Skip to content
News & commentary

Insuring your Estate

Home News & Commentary Insuring your Estate
Jon Glougie

Jon Glougie

It’s never a pleasant topic, but how many of us have taken a long and serious look at our estate plans? Do you know where your assets will go after you’ve passed away? A Will can help determine this. What a Will won’t help with, is protecting your estate from tax. Do you know what your estate tax bill is going to look like? You may have estate taxes that you didn’t even know about. For example, your RRSP/RRIF accounts typically have a named beneficiary, and therefore they are not subject to probate. They are, however, taxed as income in the year that you pass away, and although the full amount of the RRSP/RRIF will be transferred to the beneficiary, your estate will still be required to settle the tax bill. You may also have a non-registered portfolio that you want to leave to a beneficiary(ies) identified in your will. Although only the growth on these investments will have estate taxes applied to them, the entire portfolio will form part of your estate (no named beneficiary) and thus be subject to probate tax. Life insurance can help you preserve your estate by paying for your estate’s tax bills, which will, in turn, leave your estate fully intact for your beneficiary(ies). You can also move assets from a non-registered portfolio into a permanent life insurance product, which can make the transition of these assets to your beneficiary(ies) at the time of your passing tax-free if done through a life insurance policy. If you want to know more about your estate, and how much tax your estate may owe, please let us know and we would be happy to help.


This information has been prepared by Luft Financial. Opinions expressed in this article are those of Luft Financial only and do not necessarily reflect those of HollisWealth®. Furthermore, this does not constitute an offer or solicitation to buy or sell any of the securities mentioned. The information contained herein may not apply to all types of investors.

How do we elevate your wealth?

It begins with understanding your needs and creating a comprehensive and tailored financial plan to help reduce tax, manage risk and grow your portfolio over the long term. Learn more about how we help you achieve financial security and peace of mind.

News & commentary

Life Insurance as a Source for Estate Relief

Everyone has heard the saying “there are only two certainties in life, death and taxes.” When we pass away most of our accumulated wealth is subject to income tax, probate tax or both. There are some simple things we can do to reduce this inevitable tax bill on our estates: own certain non-registered assets jointly […]

Read more
Financial charts & stocks

February 2020 Portfolio Management Team Update

Market & Economic Environment: The first month of 2020 commenced on an inauspicious note for financial markets, as two “wild cards” injected significant uncertainty in the outlook for the year. The TSX Composite and S&P 500 equity markets had recovered from the initial spike in geopolitical risk – caused by the killing of a top […]

Read more