Estate planning is one of the most important — and most procrastinated — areas of personal finance. A proper estate plan protects your family, reduces taxes, avoids probate delays, and ensures your wishes are carried out. This hub covers every aspect of Canadian estate planning, from writing a will to managing registered accounts at death.
Nearly 60% of Canadians don't have a current, valid will. This means that if they die, provincial intestacy laws — not their wishes — determine who gets what. For married couples with children, this may produce a reasonable outcome. For blended families, common-law partners, or anyone with specific wishes about asset distribution, dying without a will can be devastating for those left behind.
A will is the foundation of any estate plan, but it's only one piece. A Power of Attorney (POA) for property and a Power of Attorney for personal care (sometimes called a healthcare directive or living will) are equally important — they specify who makes decisions on your behalf if you're incapacitated but still alive. Without these documents, even your closest family members may need to go to court to get legal authority to manage your affairs.
Probate is the court process that validates a will and gives the executor legal authority to administer the estate. Probate fees vary dramatically by province: Ontario charges a sliding-scale fee that amounts to roughly 1.5% of the estate value above $50,000. BC charges up to 1.4%. Alberta caps fees at $525. Strategies to reduce the probate-able estate — including beneficiary designations, joint ownership, and trusts — can save thousands for large estates.
Registered accounts (RRSPs, RRIFs, TFSAs) have special rules at death. With a named spousal beneficiary, RRSPs and RRIFs can roll over to the surviving spouse's account tax-free. Without a named beneficiary — or when leaving to children — the full RRSP/RRIF balance becomes taxable income of the deceased in the year of death, potentially creating a very large tax bill. TFSA assets pass to the estate (or to a designated successor holder for spouses) tax-free. Getting these designations right is one of the highest-value actions in estate planning.
Explore the guides below for comprehensive coverage of every Canadian estate planning topic.
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