Living Will Ontario: What It Is and How It Works
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.
March 21, 2025
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.
Capital gains tax, probate fees, and final income taxes can take a significant portion of your wealth if you don’t plan ahead. Understanding how these taxes work—and how to minimize them—can help ensure your family inherits more and pays less.
Deciding whether to gift or inherit property in Canada hinges on tax, family dynamics & long-term planning. Discover strategies to minimize your tax burden.