If you are between the ages of 35 and 65, it is quite likely that someone you know has recently been diagnosed with a terminal illness. Hopefully, there is time for them to review and organize their estate to ensure their loved ones are properly taken care of.
From a tax planning perspective, it is wise to ensure that heirs receive the maximum value of the estate. It is tragic when someone works hard all their life only to have much of their assets taxed heavily by the government because of an insufficient estate plan.
The Canada Revenue Agency will happily accept whatever income and assets are not protected by a proper estate plan.
This may also serve as a wake-up call to: