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Estate Planning

What Happens to your RRSP and TFSA after you Die?

what happens to your RRSP and TFSA when you die

Last week, I wrote about the most efficient way to withdraw from your accounts during retirement.  Within the article, I mentioned that while the general rule of thumb is to keep your RRSP as long as possible, there are some situations where drawing down on your RRSP first makes the most sense. This is particularly…

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Letter to My Wife – How our Finances Work

Its not uncommon for families to have a designated money person.  Some families may have one spouse who takes care of the bills, while the other takes care of the investments.  In other cases, it may be completely one sided with one spouse taking care of the household financial issues. In our household, I’m the financial enthusiast,…

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How Testamentary Trusts Work

A little while ago, I was invited to a local CIBC event that featured a presentation by Jamie Golombek.  For those of you who haven’t heard of Mr. Golombek, he’s the Managing Director, Tax and Estate Planning for CIBC, and regularly publishes tax articles for the Financial Post.  I was a fan of Mr. Golombek…

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Estate Planning – Where is Your Money Going?

I’m not sure if it’s a recent hot topic, or if it’s because my mind has been on it, but estate planning and inheritance seem to be popping up all over the personal finance landscape (see Canadian Capitalist guest post). While our current wealth is modest, I imagine that the more time our investments have…

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Do You Plan to Leave Anything Behind?

The premise behind this post is based on a forum topic started by Sampson.  The question was, what are your inheritance plans when you pass on?  Do you plan on leaving a large sum for the next generation?  Or do you plan on spending it all?  Perhaps you plan on leaving whatever is left over?…

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