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Your Estate Matters Newsletter
Your Estate Matters Podcast
Episode 27: How Financial Therapy Can Transform Your Relationship with Money
This week on Your Estate Matters, we chat with Natasha Knox, a financial therapist and principal of Alaphia Financial Wellness. We explore the unique field of financial therapy, which combines financial planning with therapeutic techniques to address the emotional aspects of money management. Natasha shares her journey into financial therapy, the impact of upbringing on financial behaviours, and common money beliefs. She offers strategies for couples to improve financial communication and discusses teaching children healthy money attitudes. The episode aims to help listeners enhance their financial well-being and protect their legacies.
Your Estate Tips
Election 2025: Estate Implications
Canadians will head to the polls on Monday, April 28, 2025, for a federal election that could significantly impact estate planning strategies. With a focus on the three major parties, Mark Carney (Liberal Party), Pierre Poilievre (Conservative Party), and Jagmeet Singh (New Democratic Party) present different approaches to estate-related matters, particularly regarding housing and taxation. Below is a detailed comparison of their proposed policies:
Housing Policies
Mark Carney (Liberal Party):
- GST Elimination for First-Time Buyers: Carney has pledged to eliminate the GST on homes priced up to $1 million for first-time buyers.
- Affordable Housing Construction: The Liberals aim to double the current rate of residential construction, building nearly 500,000 homes annually over the next decade. This includes establishing "Build Canada Homes," a government entity to speed up affordable housing development with $35 billion in financing.
- Prefabricated and Affordable Housing: Carney plans to provide $25 billion for prefabricated homes and $10 billion for affordable housing projects.
Pierre Poilievre (Conservative Party):
- Development Charge Reduction: Poilievre proposes reimbursing municipalities for half of every dollar cut from development charges, up to $25,000 per home. Combined with his plan to eliminate GST on new homes under $1.3 million, this could save homebuyers up to $115,000 per home.
- Federal Land Utilization: Poilievre plans to sell off 6,000 federal buildings and make federal land available for housing development.
- Municipal Incentives: Municipalities that increase housing construction by 15% annually would qualify for federal infrastructure funding, while those falling short could face funding cuts.
Jagmeet Singh (NDP):
- Affordable Housing Construction: Build 500,000 affordable homes over 10 years, with 100,000 rent-controlled units on federal Crown land by 2035.
- Non-Market Housing: Focus on co-ops and non-profits by creating a Community Housing Development Bank to finance construction.
- Rent Control & Tenant Protections: Push for national rent control laws and regulate corporate landlords to prevent renovictions and excessive rent hikes.
- Public Land Initiatives: Dedicate all suitable federal Crown land to housing development while doubling the Public Land Acquisition Fund ($1 billion over five years).
Taxation Policies
Mark Carney (Liberal Party):
- Capital Gains Tax: Carney canceled a planned hike in the capital gains inclusion rate but increased the Lifetime Capital Gains Exemption limit to $1.25 million for small business shares, farm property, and fishing property sales.
- Income Tax Relief: The Liberals propose reducing the marginal tax rate on the lowest tax bracket by one percentage point, saving two-income families up to $825 annually.
- Retirement Savings: For seniors, Carney has pledged temporary relief by reducing mandatory withdrawals from Registered Retirement Income Funds (RRIFs) by 25% for one year due to market instability.
Pierre Poilievre (Conservative Party):
- Capital Gains Tax Deferral: Poilievre introduced a "Canada First Reinvestment Tax Cut," allowing individuals and businesses to defer capital gains taxes if proceeds are reinvested in Canada until December 2026. This aims to spur domestic investment and job creation.
- Retirement Savings Flexibility: Poilievre promises to extend RRSP conversion into RRIFs from age 71 to 73, giving seniors additional time before crystallizing market losses.
- Income Tax Reduction: Conservatives propose cutting income tax rates by 2.25 percentage points, saving dual-income families about $1,800 annually.
Jagmeet Singh (NDP):
- Capital Gains Reform: Reinstate a capital gains inclusion rate of 66% for gains over $250,000, reversing the Liberal cancellation of this measure.
- Income Tax Exemption Increase: Raise the basic personal exemption to $19,500 for low-income earners while lowering it for top earners.
- GST Removal on Essentials: Remove GST on items like groceries, diapers, cell phone bills, and home heating
Key Differences
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Housing Supply:
- Mark Carney (Liberal Party): Focuses on large-scale construction of affordable housing through public financing, including initiatives like "Build Canada Homes."
- Pierre Poilievre (Conservative Party): Prioritizes incentives for municipalities and private developers, such as reducing development charges and using federal land for housing.
- Jagmeet Singh (NDP): Emphasizes non-market housing solutions, including co-ops, rent-controlled units, and stronger tenant protections.
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Taxation:
- Mark Carney (Liberal Party): Proposes targeted tax relief for middle-class families, such as lowering the marginal tax rate on the lowest bracket and increasing the Lifetime Capital Gains Exemption.
- Pierre Poilievre (Conservative Party): Advocates for broad tax cuts and investment incentives, including deferring capital gains taxes if reinvested in Canada.
- Jagmeet Singh (NDP): Supports progressive tax reform, including raising the capital gains inclusion rate for high earners and removing GST on essential items like groceries and home heating.
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Retirement Savings:
- Mark Carney (Liberal Party): Offers temporary relief by reducing mandatory RRIF withdrawals during market instability.
- Pierre Poilievre (Conservative Party): Plans to extend the RRSP-to-RRIF conversion age from 71 to 73, providing seniors with more flexibility.
- Jagmeet Singh (NDP): Does not propose specific measures related to retirement savings in this campaign.
In summary, the Liberals focus on affordability and targeted relief, the Conservatives emphasize market-driven solutions and broad tax cuts, while the NDP prioritizes housing as a human right with progressive taxation and tenant protections.
Donating your Body to Science in BC
In British Columbia, the agency responsible for collecting deceased bodies for scientific purposes is the Body Donation Program managed by the Faculty of Medicine at the University of British Columbia (UBC). This program has been in operation since 1950 and provides anatomical material for education, training, and research to support the development of future healthcare professionals. Key info:
- Individuals must be over 30 years old to qualify. Bodies must be received within 72 hours of death to ensure suitability for donation;
- Consent forms must be completed prior to death, and after passing, the executor, next of kin, or healthcare professional must contact the program immediately. The program evaluates the medical history and determines suitability before accepting the donation;
- The program covers transportation (within certain areas), cremation, and provides a simple urn. Families are responsible for additional arrangements such as special urns or burial plots; and
- Donated bodies are used for anatomical study, surgical training, or medical research. They remain under UBC's care for six months to three years, depending on their purpose.
For those interested in donating their body to science in BC, contacting UBC’s Body Donation Program at 604-822-2578 or via email at body.program@ubc.ca is the first step. You can find more information here: https://cps.med.ubc.ca/body-donation-program/
Suite 220, 545 Clyde Avenue, West Vancouver, BC V7T 1C5
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