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I would like to leave my grandchildren, aged two and four, money from my estate. But more importantly, I would like to leave my home to my grandchildren, valued at over $1 million. What is the best way to do that?  —Suniel

Can a minor own real estate?—and more estate questions

Thanks for writing in, Suniel. Leaving a gift to our minor-aged loved ones in our estate plans is a great way to provide for their futures. Let’s review what a minor-aged beneficiary is, who is responsible for the beneficiary, and how property can be gifted to them in a will or otherwise.

Technically speaking, what is a minor?

Depending on the province you are in, the age of majority is either 18 or 19 years of age. In Ontario, for example, a child is no longer considered a minor at 18 years old. When someone is under the age of majority in their province, they cannot enter into legal contracts, and a parent or guardian supports them until adulthood. 

In Ontario, when a minor-aged child is named as a beneficiary in a will or set to inherit under the Succession Law Reform Act when there is no will, then the executor, the person in charge of administering the estate, has to complete a few steps…

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My husband and I have a modest portfolio of just under $700,000—no company pension. My husband is 79, and I am 66. We have only taken the minimum out of our RRIFs—my husband’s amount has always been based on my age. Over the past few years we haven’t had to pay taxes, as I am self-employed part-time and work from our home. I have been able to write off a portion of our carrying costs.  

Shall we increase our RRIF payments while I am still working and since we are in a low/no tax bracket? Whatever we do not need, we would just reinvest into our TFSAs; we still have room. We would like to wind down our taxable investments in the most tax-efficient manner. Your thoughts?

—Carol 

Withdrawal strategies and taxes for Canadian retirees

This is a layered question involving income, retirement, self-employment and savings. Carol, without additional information I’m not able to give you a proper answer. So, instead, let me give you a few things to think about as you work through this yourself or with a financial planner…

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