Estate Planning 101 in Canada (Full Guide)

[@Workerbee562]

Excellent video! Great content. Well spoken and explained clearly

[@AffinityLife]

Thank you very much! Appreciate your kind words!

[@raoulpoulin2325]

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]

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

[@raoulpoulin2325]

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

[@pacificcoltrane7652]

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

[@brucelevy9607]

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

[@AffinityLife]

Appreciate your kind words my friend!

[@brucelevy9607]

​@totallynorthofanywhere3910 why?

[@SAYEDFAMILY-w3f]

I am a canadian citizen. I am from India and have OCI. I have a property in Mumbai(India) ,Dubai (UAE), Buffalo (USA) and a house in Toronto. So how should I do Estate Planning? Please advise me.

[@marcelmed4574]

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]

Touche brother

[@marcelmed4574]

@@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]

@@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. [e-mail]

[@marcelmed4574]

@@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]

@@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!

[@deepakmalkani2000]

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]

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. [e-mail]

[@SAYEDFAMILY-w3f]

well explained

[@lorraine7843]

Hi. Thank you for your video.

[@wcronin7307]

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??

[@loana5261]

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

[@AffinityLife]

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

[@loana5261]

🥲

[@fredhooshi4294]

ANY LAWYERS ESPECIALIZING IN TRUSTS ??

[@1314joycetan]

Wow that was amazing information, thanks!

[@lorraine7843]

Do you answer questions over the phone?

[@AffinityLife]

Would be happy to chat and try to answer your questions! Send me an email to set something up - [e-mail]

[@hassanpaywandi221]

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

[@Mr121997]

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

[@AffinityLife]

Appreciate you buddy

[@WendyyOnline]

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.

[@elvisisalive2716]

a solid video

[@rlemoyne007]

Is a car considered a personal item ?

[@AffinityLife]

Yes it is!

[@KnowledgeCurse]

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

[@auslander1026]

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

[@poojakapoor5866]

So good to understand 😂

[@chrisw8011]

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

[@cocosalvador7463]

My late husband no will

[@AffinityLife]

I'm sorry to hear that.

[@mirdulachand4559]

talking too fast

[@carsoncoopa]

Slow the video down

[@Master-bp8pd]

You speak wayyyy too fast. Its really hard to follow you. Also using diagrams and keeping them and terms on the screen would make your video more useful.

[@marianocampo9431]

Why do you talk so fast?

[@AffinityLife]

Why you listen so slow?