Other considerationsIf you transfer an RRIF account, your previous company is legally required to make your minimum rrIF payment for the current year before the transfer of your account. If you transfer a registered product, all book values (costs) will be passed on to Raymond James. Unregistered accounts do not transmit this information when they are transferred. If you want to keep this data, you will receive the initial cost information from your latest client list and give it to your financial advisor Raymond James, who stores it for future referrals. These certificates are now held primarily electronically by the Canadian Depository for Securities (CDS), a reliable custodian subject to federal and provincial laws and regulations. Since CDS is the primary custodian of securities between investment traders, CDSs are able to facilitate the fairly rapid transfer of most client assets between companies. It takes about two weeks to transfer an account from one brokerage firm to another, depending on the respective investments within the account. Most transfers are made electronically via a CDS system called Account Transfers Online Notification (ATON). Transfers that cannot be transferred via ATON, such as. B GICs managed by the bank, pension plans or insurance products, will be longer. After 24 years in the medical field, Jack retired and began to think about his estate and his legacy.
He wanted to do more than bequeath his property in a will. Thus, he planned in advance to ensure that his estate and the future of his family were protected from losses, including through taxes. Working with his financial advisor, lawyer and tax advisor, Jack has developed an estate plan over the years that has brought high-quality assets into a family trust that are vulnerable to income and capital gains taxes. Thus, while these assets continued to generate income for Jack`s beneficiaries, they were no longer part of his taxable estate. Jack also transferred existing life insurance into the trusts and cited family members as beneficiaries to provide the money needed to pay the inheritance tax when it was time to distribute the assets to them. After the end of his days in the Er, Jack knew that his new stage of his life would begin with everything he possessed in his rightful place. It`s never too early to start planning, because there are many potential life events – premature death, accident, dementia or injuries – that could confuse your loved ones and worry about what to do because there is no plan. An effective succession plan should be complete, so it`s important to consider your overall financial goals and develop your plan with the help of a professional.
These experts should be at least one estate planning lawyer and a financial advisor, as well as others, such as your CPA or an expert. The most important thing is not to impose succession planning.