The new October 2016 Federal Government Principal Residence Exemption (PRE) rules are causing many Canadians to review and revise existing Wills and Estate Planning strategies according to STEP (The Society of Trust and Estate Planners).
No one likes to think about their own mortality, but making a proper estate plan can help to lessen the grief of loved ones left behind. Alternately, without a written estate plan, surviving family members are often saddled with the responsibility of making estate decisions without a clear understanding of the deceased’s wishes.
A survey conducted by one of the big banks some years ago revealed that about 18% of Canadians were hoping for a lottery win to fund their retirement. This raises the question, 'If you were to paint a picture of your retirement, what would it look like?' Many would let dreams take over and envision lots of travel, a vacation home in an exotic location, spoiling their grandchildren, perhaps several year-long world cruises.