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And How a Financial Planner Can Help You Navigate It in Canada
Inheritance planning is more than just preparing for the inevitable—it’s a crucial part of responsible financial management. Whether you’re planning to leave a legacy or expect to receive one, a financial planner can provide valuable guidance to help you make informed, tax-smart, and compassionate decisions. In Canada, where the transfer of wealth between generations is growing rapidly, working with a qualified financial advisor ensures your inheritance strategy is both legally sound and financially optimized.
A 2022 CIBC report projected that $1 trillion in personal wealth will be transferred between generations in Canada over the next decade. For many individuals and families, inheritance will be the most significant financial event of their lives—yet few are fully prepared to manage it.
Without proper planning, inheritance can result in:
A financial planner can help you avoid these issues by creating a clear, personalized strategy.
Inheritance planning is more than just writing a will. It’s about integrating your legacy goals into your full financial picture. A financial advisor can help with:
1. Create a Holistic Wealth Transfer Plan
Plan how and when wealth is transferred—whether during your lifetime or after death—based on your personal and family goals.
2. Minimize Taxes
In Canada, while inheritances aren’t taxed directly, your estate may owe taxes on capital gains, RRSPs, and other income-producing assets. A financial planner helps reduce this burden.
3. Coordinate With Legal and Tax Professionals
Financial planners work with estate lawyers and accountants to ensure your will, trusts, and powers of attorney align with your broader plan.
4. Guide Beneficiaries
Receiving an inheritance can be overwhelming. A planner can help recipients understand their options and integrate the assets into their own financial goals.
5. Provide Objective Advice
A financial planner brings clarity and objectivity to emotionally charged decisions, helping avoid family conflicts and missteps.
Inheritance planning may feel complex, but it doesn’t have to be. The best place to start is by speaking with a financial planner who understands Canadian tax law, estate planning, and your personal values. Whether you’re giving or receiving, a clear plan offers peace of mind—for you and your family.
Need help planning for inheritance?
MacLean Investment Group offers personalized, professional support in London, Ontario to help you navigate this important part of your financial future.
Canada has no inheritance tax, but estates may face capital gains tax or income tax on RRSPs/RRIFs. A financial planner can help reduce the estate’s overall tax liability.
Assets are distributed based on provincial intestacy laws, which may not reflect your wishes. A planner can help ensure your estate plan is in place and up to date.
Yes. Known as a living inheritance, this can be done tax-efficiently with proper planning. A financial planner can ensure it doesn’t jeopardize your long-term financial health.
Avoid major financial decisions immediately. A financial advisor will help you assess the implications, manage tax exposure, and develop a long-term strategy.
Both serve different roles. A financial planner creates the financial strategy; a lawyer ensures your documents are legally valid. The two often work together for a comprehensive plan.
Would you like a virtual or in-person meeting with one of our trusted advisors? You can request an appointment below or give us a call for immediate assistance.