Christopher Liew is a CFP®, CFA Charterholder and former financial advisor. He writes personal finance tips for thousands of daily Canadian readers at Blueprint Financial. Nobody likes talking about their own death. I get it. But even a solid estate plan, with a will and up-to-date beneficiaries, only works if your family knows where everything is. The week after a death is chaotic and emotional, and it’s the worst possible time for a scavenger hunt. Below, I’ll walk through five things your family needs to know, and be able to find, before you’re gone. Why the conversation is half the battle I recently wrote about the estate planning steps Canadians keep putting off, and getting the documents done is genuinely half the battle. But the other half is communication, and that’s where most families fall short. A survey covered by CTV News found that while most Canadians agree estate planning matters, nearly half of those who work with a financial advisor say the topic has never even come up. If the professionals aren’t starting the conversation, it falls on you to start it at home. 1. Where your documents actually live Your will does nothing if nobody can locate it. Your executor needs to know exactly where the original is: a home safe, a lawyer’s office, or a safety deposit box (and if it’s the last one, they need access, because banks won’t just open it for anyone). Online will platforms are popular now, and they work fine, but here’s the catch: in most provinces they only draft the document. You still need to print it, sign it, and have it witnessed on paper for it to be legally valid, with British Columbia being the main exception that has recognized electronic wills since 2021. So the same rule applies: your executor needs to know where that signed original lives, along with your powers of attorney, insurance policies, and marriage or divorce papers. 2. A complete inventory of what you own and owe Here’s the thing most people miss. Your family probably knows about your house and your main chequing account, but do they know about the GIC at a second bank, the old pension from a job you left in 2009, or the investment account you opened online and never mentioned? Write a one-page inventory: every institution, every account type, every debt, and the contact information for your advisor, accountant, and lawyer. No balances or passwords needed on this page, just a map. Update it once a year, and tell your executor where it is. 3. What the tax bill will look like This is one of the most common misconceptions I hear. Canada has no inheritance tax, but that doesn’t mean death is tax-free. Under the CRA’s deemed disposition rules, you’re treated as having sold all your capital property just before death, which can trigger a hefty capital gains bill on your final return unless assets roll over to a spouse or common-law partner. That surprise tax bill can force your family to sell assets they wanted to keep. I broke down the whole misconception in a recent Blueprint Financial video if you want to see how it actually works with real numbers. 4. How to get into your digital life Think about how much of your financial world lives behind a password: banking apps, email, investment accounts, even the phone itself. If your family can’t unlock your phone, they may not be able to unlock anything else. Use a password manager with a legacy or emergency access feature, or leave written instructions in that same physical folder. CTV News has a good piece on digital estates that covers what happens when this step gets skipped. That being said, never put passwords directly in your will, since it can become a public document through probate. 5. The government to-do list your executor will face Your executor will need to notify the CRA and Service Canada of your death, file your final tax return, and settle any balance owing before distributing your estate. The CRA’s guide for doing taxes for someone who died lays out the steps, and pointing your executor to it now will save them hours later. There’s also money on the table. The CPP death benefit could pay your estate $2,500, or up to $5,000 in some cases for deaths on or after January 1, 2025, and your executor should apply within 60 days. A surviving spouse may also qualify for the CPP survivor’s pension, but none of it arrives automatically. Someone has to apply. Final thoughts Estate planning isn’t only paperwork, it’s a handoff. The kindest thing you can do for your family is make that handoff boring and easy: documents they can find, accounts they know exist, taxes they saw coming, and a clear list of who to call. Set aside one evening this month to build the folder and have the conversation. Your family will never forget that you did.
