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

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

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

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

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

Amid automatic tax filing, a proactive approach is required Published by Investment Executive August 23, 2023 Automatic tax filing is in the works for vulnerable Canadians, and the service will be offered more broadly. That makes now a good time to critically assess the value proposition of the tax preparation and filing services you and your firm (or another firm) provide to clients. The 2023 federal budget proposed that the Canada Revenue Agency (CRA) pilot a new automatic

Know the role of agent for executor in Mississauga as well as power attorney for property in Mississauga. Important information by Kulbak Tr

A group of skilled experts offering estate and trust accounting in Mississauga is essential when carrying out an estate strategy. An accountant is an expert on taxes and other financial matters. An estate planning attorney is a legal expert who can draft documents. Accountants' attention to detail is useful while creating and carrying out an estate plan. Trust Accounting Documentation is created using the trust accounting process to display the full financial picture. It de

An individual or organization chosen to handle the administration of a decedent's estate is known as a personal representative (often referred to as an Executor). As a fiduciary and a personal representative Mississauga must follow the instructions of the decedent's last Will and testament. They may also have to comply with the probate laws of the state where the estate is being managed in order to settle and distribute the decedent's estate as quickly as feasible. This is fr

Help clients consider an investment policy statement in their wills Published by Investment Executive April 12,2023 A major element of estate planning is determining the assets, and their value, to be left to estate beneficiaries. However, the estate plan may not specify how the assets are to be invested and managed post-death and prior to distribution to beneficiaries. Unless the will specifies an approach and constraints, an executor (a.k.a. estate trustee) will have signif

A power of attorney in Mississauga is used if the principal cannot act due to illness or incapacity. If the principal cannot approve financial or legal transactions, the agent may also serve on the principal's behalf. When a power of attorney's creator dies, upholds it, or has it ruled invalid by a judge, it becomes invalid. A POA also passes when the creator divorces the spouse designated as the agent or when the agent can no longer perform the specified tasks. What is a (PO

Estate planning is a meticulous and detailed role taken up by professionals in the field of estate planning and management. If you don't have a well-defined legal plan, the courts will decide how to deal with your entire estate. Whenever someone passes away, their property and assets must be managed and distributed according to their final wishes. One needs to appoint an executor or estate trustee in Mississauga to manage their estate. If you are a citizen of Mississauga, the

Safeguard your client's assets with an appointed monitor Published by Investment Executive February 15, 2023 Clients often choose executors based on the criteria of experience, financial acumen and perceived integrity. Additionally, executors may be chosen to maintain family harmony. The testator may think if they do not appoint their child/children or spouse as the executor, those family members will be offended and feel ignored or rejected. Half-heartedly, they select a fam

In this era, having a Professional Executor/Estate Trustee should be considered an effective insurance policy. A Professional Executor/ Estate Trustee is accountable for ensuring the estate is administered in a manner consistent with the testator’s wishes and as per the terms and conditions in the will. This includes the proper identification, compiling and valuation of assets, safeguarding assets, compliance with all regulatory and tax-related matters, ensuring estate accoun