Financial Planning | Accounting Co On Line

Chartered Financial Planner®

Financial Planning for Seniors

As a Chartered Financial Planner® designation holder in good standing, I am registered with the Financial Services Regulatory Authority of Ontario. I believe a good financial advisor should be able to assist with the financial challenges invariably faced by all, in all stages of life, including aging.

Older adults represent the fastest growing demographic in Canada.

19% of Canadians are aged 65+ (7 million people)
3x more Canadians aged 85+ by 2046 (2.5 million people)
16% increase in Canadian centenarians since 2016
More Canadians aged 65+ than children under the age of 15

https://cihr-irsc.gc.ca/e/46837.html

Aging in Place

Plan for the future today to help you live the life you want tomorrow

If you are like many Canadians, you want to Age in Place in your own home and community.

Aging in place means having the health and social supports and services you need to live safely and independently in your home or your community for as long as you wish and are able.

https://www.canada.ca/en/employment-social-development/corporate/seniors-forum-federal-provincial-territorial/aging.html

Planning can help you achieve this goal

The earlier you start planning, the more prepared you will be to respond to changes that may occur as you age such as changes in your health, mobility or social connections.

To successfully plan ahead, you need to start thinking about how you want to live as you age and what steps you need to take to achieve that lifestyle. When planning, you should also consider the unexpected. This includes planning for what you would do if you had a sudden onset of a chronic illness, developed a disability or had a change in resources.

Making choices now will give you greater control over your independence, quality of life and dignity.

Here are some things to consider when planning for aging in place:

Thinking about your home

A key step in planning for independence is assessing your home to determine if it can meet your changing needs as you age.

Depending on your situation, you may want to think about making changes to your home to help you as you age and to help delay the need for a future move. For example, you may choose to widen doorways in your home to allow access by a walker or wheelchair, or install a chairlift or elevator.

If you decide that your home no longer meets your needs or that you can no longer live safely and independently in your home, learn about the options available in your community. These may include moving into a more accessible or smaller home, or exploring seniors' housing options such as assisted living or long-term care. Be aware that different housing options may have different eligibility rules.

If I want to live in my current home as I age, what modifications could help me remain safe? (e.g., installing hand rails, a ramp, emergency response systems, etc.)
How will I maintain my home if I need help? Are there services available in my community? Do I have the money to pay for the services if I need them?
Do I need to move to a more manageable home or consider a home without stairs?
What are my housing options if my current home no longer suits my needs? What will be the costs?

Thinking about your community

The type of community you live in can also impact your ability to live independently.

Age-friendly communities encourage seniors and other residents to stay active and engaged, and make it easy to do so with features such as well-maintained sidewalks and benches, accessible buildings, and good public transportation.

Age-friendly communities also provide seniors with access to essential supports and services such as shopping, health care providers and recreational activities.

How age-friendly is my community?
What supports and services does my community offer to meet my needs and help me maintain my independence as I age?
Do I need to consider moving to a community with more services?
Am I close to the supports and services that I need now and may need in the future?
What assistance may I be eligible for from governments or helping agencies?

Getting around

Being able to get to appointments, shopping and recreational activities is an important part of being as independent as possible. For many people, this involves driving.

Planning for independence includes thinking about what to do when you are ready to, or must, retire from driving.

Many people outlive the ability to drive safely due to medical conditions that are more common as you age. It is important to consider how you will get around if you are no longer able to drive. It is also important to start thinking about other transportation options available in your community such as public transit, taxis, low-cost transportation services or family and friends.

As I age, can I get to the services that I need and the activities that I enjoy?
Am I aware of my medical conditions that could impact my ability to drive?
Am I aware of the signs that suggest I may need to consider retiring from driving? Do I know where to go to test my driving ability?
If I am no longer able to drive, do I have access to reliable and affordable alternatives in my community?
Will the cost of alternative transportation be more or less than owning my own vehicle?

Thinking about supports

Some older adults find that they need some help with the day-to-day activities of living independently within their own home.

The supports and services people may need as they age will vary, as will the costs. Services and supports range from private (out-of-pocket) expenses to those offered through health care and social service systems.

