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).
When it comes to insurance, there are some types that we automatically take out. Car insurance, home insurance and life insurance are often considered non-negotiable essentials.
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.
If you die without leaving a will, it could become a major headache for your family members and loved ones. With no will, the government will decide on who gets your money and assets, and every province and territory have their own distinct intestate rules regarding who will benefit from your estate.
And are you one of the 32,000 Canadians who’ll have to pay it? Many Canadians haven’t heard of the alternative minimum tax (AMT), which isn’t surprising when you discover that only a small percentage of Canadians typically pay AMT annually. The AMT came into the news recently when the federal government announced significant changes to it in the 2023 budget (which will come into effect in 2024). Let’s take a look at what the alternative minimum tax is, how it works, who it might affect and the impact of those changes.
Paying off their mortgage is a key goal for many Canadian homeowners. And paying down their mortgage faster often becomes a priority, given the financial freedom it represents.
Determining the value of your business is a crucial step when considering selling. The valuation process can be complex, involving both quantitative assessments and qualitative judgments. This article guides medium-sized business owners on how to value their businesses.