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Nearly 44% of Canadians do not have a life insurance plan or do not know if they have one. It is important to plan how your last expenses will be paid to avoid financial hardship and legal problems related to death and to avoid passing the bill to loved ones.
Funeral expenses : The average cost of funerals in Canada is approximately $8,000 to $10,000 but can easily exceed this amount depending on the family’s choices. Funeral expenses can include costs such as casket, cemetery fees, funeral director’s fees, transportation costs, flower costs, and burial or cremation costs.
Paying off debts : If you have large debts, such as a mortgage, student loans, or credit card debt, your life insurance can be used to pay off those debts after your
death, which can ease the financial burden on your loved ones.
Taxes : Federal and provincial income taxes may be due for the last tax year of the deceased. Taxes could also be due on capital gains realized on the sale of estate assets.
Professional fees : Professional fees could include fees for lawyers, notaries, accountants, and financial planners to help settle the estate.
Living expenses : Living expenses could include electricity, gas, water, phone, cable, internet bills, and other day-to-day expenses related to home ownership or vehicles.
Inheritance fees : Inheritance fees could include fees for opening a bank or brokerage account for the estate, fees for appraising the assets of the estate and fees for managing the estate.
Donation : Make sure your beneficiaries receive a specific amount that can help them achieve their financial goals, whether it’s paying off debt, buying property, funding education, or maintaining their habits and their standard of living.
Donations to Charitable Causes : Make a significant contribution to a cause close to your heart. This method of gifting can also provide tax advantages by reducing the tax payable on the estate.
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