Introducing Estate at Ease, offered through Canada Life

After a loved one dies, paperwork is the last thing on anyone’s mind.

Estate at Ease, offered through Canada Life makes this easier.

Managing a loved one’s estate can be an additional stress for executors who are already grieving a loss. Estate at Ease™ estate documentation and identity theft protection service can alleviate some of this burden. It’s an opportunity to help your client’s beneficiary in their time of grief.

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Considerations when Choosing an Executor

As financial advisors, we are often asked about the importance of an up to date Will, Power of Attorney and Representation Agreements. Shockingly 56% of adult Canadians do not have a current or valid Will, leading us to recommend updating these documents, along with a discussion on who should be considered as the Executor.

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Claiming In-home Office Expenses

COVID-19 has brought much change to how Canadians conduct their
business affairs and working from home may become permanent for many
people.

Employees who have moved to working from home, or who are self employed and maintain a home-based office, are eligible for tax deductions to cover some of the costs.

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What is Old Age Security (OAS) and what can you expect from it?

The OAS program is part of the Canadian Government’s largest pension plan and it is funded from general tax revenues, such as income tax and GST. We do not pay directly via employer and employee contributions like we do with CPP.

As of the 2nd quarter of 2020 the maximum monthly OAS payment is $615.53; payments are adjusted quarterly based on inflation.

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When should you start collecting the Canadian Pension Plan (CPP)?

This question is usually asked of me, often as my clients get into their 50’s and the retirement horizon starts coming into focus.

My reply is that there is no one answer that is right or wrong, it really comes down to personal circumstances and the “luck of the draw’ as to what your life expectancy will be.

In 2020 the maximum CPP benefit for someone retiring at age 65 is $1,175.83. This figure is made up of contributions you and your employer have made since you were 18 and first entered the work force. Keep in mind that not all Canadians qualify for the full maximum, most receive less than the maximum.

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