Estate Planning, Made Clear and Personal withEndeavour Wealth Management

The Executor is the person you name in your Will to carry out your wishes. It's a role with significant responsibility. Click the tasks below to learn more about their duties.

Choosing an Executor is a critical decision. It's not a symbolic role; it's a demanding job. Consider these key qualities:

• Trustworthiness and Integrity: This is non-negotiable.
• Organizational Skills: The role involves significant paperwork and deadlines.
• Financial Acumen: They must be comfortable dealing with financial institutions and tax matters.
• Impartiality: Can they act fairly if there are conflicts among beneficiaries?
• Location and Age: Choosing someone who lives in your province can be more practical. Consider their age and health.
• Willingness: Always ask your chosen person if they are willing to take on the role before you name them in your Will.

Probate is the court process that validates a Will and confirms the Executor's authority. Most provinces charge a fee for this, calculated based on the estate's value.

Canada does not have an "inheritance tax" paid by beneficiaries. Instead, the deceased person is deemed to have sold all their capital property immediately before death. This is called the "deemed disposition."

• Capital Gains Tax: Any capital gains realized from this deemed sale (e.g., on stocks, cottages) are included in the deceased's final tax return. 50% of the capital gain is taxable.
• RRSPs/RRIFs: The full value of an RRSP or RRIF is generally included as income on the final tax return, unless it is rolled over to a surviving spouse or dependent child.
• Tax-Free Rollovers: Assets can typically be transferred (or "rolled over") to a surviving spouse or common-law partner without triggering immediate capital gains tax. This defers the tax until the surviving spouse's death.
• Principal Residence: The capital gain on a designated principal residence is generally exempt from tax.