Did You Know?

Today is a day to celebrate being Canadian! This year has brought about a few legal and financial changes for Canadians… some of which will affect all Canadians.Here are some highlights that you should be aware of:

1. Effective January 1, 2015, changes came into effect for Executors of estates. Who is named as YOUR executor in your will? Do they know their responsibilities and what the new parameters are for the execution of your will? Newly introduced detailed reporting of the value of your estate may not seem like a big deal, but depending on the size of the estate and the type of assets, this can become both time-consuming and difficult to assure that the evaluations are accurate and by a qualified professional. Should the estate not be properly reported, the executor can be subject to fines and penalties in the tens or hundreds of thousands of dollars – NOT something to be laughed at. Are YOU the executor of a parents’, spouse’s or family member’s will? It’s never too early to have the discussion about proper estate planning to make the transition of wealth to the next generations smooth and the job of an executor that much easier (I can help!), especially for aging parents and loved ones.
2. BUDGET 2015 — both the federal and Ontario provincial governments released budgets recently outlining incentives for youth employment, changes to retirement saving and income, and additional tax breaks for families. Get a snapshot of how you’re affected and take advantage of some of these changes. It’s never too early to talk about retirement and how it will look for you.