Do You Know What You Need To Know? A Message from Chapter Supporter “Solutions for Aging”

Information posted January 30, 2013








The following is a message from our Chapter supporter Solutions for Aging who are solely responsible for the content and opinions expressed.


Written by Nathan T. Kupusa,B.A.,EPC

Solutions for Aging

Partner, Wealth Care

During the last 16 years as a financial advisor I have come to realize many things.  The investment market goes up, it goes down or it stays the same.  Canadians as a whole don’t know what they need to know about the difference between banks, investment companies and insurance companies.

One of the most powerful things Canadians can do is to educate themselves on these differences.  Canadian banks do a very good job when it comes to day to day banking.  For example, bank accounts, mortgages and lines of credit.  Investment companies do a great job of helping you save for a child’s education, building a retirement nest egg and giving investment selection.  Last but definitely not least, insurance companies do a great job of turning your retirement nest egg into an income stream, giving Canadians peace of mind about not out living their money and huge estate planning benefits.

In January 2013, education about these differences is more important today than ever before.  Recent changes to the Estate Administration Tax Act should be considered by CARP members when financial planning.  Until recently, Ontario probate fees were administered by the Ministry of the Attorney General but with new legislation the tax will shift to the Minister of Revenue.  Probate is the legal process of where a court confirms the authenticity of a will.  Banks and investment companies normally will not release any assets from an estate without proof that the will has gone through the probate process.  Under the new rules an application for probate will remain “Open” (subject to audit and reassessment) for four years from the date it’s made.  For example, if an application is made to the court on January 15, 2013 it will remain “Open” subject to audit and reassessment until January 15, 2017.  These changes will cause the probate process to be more costly, confusing and lengthen the time for an estate to be finalized.

The time is ‘NOW” to educate yourself on the benefits of using an insurance company when dealing with estate and probate planning.  Probate fees can be virtually eliminated when planning with an insurance company.  The estate can distributed to loved ones more quickly without a huge amount of hassle.  The process is very simple for your loved ones and executors. 

Be sure to contact Solutions for Aging and ask us about our “Probate Block Strategy” and how it can help you and your family navigate our financial system. 

Solutions for Aging, Health and Wealth Care, is the first of its kind in Canada. We educate our clients on the Health and Wealth Care system and provide personalized planning strategies.  We will be hosting an information session on Feb 22nd, 2013 at 10am in our Burlington office.

Plan, Prepare, and Protect.  Helping you make decisions while they are yours to make. 

If you have any questions or would like more information feel free to email me directly at [email protected] or go to