When developing your plan to age in place, you should understand the supports and services you may need. Find out if they are available in your community and think about how much they will cost. A good place to start looking for information is at your local seniors' centre or your health care provider.

Some assistance with supports may be available through the government, but remember that not all seniors are eligible for all levels of assistance, and not all supports and services are covered or available in every community. Some services may be subsidized or there may be a cost involved, depending on your need and/or income. Your local seniors' centre or health care provider can help you determine your eligibility for assistance.

What supports and services are available in my community to help me with daily activities such as shopping, cleaning, yard care or snow shoveling?
Where can I get help with bathing, grooming or other personal supports?
How much will these services cost?

Staying connected

Staying connected to friends, family and community provides many benefits as you age.

Social connections with community members of all ages can support physical, mental, and emotional health and well-being.

There are many ways to stay connected. These include having coffee with friends, joining support groups, taking part in recreational activities at your local seniors' centre, taking general interest courses, working part-time or volunteering with a community program.

How do I want to stay connected to the community as I age?
Are there organizations I may like to join or volunteer with? What activities do I enjoy doing with others?
Where might I find people with similar interests?
What do I need to do to continue to take part in these activities?

Staying healthy

Being active, eating well, and exercising regularly can reduce the risk of health problems and increase your energy levels.

For example, moderate, regular walking is low-cost, simple and one of the most popular ways to be physically active. It may also help you manage some health conditions.

Speak with your health care professional before starting an exercise program if you have health concerns or have been inactive for a while.

Good nutrition also helps to improve mental and physical well-being. Talk to your health care professional or a registered dietitian about how you can make sure your nutrition needs are being met.

Am I eating well?
Am I taking time to exercise regularly?
Do I need to add more exercise to my daily routine?
How can I safely stay active in different seasons (summer or winter)?

Staying financially secure

Understanding and planning for future expenses and staying informed about available income sources will help you maintain your desired standard of living.

Income sources may include personal retirement savings and investments, private and public pension plans, and other financial assistance.

There are provincial and federal tax credits as well as income supplements available to eligible seniors. Additionally, many private and public services offer seniors' discounts.

What income will I need to maintain my desired standard of living as I age?
Do I have a financial plan that includes a plan for addressing emergencies or possible out-of-pocket expenses to support my ability to age in place?
What assistance and benefits are available to me?
Am I receiving all the assistance and benefits that I may be eligible for?

Staying safe and free from abuse

Even though people of all ages experience fraud and abuse (including financial abuse), older adults may be particularly vulnerable.

There are many good sources of information available to help seniors learn to protect themselves from fraud and abuse.

Ask at your local library or seniors' centre, or check online for further information.

Do I feel safe in my home and in my neighbourhood?
Do I know how to protect myself against fraud and abuse, including financial abuse?
Do I know what to do if I suspect abuse or if I am feeling abused?

Caring for others

Many of us take on a new responsibility as we age – the role of caregiver to a partner or family member.

Talk to your family and friends about your plans and wishes, and understand the plans and wishes of the people you care for.

Planning for your caregiving role and being aware of community health resources can help support you in this new role.

Caregiving can be stressful, but knowing where to get help and information can make it easier.

Will I need to provide care to my loved ones?
What caregiver respite services and resources are there to help me as a caregiver?
How can I make a self-care plan to make sure I remain healthy as a caregiver?

Where can I find more information about aging in place?

Learn about the programs and services to support aging in place offered by your local, provincial or territorial government.

Local seniors' centres or public libraries can also help you find out about the services available in your community.

Contact

More information on federal programs and services for seniors is available or visit your local Service Canada office. For additional programs, please contact your provincial or territorial government.

To order additional copies of this publication:

Call

1 800 O-Canada (1-800-622-6232)

TTY: 1-800-926-9105

Mail

FPT Seniors Forum
Coordination unit mailstop 804
140 Promenade du Portage Phase IV Floor 8
Gatineau, QC K1A 0J9

This document was jointly prepared by the Federal/Provincial/Territorial Ministers Responsible for Seniors Forum. The Forum is an intergovernmental body established to share information, discuss new and emerging issues related to seniors, and work collaboratively on key projects.

