There are two common ways to designate a beneficiary of your registered plan: On the application form for the plan. This method allows for quick transfer of the plan benefits to the beneficiary upon your death. It also means that your estate will not have to pay probate fees on the value of the RRSP.…
An increasing number of people are entering the housing market by buying jointly with a friend or relative. Families are also buying cottages or rental properties together. For many, it enables them to enter the market while prices are high and decreases the individual risk and day-to-day responsibility of such an investment. However, as has…
A mortgage pre-approval is a document from a lender stating that a prospective buyer may have the income, assets and credit to carry the mortgage required to purchase a house of some assumed value. Some of its uses are briefly described here: The initial review of your financial profile indicates the maximum loan amount a…
Two or more people may own assets jointly. This most often means that on the death of one of the joint owners, full title to the asset(s) will immediately transfer to the surviving joint owner(s), known as a right of survivorship. The result is that probate fees, some solicitors’ fees, some creditors, and publicity are…
There are two common ways to designate a beneficiary of your registered plan: On the application form for the plan. This method allows for quick transfer of the plan benefits to the beneficiary upon your death. It also means that your estate will not have to pay probate fees on the value of the RRSP.…
The division and disposition of a deceased person’s personal goods and household effects is often a contentious issue, particularly amongst family members. The conflict is most often caused by sentimental and emotional values friends and family members place on the items rather than their intrinsic values. Unfortunately, most people spend relatively little time considering how…
Mutual wills are two wills, one executed by each of two individuals who have agreed to a specific estate plan. Most often each party leaves their estate (or a life interest in their estate) to the other party and their instructions are identical or very similar as to how their respective estates are to be…
