Choosing the right type of will is crucial to ensuring your estate is distributed according to your wishes. But remember, a will is not the same as an estate plan which takes into consideration tax planning.
The cost of a will in Ontario depends on several key factors: the complexity of your estate, whether you use a lawyer or DIY tools, and the level of professional advice required.
A Living Will in Ontario is a written statement that outlines the medical care you want—or don’t want—if you become unable to speak for yourself.
Thinking about making a will can feel overwhelming. In this post we’ll provide a checklist that will help you if you’re making a will in Ontario. Just keep in mind that a will is not the same as an estate plan.
A will is a legally binding document that gives instructions on who receives your assets and when, who will look after any dependent children and it also names someone to carry out your wishes and administer your estate.
While Ontario does not have a specific “inheritance tax,” the government collects taxes through capital gains, final income tax returns, and estate administration fees.
Minimize probate tax in Ontario with smart estate planning. Use trusts, life insurance, and gifting strategies to reduce taxes and maximize your legacy.
The final tax return, or Terminal Return, reports all income up to death. Executors file it to settle taxes before estate distribution. Plan ahead to reduce taxes.
Yes, you can write your own will in Ontario, but mistakes can make it invalid. Ensure it’s legally sound with proper signatures or seek professional advice.
In Canada, there’s no gift tax, but property gifts can trigger capital gains. Discover how to give generously while minimizing taxes.