Reverse Mortgages

https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reverse-mortgages.html

What is a reverse mortgage

A reverse mortgage is a type of loan for homeowners, usually aged 55 or older. It allows you to borrow money from your home equity without selling your home. You may do so by converting a portion of your home equity into tax-free money. Financial institutions sometimes call this “equity release.”

You may usually borrow up to 55% of the current value of your home. This money doesn’t affect the Old Age Security (OAS) or Guaranteed Income Supplement (GIS) benefits you may be getting.

The maximum amount you may borrow depends on:

your age and the age of other individuals registered on the title of your home
your home’s condition, type and appraised value
your lender

To be eligible, the home you’re using to secure a reverse mortgage must usually be your primary residence. This typically means you live in the home for at least 6 months a year.

Costs of a reverse mortgage

The interest rate for a reverse mortgage is usually higher than the interest rate for a:

mortgage
home equity line of credit (HELOC)

Your lender adds your interest costs to your reverse mortgage. This means that the total amount you owe increases over time.

Other costs associated with a reverse mortgage may include:

home appraisal fees
set-up fees
prepayment penalties if you pay off your reverse mortgage before it’s due
legal fees
closing costs

These costs may vary depending on your lender.

Your lender may add the fees to the balance of your reverse mortgage. You may have to pay for other fees up front. Ask your lender about the fees that apply to your reverse mortgage.

How you get your money from a reverse mortgage also impacts your costs.

You may get your money from a reverse mortgage as:

a lump-sum for the entire amount
a lump-sum for part of the reverse mortgage and the rest over time
regular payments

Ask your lender how you may get your money from a reverse mortgage.

Lump-sum for the entire amount

With a lump-sum, you get the entire amount of the reverse mortgage. This means you pay interest on the full amount. If you don’t use the full amount right away, it may be an expensive way to borrow money.

Lump-sum for part of the reverse mortgage and the rest over time

Your lender may allow you to take part of the reverse mortgage up front and the rest over time. If that’s the case, your lender may require that you take out a minimum amount up front. This amount is typically around $25,000.

Each time you take out an additional amount, your lender may:

charge a fee
change the interest rate on the entire amount of your reverse mortgage

These costs may significantly increase the total cost of your reverse mortgage.

Regular payments

With regular payments, you get money from your reverse mortgage regularly. You typically get $1,000 each month or $3,000 every 3 months. With this option, your lender may require that you take out an initial amount. This amount is typically around $20,000.

What to consider before getting a reverse mortgage

Make sure you understand the costs and the impact a reverse mortgage may have on you and your estate. Shop around and explore different options.

Other options

Before you get a reverse mortgage, compare other options.

These may include:

selling your home and:
- buying a smaller home
- renting another home or an apartment
- moving into assisted living, or other type of housing
getting another type of loan, such as:
- a line of credit, like a home equity line of credit (HELOC)
- a mortgage
- a personal loan

Your financial institution may offer other products that may be better suited for your financial needs.

Learn about choosing financial products and services that are right for you.

Professional advice

You may wish to speak with a financial advisor and with your family before getting a reverse mortgage.

This may help you better understand:

the costs
how it may impact your home equity
the impact on your estate

In some provinces and territories, your lender may require that you get independent legal advice. If that’s not the case in your province or territory, you may still wish to get legal advice. This may help you make an informed decision.

Contact your provincial or territorial consumer affairs office to learn more about reverse mortgage lending rules.

Other considerations

A reverse mortgage may limit other financing options secured by your home. You may not be able to take out a HELOC or similar products at the same time.

You may also need to pay off and close any loans or lines of credit secured by your home. These may include your current mortgage and HELOC. Your lender may allow you to use the money from your reverse mortgage to pay these off.

Getting a reverse mortgage

Many financial institutions offer reverse mortgages in Canada.

You may be able to get a reverse mortgage from:

federally regulated financial institutions, including:
- HomeEquity Bank
- Equitable bank
provincially regulated financial institutions
mortgage brokers

There are different levels of consumer protections in place for financial institutions offering financial products and services. This depends on who regulates them. For example, some financial institutions are federally regulated and others are provincially or territorially regulated.

When dealing with a federally regulated financial institution, such as a bank, you benefit from protections. Some of these protections are part of Canada’s Financial Consumer Protection Framework. You may not have the same protections when dealing with a provincially regulated financial institution.

Learn more about protections for bank customers.

You may use the money from your reverse mortgage for anything you wish, such as to:

pay for home repairs or improvements
pay regular bills
cover healthcare expenses
repay debts

Ask your lender if there are any restrictions or fees.

Paying back your reverse mortgage

You don't need to make any regular payments on a reverse mortgage. Your lender usually allows you to make payments up to a maximum amount. You usually also have the option to repay the principal and interest in full at any time.

If you pay off your reverse mortgage early, you may need to pay a fee. The term for repayment depends on the agreement you have with your lender. Ask your lender about the fees you need to pay if you pay your reverse mortgage early.

You need to repay the balance when:

you sell your home
you move out of your home
the last borrower dies
you default on the reverse mortgage

You and your estate usually have a limited time to pay back your reverse mortgage. Lenders establish their own policies about the timing for paying back the reverse mortgage. They also determine the consequences if you or your estate doesn’t pay it back on time.

Make sure you ask your lender for information about the timing for paying back a reverse mortgage.

Learn more about paying back your debt.

Defaulting on your reverse mortgage

If you default on your reverse mortgage, you could face serious consequences. This may include the foreclosure of your home.

You may default on a reverse mortgage by:

using the money from the reverse mortgage for anything illegal
being dishonest in your reverse mortgage application
letting your home fall into a state of disrepair that would lower its value
not following any conditions in your reverse mortgage contract

Each reverse mortgage lender may have their own criteria for defaulting on a reverse mortgage.

Ask your lender what could cause you to default.

Pros and cons of a reverse mortgage

Before you decide to get a reverse mortgage, make sure you consider the pros and cons carefully.

Pros

you don't need to make any regular payments
you may turn some of the value of your home into cash, without having to sell it
you still own your home
you may have options as to when and how you receive the money
you don’t pay tax on the money you borrow
this money doesn’t affect the Old Age Security (OAS) or Guaranteed Income Supplement (GIS) benefits you may be getting

Cons

interest rates are higher than most other types of financial products like:
- a mortgage
- a HELOC
the equity you hold in your home may go down as you accumulate interest
your estate may need to repay the reverse mortgage and interest within a set period of time when you die
the time needed to settle an estate may be longer than the time allowed to repay a reverse mortgage
there may be less money in your estate to leave to your children or other beneficiaries

Learn more about what to consider before borrowing money.

Related Links

Health Issues

About 43 percent of All Seniors in Canada have Disabilities. The most common disabilities experienced by seniors include mobility, agility and pain disabilities. Seniors experience a wide range of disabilities. To illustrate this, the table below describes the different types of disabilities seniors may have and what someone with each disability may experience in daily life. https://www.canada.ca/en/employment-social-development/programs/disability/arc/federal-report2011/section1.html

Mobility disability

difficulty walking up and down a flight of stairs, standing in one spot for 20 minutes or moving from one room to another

most common disability type among seniors experienced more by women than men

Agility disability

difficulty bending down, dressing or undressing, getting in and out of bed or grasping small objects

second most common type of disability among seniors more common in women than men

Pain disability

constant pain or recurring periods of pain resulting in a notable reduction in the amount or kind of activities someone can do

third most common type of disability among seniors women more likely than men to report a pain disability

Hearing disability

difficulty hearing another person talking (either face to face or on the telephone)

becomes increasingly common with age experienced by almost half of seniors aged 85 and over more common among men

Seeing disability

difficulty seeing the face of someone across the room, even when wearing glasses

more likely to develop with age; slightly more common among women

Memory disability

frequent periods of confusion or difficulty remembering things

increasingly common with age similar rates among sexes

Communication disability

difficulty making oneself understood while speaking

common to also have another disability, such as memory or mobility experienced with slightly more frequency by men than women

Learning disability

difficulty learning new things possibly diagnosed with a condition such as attention deficit disorder or dyslexia

not as common as other disabilities higher rates among seniors aged 85 and over equal rates for men and women

Emotional disability

difficulty taking on day-to-day tasks because of conditions such as depression or anxiety

living independently in community decreases likelihood of emotional disabilities (compared to younger adults) similar rates for men and women

Death & Taxes

Answers to common questions about what to do, when someone dies and what support is available, when a loved one dies in Ontario. https://www.ontario.ca/page/what-do-when-someone-dies

Who to call first

An expected death: call the doctor who was caring for the deceased person.

An unexpected death: call emergency services first.

No available doctor/emergency services in the area: contact the local coroner’s office.

Unsure about the circumstances: contact the local coroner’s office or the Chief Coroner of Ontario.

Chief Coroner of Ontario

Organ and tissue donation

Organ and tissue donation can help enhance and save lives, and provide immediate comfort and long-lasting consolation to grieving family members.

You can also choose to donate a body to science or medical research in Ontario.

More information: Trillium Gift of Life Network

More information: whole body donation

Arrange the funeral

If you use a funeral service provider

Funeral directors can help families make arrangements for full funeral services.

If you do not use a funeral service provider

Families can make arrangements themselves without using a funeral service provider.

Consult the Bereavement Authority of Ontario’s Guide to Death Care in Ontario for general information when making arrangements.

The cemetery, crematorium or alternative disposition operator you choose can help guide you if your arrangement process includes either:

burial
cremation
alkaline hydrolysis

Families can also apply directly for cremation or alkaline hydrolysis and out-of-province body shipment certificates. For details, please visit the Office of the Chief Coroner website.

More information

For more information on funeral arrangements, contact:

Bereavement Authority of Ontario
Toll-free: 1-844-493-6356
Toronto: 647-483-2645
E-mail: info@thebao.ca
Website: thebao.ca

Arrange a funeral, burial, cremation, alkaline hydrolysis or scattering

Organizations that can help with grief and loss

Death registration

Registering a death requires two documents:

Medical Certificate of Death, a form that the attending doctor or a coroner completes. It outlines the cause of death.
Statement of Death, a form that the funeral director and an informant (usually a family member) completes. It includes personal information about the deceased, such as family history, age at death and place of death.

The documents are submitted to the municipal clerk’s office, usually in the municipality where the death occurred.

Note: information that is gathered about causes of death may be used for medical/health research or statistics.

What you need to know

A funeral director usually oversees the process of registering a death, but a family member can also register the death without using a funeral service provider.

You must register a death before a burial permit can be issued. The permit is required for a cremation, burial or alkaline hydrolysis

If you use a funeral service provider

An informant, usually a family member, and the funeral director complete the statement of death form together.

The funeral director will then submit the Statement of Death and Medical Certificate of Death to the municipal clerk’s office.

If you do not use a funeral service provider

If the family is not using a funeral service provider, a family member must:

Get the completed Medical Certificate of Death from the medical practitioner when taking charge of the remains.
Get a Statement of Death form from the municipal clerk’s office and fill it out.
Submit the Medical Certificate of Death and Statement of Death to the municipal clerk’s office.

Get a burial permit

In most cases, funeral directors oversee the process of getting a burial permit.

If the family is not using a funeral service provider, the Ontario municipality where you register the death can help you get a burial permit. It is issued at the time the death is registered.

You need a burial permit before funeral services, including cremation or alkaline hyrolysis can be performed. You need this permit, even if the burial or other arrangements will take place outside the province.

Death outside of Ontario

If the death was outside Ontario, but the burial and arrangements will take place in the province, you will need a burial, transit or removal permit from the jurisdiction where the death occurred.

Get a death certificate

You can apply for a death certificate at any time, but it cannot be issued until a death is registered.

You may need a death certificate to:

settle an estate
access insurance benefits
access or cancel certain government services (for example, health card, pension)
research a family tree

Who can apply

There are no restrictions on who can apply for a death certificate or the number of death certificates you can apply for and receive.

Only the deceased’s next of kin or their executor can apply for a certified copy of death registration. Learn more about applying for a death certificate and certified copy of death registration.

Wills and estates

After someone dies, you may need to check if the deceased person has a will. A will is a legal document that sets out who will inherit property, possessions and other personal items. A copy of the will may be in their home, in their safety deposit box or with their lawyer.

To find out if a will has been filed: you can contact the estates division of the local Ontario court in the community where the deceased lived.

Search for Ontario court locations

With a will

If the deceased has a will, a “probate” court may or may not need to determine that it is legal.

If a court determines that a will is legal, it also grants “probate” — or approves — a trustee to carry out the wishes of the deceased person. This trustee is often named in a will.

If you are named as the estate trustee (also called the “executor”), you are authorized to administer the estate of the deceased person. You are considered the deceased person’s personal representative, and will carry out their wishes as stated in the will.

For example, you might distribute assets such as a home or financial savings or donate money to charity if that is what is outlined in the will.

No will

Without a will, an estate is distributed according to the law. This can be a complex process. If you are in this situation, you might want to contact a lawyer.

Lawyer Referral Service

The Law Society of Ontario offers a free referral service by phone.

This service is designed to connect you with legal services that might be helpful to you.

You will be connected to a Legal Information Officer who can:

assess your needs
provide the name of a lawyer or paralegal, based on your circumstances

The service is not considered legal advice. Legal fees should be discussed directly with the lawyer or paralegal you are referred to.

Law Society of Ontario
Law Society Referral Service
Toll-free: 1-800-268-8326
Local: 416-947-3330
Online: www.lsuc.on.ca

More on estates: Office of the Public Guardian and Trustee

Next of kin under 18 years old: Office of the Children’s Lawyer

More information: wills, executors and power of attorney

Who to notify of death

You may need to notify certain organizations or levels of government when a loved one dies, to access or cancel certain services and/or benefits.

Return an accessible parking permit

An accessible parking permit that belongs to an individual who is deceased must be returned to ServiceOntario within 30 days. You can mail it to:

ServiceOntario
Accessible Parking Permit Services Office
P.O. Box 9800
Kingston, Ontario
K7L 5N8

Cancel a driver’s licence and request refund

Families or next of kin may apply for a refund if there are 6 months or more remaining on the driver’s licence before it expires and there are no outstanding fines.

Visit a ServiceOntario centre and complete the Application for Refund of Driver’s Licence Fee. Submitting this form cancels the driver’s licence and requests a refund of the licence fee, if applicable.

A separate letter requesting a refund is not required if you submit the Application for Refund of a Driver’s Licence Fee.

Refund cheques are mailed to the applicant listed on the application within 4 to 6 weeks from the date the application is submitted.

You will also need to bring the original, plastic licence card to be cancelled and the required documents listed below.

Cancel a driver’s licence with no refund

Bring the original plastic licence card to be cancelled and the required documents listed below to any ServiceOntario centre. The staff will cancel the driver’s licence in the computer database and keep the plastic driver’s licence card.

Cancel a driver’s licence by mail

To cancel a driver’s licence by mail, submit:

a copy of the required documents listed below
the original plastic driver’s licence card to be cancelled

If you cannot return the original plastic driver’s licence card in the mail, you will also have to include a letter explaining why.

To receive a refund, if applicable, you must also include a letter requesting the refund. You can ask for a refund if there are 6 months or more remaining on the driver’s licence before it expires and there are no outstanding fines.

Send all the necessary materials by mail to:

Ontario Shared Services
Revenue and Billing Management
LCS Operations
159 Cedar Street, 6th Floor, Suite 600
Sudbury, Ontario
P3E 6A5

Requests to cancel a driver’s licence by mail are processed within 4-6 weeks from the date the request is received.

Required documents

To cancel a driver’s licence, you must submit the application/letter for a refund and either a:

death certificate
notification of death from a police department, a judiciary, or a lawyer

We cannot accept a funeral notice (obituary) from a newspaper or similar publication for refunds.

Get a refund or credit for your licence plate sticker or drivers licence

Oversee the deceased’s finances

If you are the executor, you will need to:

file an income tax form on behalf of the deceased person
inform the person’s banks and financial institutions of the death
contact the Family Responsibility Office if the deceased paid child or spousal support

Download: income tax forms for executors

More on taxes: contact the Canada Revenue Agency

Contact the Family Responsibility Office

Administering Estates

Learn about how someone’s assets and liabilities are handled after they die, including what happens if a person dies with or without a will. https://www.ontario.ca/page/administering-estates

Overview

The assets and liabilities that you own when you die make up what is known as your estate.

The assets in your estate are distributed depending on how they are owned. For example, you may have money and property jointly owned with another person, or you may have a designated beneficiary (for example, an insurance policy or joint bank account), who will receive certain assets or funds after your death. Someone who depended on you before your death can also make a claim for your money or property if they still need the financial support.

You are not legally required to have a will, but there are advantages to having one. If you die without a will, your estate will be distributed in accordance with Ontario's Succession Law Reform Act and someone would need to apply to the court to ask for authority to administer your estate.

Your will only takes effect after you die. A Power of Attorney is a legal document in which you appoint a person to make decisions for you while you are alive in case you are unable make decisions for yourself because you are not mentally capable. Powers of Attorney end when you die. Learn more about Powers of Attorney.

Find a will

When a person dies, the first step is to find the will (if one was prepared). A will might be found either:

in the deceased person’s home
in a safety deposit box
at the office of the deceased’s lawyer
through a private will registry
in a court record

To find the deceased’s will, or find out who may be acting as an estate trustee of an estate, you can:

contact the deceased’s lawyer
contact the deceased’s relatives or friends
search online will registries
search the court records in the Ontario courthouse closest to the deceased’s home.

If the deceased did not live in Ontario, contact the courthouse in the location where they owned Ontario property. A fee must be paid to view the court file.

You can also search the Archives of Ontario for estate court files which were started before 1977.

Learn more about how to find a will in court records.

The role of an estate trustee

An estate trustee is a person who is responsible for dealing with an estate.

The estate trustee is named in the will or appointed by the court where the deceased did not have a will. There may be one or more estate trustees named in a will.

Estate trustees are responsible for carrying out the wishes of the deceased person set out in the terms of the will (if there is one) and administering an estate in accordance with the law.

A person named as an estate trustee in a will is not required to act as the estate trustee. If they decide to act, they are responsible for:

winding up the affairs of the deceased
paying taxes, bills and any other debts
collecting the estate assets and distributing the residue of the estate to those who are entitled to it (for example, the remainder after all liabilities are paid)

If the named estate trustee (or alternative trustee) in a will declines to act or cannot act, then the beneficiaries may nominate another person to act as estate trustee.

An estate trustee can be appointed by the court if:

there is no will
there is no estate trustee named in a will
the estate trustee named in a will asks the court to confirm the validity of the will and their appointment

Learn more about what an estate trustee does and how to choose an estate trustee.

Apply for probate (Certificate of Appointment of Estate Trustee/Small Estate Certificate)

Probate is a procedure to ask the court to:

give a person the authority to act as the estate trustee of an estate
confirm the authority of a person named as the estate trustee in the deceased’s will
formally approve that the deceased’s will is their valid last will

Probate is not always required in order to administer an estate. The type of assets in the estate usually determine whether an estate should be probated. If the deceased owned real property or assets held by a financial institution, the estate normally has to be probated. Before starting an application for probate, you may want to determine whether the person or institution holding estate assets, or requiring a payment or action by the estate, requires a certificate of appointment of estate trustee or a small estate certificate (also known as a probate certificate).

Learn how to apply for probate of an estate and learn when probate may be required.

Learn how to apply for probate of a small estate (valued at $150,000 or less).

Apply for death benefits

The estate or other eligible individuals may be entitled to Canada Pension Plan death benefits. Death benefits are administered by the federal government. Find more information at Canada Pension Plan Death Benefits, or call Service Canada at 1-800-277-9914.

