Provincial probate fee schedule
Probate fees vary from $0 (Quebec uses a notarial will system) to about 1.5% of the estate (Ontario, Nova Scotia). Plan for liquidity to pay them.
Stage · Planning your retirement in Canada
Estate planning
Deemed disposition at death turns a lifetime of tax-deferred gains into one big year-end bill unless you plan around it. Beneficiary designations often matter more than the will.
What to do this week
- Name beneficiaries on your RRSP, RRIF, TFSA, and life insurance. A named spouse can roll RRSP and RRIF tax-deferred.
- Review your will every 3 to 5 years, and after any major life event (marriage, divorce, birth, death in family).
- Decide whether you need a power of attorney for property and a personal directive for health. Both are jurisdiction-specific.
What to avoid
- Leaving an RRSP or RRIF to a non-spouse beneficiary with no plan. The full balance is added to the deceased's final-year income.
- Joint ownership of accounts with adult children as a probate workaround. Tax and legal consequences can be severe.
- Skipping a lawyer on the will. DIY wills fail in court more often than lawyer-drafted ones.
Calculators for this stage
Forms to file at this stage
Frequently asked
What is the deemed disposition on death?
The CRA treats your assets as sold at fair market value on the date of death. Accrued capital gains and RRSP/RRIF balances all hit the final tax return unless rolled to a spouse or charity.
Do I need life insurance in retirement?
Usually less than during working years, but targeted uses remain: covering estate tax on illiquid assets (business, cottage), leaving a specific legacy, or funding the surviving spouse's income.
Can I leave my TFSA to my spouse?
Yes. A spouse named as successor holder inherits the TFSA tax-free and can keep it as their own. A non-spouse beneficiary receives the cash value tax-free but loses the contribution room.