The Canada Pension Plan (CPP) Death Benefit is a one-time payment, payable to the estate or other eligible individuals, on behalf of a deceased CPP contributor. To qualify for the death benefit, the deceased must have made contributions to the CPP for a sufficient period of time, and if so, the benefit could be as much as $2,500. It must be applied for, preferably within 60 days after the…
As our living has become more complex, so has our dying. End-of-life planning is more important than ever. It’s a big job, and takes considerable time and thought. Ultimately, someone has to do it. The effort you put in now can save others incalculable time, money, heartache, and disagreements later. In broad strokes, there are two categories that need your…
Power of Attorney (POA) is a legal document. It gives someone you trust the power to look after your legal and financial affairs. This might include paying bills, depositing or withdrawing money from your bank account, investing your money, or selling your home. The person you give this power to is called the attorney. In this case “attorney” doesn’t mean…
If you’re named as the executor in someone’s Will, you may need to probate the Will. Probate is a procedure done in court that confirms the Will is legally valid. Financial institutions and others holding assets of the estate often require assurance the Will presented is legally valid before transferring funds or assets. The executor of the Will may also…
A Will is a legal document that sets out what will happen after you die to (most of) your property and any minor children. It’s an important legal document, and one every adult should have. If you have considerable assets, if your Will might be contested, or if it’s complicated, it is wise to pay for the help of a…