How an estate is distributed

How an estate is distributed depends on whether or not the person who died left a valid will.

Distribution of an estate with a will

When a person has a valid will when they die, their estate is normally distributed according to the directions in the will, once the assets have been liquidated and the funeral and burial expenses and any debts have been paid.

Distribution of an estate without a will

When a person does not have a valid will when they die, it is called an intestacy. When this happens, Ontario's Succession Law Reform Act sets out how the estate is distributed. In general, when a person dies without a will, the people who can inherit their estate include their spouse and closest next-of-kin. A common law spouse does not inherit under the Succession Law Reform Act.

If you believe that you are entitled to inherit all or part of an estate, you can find out whether an estate trustee was appointed by the court to administer the estate by contacting the court office where the deceased lived or held property.

Learn more about making a claim against the estate or challenging a will.

Beneficiaries under the age of 18

The Office of the Children’s Lawyer may act on behalf of children under the age of 18, or unborn persons in court cases, where they have an interest in an estate or trust. You will need to serve the Office of the Children’s Lawyer when applying for a certificate of estate trustee if any beneficiaries of the estate are under the age of 18.

Learn more about the role of the Office of the Children’s Lawyer in estates and trusts.

Rights of a surviving spouse

If your spouse dies and you were married, you have the following options to claim property or assets:

claim half of the difference in your net family property, called an equalization payment, under the Family Law Act
claim your entitlement, as directed in your spouse’s will
claim your entitlement under the Succession Law Reform Act if there is no will

How to claim an equalization payment

Determining the amount of an equalization payment and comparing it to what a spouse would receive under a will can be complicated. You should speak with a lawyer soon after your spouse’s death to discuss your options.

A lawyer can help you determine how much you would receive through an equalization payment. They can help you list and identify the value of the family property. Learn more about dividing net family property.

Submit a form with the court

If you decide to claim an equalization payment, you or your lawyer must file and mail a form called “Election of Surviving Spouse” no later than six months from the date of your spouse’s death, to:

Estate Registrar for Ontario
c/o Toronto Estates Office
Superior Court of Justice
330 University Avenue
Toronto, Ontario
M5G 1R7

This form affects your legal rights. You should speak with a lawyer before filing it with the court. If you do not have a lawyer, you can find one through the Lawyer Referral Service of the Law Society of Ontario.

Court staff cannot give legal advice.

Estate administration tax

The Estate Administration Tax is charged on the value of the estate of a deceased person if an estate certificate (probate) is applied for and is issued.

Estate administration tax is calculated on the total value (in Canadian dollars) of a deceased person's estate as of their date of death.

You pay the tax as a deposit when applying to the court for probate. Once a probate certificate is issued, that deposit becomes the Estate Administration Tax.

If a probate certificate is not applied for and not issued, no Estate Administration Tax is due. If you have applied for a probate certificate, but it was not issued, your deposit will be refunded.

Learn more about the Estate Administration Tax and how to calculate the value of an estate.

The Office of the Public Guardian and Trustee as estate trustee of last resort

The Office of the Public Guardian and Trustee (OPGT) protects the interests of potential heirs when an Ontario resident dies and no eligible person is available to administer the estate.

The OPGT may apply to be appointed estate trustee of last resort if all of the following apply:

the deceased was an Ontario resident or owned real estate in Ontario
the deceased did not make a will or the deceased did make a will but the executor has since died or become incapable
there are no known next-of-kin living in Ontario or the next-of-kin are minors or mentally incapable adults
the estate meets the OPGT’s financial criteria after payment of the funeral and all debts owing by the estate

The OPGT cannot provide legal advice or assist individuals in preparing court applications and does not supply forms for court applications.

When the OPGT is appointed estate trustee, fees are charged according to regulation under the Public Guardian and Trustee Act. If there are professional services required to administer the estate, such as tax return filings, real estate maintenance, legal, investigative or genealogical research, the associated fees are paid out of the estate as expenses.

For more information, call or email:

Toll-free: 1-800-891-0504
OPGTEstatesAdmin@ontario.ca

Additional resources

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