Estate & Legacy Planning in Ontario

Having a Will Doesn't Mean Your Estate Plan Is Complete

A Will is an important legal document, but it may not determine what happens to every asset. Some accounts can pass through beneficiary designations, and certain jointly held property may pass by survivorship depending on its legal and beneficial ownership.

RRSPs and RRIFs can create income tax consequences at death. Capital property may trigger deemed-disposition rules. Ontario Estate Administration Tax may apply where an estate certificate is issued.

Coordinating the financial, tax and legal pieces can help your family understand what may happen to your wealth—and what decisions deserve attention today.

Six Estate Planning Questions Worth Asking

Your answers depend on your assets, family circumstances, ownership arrangements and long-term wishes.

What happens to my RRSP or RRIF when I die?

RRSP and RRIF balances can create significant income tax consequences at death. Qualifying transfers or rollovers may be available in certain circumstances, including to a spouse or common-law partner. Your beneficiary designations and broader retirement strategy should be reviewed together.

Could my estate owe Ontario Estate Administration Tax?

If an estate certificate is issued, Ontario Estate Administration Tax may apply to estate assets included in the application. The tax generally does not apply to the first $50,000 of estate value. Ownership and beneficiary arrangements can affect what is included.

Do my beneficiary designations match my Will?

Your Will, designated beneficiaries and jointly owned property may not all transfer the same way. A coordinated review can flag potential inconsistencies for discussion with your legal professionals.

Have I named the right TFSA successor holder or beneficiary?

For an eligible spouse or common-law partner, a TFSA successor-holder designation can have different results from a beneficiary designation. Reviewing these choices can help your family understand what happens to the account after death.

Could my heirs face unexpected tax consequences?

Canada generally does not impose a separate tax merely because someone receives an inheritance. However, a deceased person’s final return, deemed dispositions, registered accounts and estate income can create significant tax obligations.

Who would manage my finances if I became incapable?

A continuing power of attorney for property may allow a person you choose to manage financial matters if you become incapable. An Ontario lawyer can advise on the appropriate documents and safeguards for your situation.

How We Help Coordinate Your Legacy Plan

We connect your investment and retirement strategy with potential estate taxes, beneficiary arrangements and the legacy you want to leave.

Registered Account Planning

Review potential financial and tax implications of RRSPs, RRIFs and TFSAs at death.

Wealth Transfer Planning

Discuss your goals for supporting a spouse, children, grandchildren or charitable causes.

Beneficiary Coordination

Consider how beneficiary and successor-holder designations work with your overall intentions.

Estate Liquidity

Consider how taxes, expenses and estate obligations could be paid when they fall due.

Estate Tax Exposure

Identify potential income tax liabilities and Estate Administration Tax considerations.

Professional Coordination

Work alongside your lawyer and accountant, as appropriate, to connect your financial and legal plans.

Could Your Family Face a Larger Tax Bill Than Expected?

Consider an Ontario couple with $1.5 million in investments across RRSPs, RRIFs, TFSAs and non-registered accounts. They have Wills and have named account beneficiaries—but have not reviewed how all these arrangements work together.

They want to provide for each other and eventually leave assets to their children. Important questions remain: Will registered-account taxes arise at death? Are TFSA successor-holder designations appropriate? Will their estate have enough liquidity to pay taxes and expenses?

A coordinated financial review could identify issues to discuss with their lawyer and accountant, including account designations, potential income tax exposure and how investment withdrawals during life may affect the assets eventually left to beneficiaries.

The objective is to help the family understand possible consequences before decisions become urgent.

Hypothetical illustration only; not a specific client result or a guarantee of reduced estate taxes. Actual outcomes depend on ownership, beneficiary designations, legislation and individual circumstances.

Frequently Asked Questions

Common Ontario estate, inheritance and registered-account questions.

Is there an inheritance tax in Ontario?

Ontario does not charge a separate inheritance tax simply because someone receives an inheritance. However, the deceased person’s income tax return, deemed dispositions, estate income and, where applicable, Estate Administration Tax can create tax costs.

Do RRSPs and RRIFs become taxable when someone dies?

Often, the fair market value of an RRSP or RRIF is included in the deceased person’s income for the year of death. There are important exceptions and possible rollover or transfer provisions for qualifying beneficiaries, depending on the facts.

What is the difference between a TFSA successor holder and beneficiary?

An eligible spouse or common-law partner named as successor holder becomes the TFSA holder and the account can continue. A beneficiary generally receives proceeds under different rules. Exact outcomes depend on the designation, account type and circumstances.

Does putting my home or investments in joint names avoid probate?

Joint ownership can affect whether an asset passes through an estate, but adding an adult child can create legal, tax, creditor and family risks. The beneficial ownership and reasons for the transfer matter. Seek Ontario legal advice before changing title.

Do I still need estate planning if I already have a Will?

Yes. Your Will is important, but an estate plan may also involve beneficiary designations, registered account tax exposure, asset ownership, powers of attorney, liquidity and coordination with your financial strategy.

Can you prepare my Will or power of attorney?

We focus on financial planning and coordinating investment, tax and wealth-transfer considerations. Legal documents such as Wills and powers of attorney should be prepared or reviewed by a qualified Ontario lawyer.

Having a Will Doesn't Mean Your Estate Plan Is Complete