Wills and Powers of Attorney

Wills and Powers of Attorney is a comprehensive course designed to equip accounting and tax professionals with a clear, practical understanding of estate and incapacity planning in the Canadian context. The course explores both the legal foundations and the tax implications of wills, along with the structure and function of various types of Powers of Attorney. Participants will examine the essential elements of a valid will under provincial law, including capacity, witnessing requirements, and the differences between formal, holographic, and notarial wills. The course also addresses the limits of testamentary freedom, including dependants’ relief considerations and potential legal challenges. A significant focus is placed on tax consequences arising at death. Learners will review deemed dispositions under the Income Tax Act, including section 70(5), and analyze how capital property, registered accounts such as RRSPs and RRIFs, and private corporation shares are treated for tax purposes. The course also covers planning strategies such as spousal rollovers, charitable bequests, probate fee management, and the use of trusts to improve tax efficiency and estate outcomes. In addition, the course examines Powers of Attorney in detail, distinguishing between general, limited, enduring, and springing forms. Participants will gain insight into the role of attorneys in managing financial accounts, filing income tax returns, and making healthcare decisions, along with the fiduciary duties and risks associated with these appointments. Through practical explanations and real-world scenarios, this course helps professionals connect legal structure with tax planning and client advisory responsibilities. It is ideal for accountants, tax advisors, and financial professionals who want to deepen their understanding of estate planning tools and provide more informed guidance in personal and family tax matters. This course forms part of the Canadian Tax Mastery Certificate, the Certificate in Personal and Family Taxation, and the Estate and Succession Planning Certificate.