Estate Planning

You have worked hard to create and grow your assets which may include a business. You have family and perhaps business partners that will take over where you leave off if something happens to you. It is important to make sure this transfer occurs the way you want it to with minimum disruption and in a way that reduces any related taxes.


Your will is the final document that sets out how your estate is dealt with. Without one you are letting the Courts determine who receives your estate and how it is distributed. This can not happen until your estate pays income taxes that are due plus expenses you may have incurred prior to your death. Upon your death you are deemed under the Income Tax Act to have sold all your assets at fair value. The Canada Revenue Agency (CRA) will ensure that the taxes due are collected from your estate. If you have a surviving spouse the tax can be deferred until the last death provided the assets pass directly to the spouse.

Important estate planning concepts include:

  • Use of testamentary trusts in your Will control assets after death
  • Use of spousal trusts to defer tax to last death
  • Use of estate freeze to cap estate tax liabilities
  • Use of family trusts to defer tax to next generation
  • Use of wasting freeze to transfer existing estate tax to next generation
  • Reduce, defer or eliminate tax on accrued gains in a business, real estate or investments using freeze or insured redemptions

*Insurance based investment solutions are provided through Affinity Financial Group. All other investment solutions are through Affinity Securities / Worldsource Securities Inc.