Estate Planning 101 in Canada (Full Guide)

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Welcome to our comprehensive guide on estate planning in Canada. In this video, we cover everything you need to know about planning for the distribution of your assets and property after your death. We discuss the importance of a will, power of attorney, and living will, as well as the role of executors and beneficiaries. We also cover the tax implications of estate planning and provide tips on how to make the process as smooth as possible for your loved ones. Whether you're just getting started or looking to update your existing plan, this video is a must-watch for anyone looking to protect their assets and provide for their family.
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Affinity Life is an online life insurance platform dedicated to busy Canadians. We believe you shouldn’t have to run through a sales gauntlet to obtain life insurance to protect your family. We’re setting out to finally revolutionize and innovate in an industry that hasn’t significantly changed in the last 100 years. We hope you can join us on our journey. Founded in 2020 and headquartered in Calgary, AB, Affinity Life is 100% founder-owned.
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Опубликовано:

12 фев 2023

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Комментарии : 49

@Workerbee562 Месяц назад

Excellent video! Great content. Well spoken and explained clearly

@AffinityLife Месяц назад

Thank you very much! Appreciate your kind words!

@raoulpoulin2325 Год назад

Great content information and like how we can put financial literacy in front of people so the important stuff is not neglected. Concerning probate, there is none in Quebec 😊 very happy to avoid that hassle 👍🏽

@AffinityLife Год назад

Thank you so much! And good to know about Quebec....I would love to come visit someday.

@raoulpoulin2325 Год назад

Definitely! Plenty to visit and enjoy in Montreal and Quebec City. I’ve been to Edmonton and Banff not too long ago and it’s always amazing sights 😊 cheers

@brucelevy9607 8 месяцев назад

Wow, excellent video. A well earned thumbs up and now a new subscriber. Thank you for posting this content.

@AffinityLife 8 месяцев назад

Appreciate your kind words my friend!

@totallynorthofanywhere3910 2 месяца назад

You should re evaluate your comment.

@brucelevy9607 2 месяца назад

@@totallynorthofanywhere3910 why?

@pacificcoltrane7652 9 месяцев назад

Good summary. (And no, I did not find you spoke to fast).

@lorraine7843 Год назад

Hi. Thank you for your video.

@loana5261 Год назад

Hi! I really like the video! Can you talk about estate’s in Quebec 🤓

@AffinityLife Год назад

Lol I may pass on that one... From Alberta. 😅

@loana5261 11 месяцев назад

🥲

@marcelmed4574 Год назад

principal residence is not always exempt from taxes. Say you move out of your principal residence to a retirement home and rent your home after 4 years there will be capital gains. You should have your home appraised the year you move out and submit that value to revenue canada. Assume you pass away on the fifth year you will need to pay capital gains on the difference from the appraised value to market value.

@AffinityLife Год назад

Touche brother

@marcelmed4574 Год назад

@@AffinityLife We are in Ottawa, what area of Canada do you offer your services. Might be interested in paying for some advice from you regarding our situation.

@AffinityLife Год назад

@@marcelmed4574 I'm located in Calgary Alberta, however I'm licensed in Ontario! Shoot me an email and we can find a time to chat. Philip@affinitylife.ca

@marcelmed4574 Год назад

@@AffinityLife Ok great I will email you next week. Im unclear on one detail in your video. Assuming that someone is in a 30% marginal tax bracket and the capital gain is $400K, 50% is tax exempt, the remaining 50% would be taxable = $200K. Would that taxable portion be taxed at the same 30% marginal tax rate OR are you taxed at a higher rate because the capital gain is added to your current marginal tax rate and therefore puts you in a higher tax bracket? thanks marcel

@AffinityLife Год назад

@@marcelmed4574 the additional $200,000 would be added to the income and would increase the tax rate. The higher the income the more taxes you would pay. I have another video on my channel about tax brackets which should help you understand this!

