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September 12, 2022 // Understanding Everything About Estate Planning:

Wealth management Calgary and estate planning



When you get older, it is only normal to think about what you want to happen with your financials and estate after you pass. Although it is a grim thought process to dictate what happens to you and your money after death, it is also necessary to make the entire ordeal more simplistic so as to minimize the grief of your loved ones. Planning your estate and understanding how estate tax may seem complicated, but it can be much easier to grasp when you have deciphered how you must prepare for finances and how professionals in the field of wealth management in Calgary can also assist. 


Find out what you can do today to plan your estate, what estate tax is and if it’s a system that is implemented in Canada, and what is involved concerning the planning of your estate. 


What are an estate and an estate tax?


An estate includes a complete collection of financial gains at the time of an individual’s passing. An estate can consist of someone’s savings, artwork, real estate, and anything of legal ownership worth any money. An estate tax is the government taxation of someone’s estate that is based on the entire worth of the estate and where the person resides, but as of right now, in Canada, an estate tax isn’t a fully realized legality to follow. During the process, when an estate is distributed to its beneficiaries, taxing can be implemented, particularly when it comes to capital gains and income tax, but not all the time. 


Planning your estate


Taxes will be automatically facilitated when your investments are sold after death, and all funds from an estate will have to be included in the tax return following your passing in accordance with Canada’s substantial tax rates. To avoid the taxation of your estate, it is best if you methodically plan your estate precisely and carefully, using the help of someone working in wealth management in Calgary. You can avoid this type of taxation by deferring your assets in a spousal trust, something you should inquire about doing with a certified financial planner.

Making a will 


To ensure your financials are secure and will be administered exactly as you want, you must submit an estate plan by developing a will with the assistance of legal aid, like your family attorney, and a certified financial planner. With a will in place, you can be assured that your assets will be distributed and all financial affairs will be taken care of when you are incapacitated or after you have passed. Estate planning will allow you to select a power of attorney, someone who will manage your financial affairs, and you can select someone to execute your last will and testament. Without a will, as outlined by federal and provincial governments, your assets will be controlled by the government, which will have the final say as to what happens to your estate. 


Playcheques is Alberta’s solution to astute and efficient financial planning. With our team of professionals who are eager to advise our clients with educated and helpful advice, we strive to be the best financial planners in Calgary! For more information about our financial planner’s services at PlayCheques Financial Solutions, visit our website at, or call us at 403 837 9344!