Articles

Courtesy of Janet Baccarani & Jennifer Black from Dedicated Financial Solutions.

Preparing a Final Tax Return

In our ongoing series on Death and Taxes, we look at a few of the common questions associated with preparing a tax return for someone who’s died.

Who is responsible for filing the deceased’s final tax return?

The deceased’s legal representative is responsible for ensuring that the tax return is filed. The legal representative would be the Executor (as named in the will) or ...

Bad days – we all have them. One day everything is fine and the next everything looks grey and sad. The good news is that pain, while soul-crushing, is manageable. The pain can steal my peace but it does leave behind experience. This experience is more valuable then gold because it is what armors me against the emptiness and gives me the capability to help other widows.

If you’re fortunate enough to give someone else some disaster ...

A picture is worth a thousand words. – As seen by a caregiver

Dedication: -This article is dedicated to the ‘Band of Brothers’ (like the war movie series) my three daughters and I who were in this battle together. We battled for 5 years to give the best care and support to my wife/ their mother. The outcome for each of us may have been very different without each other.

Recently, I was trying to understand why my energy and focus ...

Courtesy of Alexandra Evans-Munoz from The Mortgage Centre.

The following strategies will help you to minimize the amount of interest you pay and the number of years you hold your mortgage.

Increase your payment amount

It may take some adjusting to work into your budget, but increasing your monthly payment amount can save you thousands of dollars in interest over the duration of your mortgage and reduce the life of your mortgage for several years. For example, suppose you have ...

Courtesy of Robert Lamb from Maven Financial.

Yesterday A Wife, Today A Widow

When a widow first comes to me she often seems lost and very alone. “I believed my life was over. I believed I would never be happy again. I believed I had no reason for living…”

“Can I make it?” is the same question asked by widows whether they’re worth more than a million dollars or considerably less. As a financial planner the role becomes that of ...

Courtesy of Claire Sarda from Redsell-Seguin and Associates.

A Financial Recap on 2011

As we close out 2011, a heavily volatile year for stock markets, we breathe a sigh of relief that the year is now behind us. Some stock indices finished the year higher like the US Dow Jones Industrial Average, some lower like the Canadian S&P TSX. However, European markets by far took centre stage throughout 2011.

To recap, each quarter of 2011 was captivated by headline news. ...

Moving through the darkness back into the light can be a difficult journey for anyone. This seminar is designed for individuals who have experienced the loss of a loved one and are willing to create changes to feel better. Grief is the natural reaction to that sense of loss. How a person makes that journey can significantly impact their emotional well being. If you are willing to make adjustments in your life, this seminar is for you.

The seminar explores:

• How to ...
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Courtesy of Kareim M. Abbouda from Investors Group.

Is your business prepared for an unexpected ownership change?

A buy-sell agreement can help avoid future turmoil.

Your business couldn’t be better – and then it happens: a co-owner suddenly becomes disabled or dies from illness or accident. That could mean the disruption of your business, your income and possibly even a comfortable retirement.

Good business
That is why business succession planning – including a well-constructed buy-sell agreement – makes good business sense, for ...

Courtesy of Janet Baccarani & Jennifer Black from Dedicated Financial Solutions.

Widows and widowers can face a variety of distinct issues come tax time. In our second installment on “Death and Taxes”, we examine RRSP options.
RRSP options after the death of a spouse

Let’s first deal with what some might consider the obvious. No contributions can be made to a deceased individual’s RRSP after the date of death.

Note however, the deceased individual’s legal representative can make contributions to the surviving ...

Courtesy of David Mills from Mills and Mills LLP.

If a person dies without a valid Will, lawyers say that the person died “intestate” or that they left an “intestacy” (whereas a person with a Will dies “testate”). Many people have no idea – or, more frequently, the wrong idea – of what will happen to their money if they die intestate.

In Ontario, Part II of the Succession Law Reform Act governs how a person’s estate will be ...