@WendyyOnline 11 месяцев назад

Interesting information. it would be great if you could speak a little slower in your videos. I am a native English speaker but still found it hard to understand you.

@1314joycetan 2 месяца назад

Wow that was amazing information, thanks!

@elvisisalive2716 4 месяца назад

a solid video

@deepakmalkani2000 Год назад

You are a gem, my friend..people like you are rare.i have a question around ccpc. If a person is the sole owner of a ccpc , but his spouse is the director then in the case of death of the owner would the corporation assets be rolled over to his spouse tax free or is it subject to probate ?

@AffinityLife Год назад

Thank you so much for your kind words my friend! I appreciate you. As for your question, it's a bit complicated but yes you can transfer your assets to your spouse tax deferred. It's what is known as a spousal rollover upon death and shares of a CCPC are eligible. Hope that helped! Feel free to email me if you have more questions. Philip@affinitylife.ca

@fredhooshi4294 4 месяца назад

ANY LAWYERS ESPECIALIZING IN TRUSTS ??

@lorraine7843 Год назад

Do you answer questions over the phone?

@AffinityLife Год назад

Would be happy to chat and try to answer your questions! Send me an email to set something up - Philip@affinitylife.ca

@wcronin7307 6 месяцев назад

I have a few questions... My wife's father passed away about a month ago in Canada (landed immigrant). He owns property in India and made a will before and we contacted the lawyer who had made it out. Basically he has left all assets on his wife's name. The lawyer here in Canada is asking her to sell all the assets and demanding 3%. Is this a money grab by the lawyer. Is the wife obligated to sell everything? (her son lives in one of the properties in India, and he is preparing a letter for him to either buy her out or...?) Can we 'fire' this lawyer??

@hassanpaywandi221 Месяц назад

You should have a video on trust - prons and cons and tax implications.

@Mr121997 6 месяцев назад

Everyone saying he speaks too fast. You can adjust the speed of the video to slower or faster.

@AffinityLife 6 месяцев назад

Appreciate you buddy

@rlemoyne007 9 месяцев назад

Is a car considered a personal item ?

@AffinityLife 9 месяцев назад

Yes it is!

@chrisw8011 5 месяцев назад

There are some important omissions and factual inaccuracies in this video. You claim that trusts aren't taxable but you don't mention that transferring assets into a trust is a taxable event. You also claim investment accounts, bank accounts, and real estate MUST go through probate - this is not true. You can name beneficiaries or joint ownership of these assets and they will bypass probate. Sorry this video is sloppy I hope people don't base their estate planning off of it

@auslander1026 9 месяцев назад

Very helpful and informative. Wish it would be without that music at the background...

@poojakapoor5866 3 месяца назад

So good to understand 😂

@KnowledgeCurse 2 месяца назад

if i have total $100,000 in asset. do i need to write a will too?

@cocosalvador7463 6 месяцев назад

My late husband no will

@AffinityLife 6 месяцев назад

I'm sorry to hear that.

@mirdulachand4559 11 месяцев назад

talking too fast

@carsoncoopa 6 месяцев назад

Slow the video down

@KidsNeedTheirDadscom 10 месяцев назад

Stop... Stop... Stop... Stop... talking so fast. NO ONE can understand a word you are saying, nor remember the points which we are trying to learn from you. It is like trying to see each bullet being fired, as you hold the trigger-on-a-machine-gun. Somehow you recorded a great 28-minute video, but without stopping to take a single breath. Very sad that we lose all your excellent education, and informative content ... because it was all one-long blur..... Please slow down. Ross, Toronto, Ontario

@AffinityLife 10 месяцев назад

Sorry. :(

@rlemoyne007 9 месяцев назад

You can change the speed.

@KidsNeedTheirDadscom 9 месяцев назад

You are quite correct. I will have to try that, cutting the speed to catch more of the quite valuable details in his excellent videos @@rlemoyne007