What terminal tax returns reveal about missed planning Published by Investment Executive May 20, 2026 One of the most frustrating aspects of terminal tax return preparation and filing is observing how clients could have benefited from planning during their lifetime, yet instead arrive at death with substantial registered assets and unrealized capital gains that become exposed to the highest marginal tax rates. All of it is avoidable, had they benefited from tax planning durin

Link to the Unlimited Podcast Speaker: Michael Kulbak May 7, 2026

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Link to CPA Ontario Program

Link to Handbook Welcome Planning for the unexpected is an important part of protecting your financial security and healthcare well-being. A Power of Attorney (POA) ensures that if a time comes when you can’t make decisions on your own, someone you trust can step in and act on your behalf. This guide walks you through the key concepts, choices, and steps involved in setting up a POA, whether for financial matters, personal care, or both. Inside, you’ll find clear explanations

Sometimes, stuff isn’t just stuff — advisors take note Published by Investment Executive February 12, 2026 “I give all of my personal effects and household contents to be divided among my children and/or beneficiaries as my trustee, in their absolute discretion, shall determine.” Few sentences in a will create more stress for executors than this one, or one of its many close cousins. It is almost always inserted with good intentions. It is meant to provide flexibility and sim

Insights into Wealth Podcast Speaker: Michael Kulbak December 2025

Using settlement annuities to safeguard inheritance and navigate the 21-year rule Published by Investment Executive November 13, 2025 Every couple of weeks, I get a call someone who has lost a parent and has been appointed executor of the estate. They explain to me that one of the estate beneficiaries — typically a sibling — struggles with a spending problem, a history of addiction, a mental health challenge, a cognitive disability or is in an abusive relationship. Sometimes

Clients think they’re fine — advisors need to know that they can lead to unintended consequences Published by Investment Executive September 15, 2025 Mirror wills are a common phenomenon across Canada. Couples sign these nearly identical estate documents, leaving everything to one another. After the death of the surviving spouse, assets go to the children and/or other agreed-upon beneficiaries. Most couples believe they are being responsible when they sign these. It’s a simpl

What advisors and executors need to know about vested and unvested options Published by Investment Executive May 29, 2025 When it comes to administering an estate, executors are typically ready to deal with bank accounts, real estate and investment portfolios. But if the deceased held stock options, especially unvested ones, the process could become complicated. Advisors who understand how stock options function at death can protect a client’s wealth long after they’ve passed

Both tax and administrative considerations need to be managed Published by Investment Executive February 18, 2025 As a trust and estate professional, I get a bit uneasy when non-resident beneficiaries inherit Canadian taxable property and start asking tax questions about their country of residence. Canada has tax treaties with over 90 countries, and it is impossible for me to have a clear understanding of the double-taxation nuances for all but a handful of them. I don’t alwa

Here’s your helpful guide to advising clients on a complex estate sales process Published by Investment Executive November 18, 2024 As a financial professional, it is essential to provide informed guidance to clients who are beneficiaries of an estate. In some cases, beneficiaries may not realize they have the ability to sell their interest in the estate prior to final or interim distribution. Clients may seek this opportunity when estate settlements are prolonged or when the

Hosted by The Estate Planning Council of Canada Link to the course This session will outline strategies and highlight pitfalls associated with the preparation and filing of terminal tax returns. Participants will be exposed to common challenges in the preparation of terminal returns and how those obstacles can be avoided and or mitigated. Topics include final income, claiming tax credits, T1 adjustments, capital gains and losses and understanding spousal rollovers. Through re

Financial advisors can address property challenges, encourage clarity in wills Published in Investment Executive August 20, 2024 One of my summer cottage activities in the early evening is to watch the sunset and troll for walleyes (a.k.a. pickerel). Inevitably, I catch a rock bass — a smaller freshwater fish. At first bite, an angler will think they have a much larger fish on their line, as the rock bass is aggressive. It requires careful handling, given its spiny dorsal fin

Optional returns may reduce or eliminate your client’s taxes Published in Investment Executive June 12, 2024 I have a secret test for estate or tax preparation professionals who state they are well versed in the intricacies of estate administration and terminal tax returns: I ask how many optional tax returns they have administered, prepared and filed. If I get a confused look, I clarify: How do they deal with post-death income receipts? Alternatively, I ask if they have ever

Ensure an equitable estate distribution among beneficiaries who received earlier gifts and advances Published by Investment Executive February 28, 2024 A hotchpot clause is a legal provision often found in a will that aims to ensure a fair distribution of assets among beneficiaries (usually residual) by considering any advances or gifts made to the beneficiaries during the testator’s lifetime. I created a tagline to help with the estate distribution calculation when a will in

A handbook guide for managing digital property.

Link to Handbook published by Dynamic Funds Acknowledgement: We would like to sincerely thank Michael Kulbak, Kulbak Trust Solutions for all his help in the updating and editing of this handbook. What is an Executor? While the person(s) that is named in the Last Will and Testament to administer a deceased estate is commonly referred to as an “Executor”, the legal term for this person(s) is “Personal Representative”. Each province has its own legislation, choosing their own t

In a client scenario, an advisor fails to plan for an estate’s tax liabilities Published by Investment Executive December 8, 2023 Significant emphasis is placed on cash flow planning during a client’s lifetime (or at least it should be). But often overlooked is planning for cash flow after death. Because death triggers a series of tax implications that can significantly impact estate value, financial advisors should extend cash flow planning beyond the client’s lifetime to sa