So, you have completed your Will, identified your Executor, Enduring Power of Attorney, and finished your Personal Health Directive. Finally, you are done, or maybe not.
Today more and more people are taking advantage of Eligible Funeral Arrangements (EFA). An EFA is a tax-deferred account that has been around for years where investment earnings accumulate tax free and remain tax free when they are spent on eligible funeral costs.
Every Canadian resident is allowed to make a contribution of up to $35,000 into an EFA that covers funeral and cemetery services. Alternatively, you could have two separate plans – one for funeral services only (the limit is $15,000) and one for cemetery services only (the limit is $20,000). These are lifetime limits and can be contributed at any time.
Surprisingly, studies show that of the millions of people who have entered into EFA’s they don’t do it for the financial benefit.
They do it because:
- They want to take the emotional burden of making these decisions from their loved ones
- It’s their responsibility to make these decisions
- To remove the financial burden that will be left to their Executor and family
- To prevent family from inevitable conflict
But, there is an added benefit of locking in funeral costs at today’s prices. Here’s how it works.
To complete these steps you need to find a qualified and certified professional. In the end, all you are doing is moving money from one financial institution to another and you and your family receive numerous benefits. It’s easy and simple, takes just over an hour, and you are always in control.
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