning helps you identify tax saving opportunities, mitigate potential financial gaps and maximize your current lifestyle.
In response to the COVID-19 pandemic, employers have embraced an environment where employees work from home. With the opportunity to work from home, some Canadians are taking the opportunity to work from anywhere. For some that means working from the cottage or working from a foreign location. Before you switch from working from home to a location of your choice, there are a few things that you should consider.
Each June, we honour National Indigenous History Month and National Indigenous Peoples Day. However, these observances cannot be recognized without acknowledging the atrocity of the remains of 215 children discovered in unmarked graves at a former residential school in Kamloops, B.C. This news has deeply saddened all of us at IG Wealth Management, and it is a sombre reminder of our country’s past and the injustice that continues today.
Our sustainability strategy keeps us focused on what matters most to our business and our stakeholders, and seeks to accelerate positive change in areas where we – as wealth and asset managers – can make the greatest impact.