Member notice: On June 1, a new update will be available for our Android and iOS mobile banking apps. Please ensure you download the new update by June 6. You can update your device through your phone's settings, the Google Play Store or Apple App Store.
Skip to main content
Estate Planning in Canada: Tips for Protecting Your Assets and Your Family's Future
Wealth planning

Estate planning

What’s your legacy? Planning helps to protect your assets and your family’s future.

Plan ahead for peace of mind

No matter how old you are or how much money you have, having a well-designed estate plan matters. It gives you confidence that your assets will be distributed according to your wishes and that your loved ones will be taken care of after you’re gone.

Your estate plan should consider:

  • Appointing a trusted person to manage your affairs if you become incapacitated
  • Providing for minor children or dependants
  • Minimizing taxes and expenses
  • Ensuring the proper distribution of assets to beneficiaries
  • Making charitable donations
  • Creating a healthcare directive to ensure your medical wishes are carried out

By taking the time to create a comprehensive estate plan, you can minimize taxes, provide for loved ones, and leave a lasting legacy.
 
Estate planning is an important aspect of financial management

Tips for estate planning:

  • Learn estate planning basics

  • Make a will

  • Consider fees and taxes

  • Plan for incapacity


You don’t have to do any of this on your own. Let one of our knowledgeable advisors help.

Work with an advisor

5 steps to your estate plan

Estate planning involves making important decisions about your assets, including your property, investments, and personal possessions, and outlining how they will be distributed. It’s important to start the process early and to regularly update your estate plan so it stays current and always reflects your wishes and needs.

 

1. Learn estate planning basics

Do you even have an estate? It sounds fancy, but pretty much everyone has one. Your estate includes everything you own, from property and savings to digital assets. Your estate plan explains how those assets will be distributed, who will manage your affairs, and how your dependants will be provided for after you pass away.

2. Make a will

A will is a legal document that is the foundation of your estate plan. Without a will, your assets will be distributed according to provincial intestacy laws, which may not reflect your wishes. Your will sets out your instructions and names an executor who will be responsible for carrying out your wishes and managing your estate.

3. Consider fees and taxes

There’s no inheritance tax in Canada, but many provinces including BC charge a probate fee that is a percentage of your estate’s total value. Also, capital gains on investments and the entire value of registered accounts like RRSPs/RRIFs may be taxed when they go to the next generation. See if you can use some of the strategies available to reduce probate fees and taxes due on death.

4. Plan for incapacity

In addition to planning for your death, it's important to consider what would happen if you were incapacitated due to illness or injury. You can designate a power of attorney to make financial and legal decisions on your behalf, as well as a healthcare directive to specify your wishes for medical treatment.

5. Ask for help

Estate planning can get very complex, so it’s important to seek professional help from a lawyer and your advisor. They can help you navigate the legal and tax implications of your estate plan. Work with them to ensure all elements are legally valid and kept up to date.

 
 
Work with a wealth advisor

Wealth planning

Work with a Wealth Advisor

Whether you’ve been building your investment portfolio for years, or you’re just getting started, there’s more to a wealth plan than putting money away for retirement. We’re here to help.


Protecting your assets and beneficiaries

Insurance can help protect your estate and provide for your loved ones after you die. A complete estate plan should factor in insurance for additional security regarding your assets. Talk with an advisor to see what works for you.

Learn more

Prospera Insurance Agencies Ltd. provides life, disability, and critical illness insurance, annuities, and full business solutions such as group benefit plans, succession planning, and business owner insurance.

How to reach us

Call our Member Service Centre

Toll free
1 888 440 4480

Monday to Friday
8 am - 8 pm

Saturday 9 am - 5 pm

Contact tech support
Send us an email
Mutual funds and related financial planning services are offered through Credential Asset Management Inc. Mutual funds, other securities and securities related financial planning services are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc. Financial planning services are available only from advisors who hold financial planning accreditation from applicable regulatory authorities.