Topic: Retirement · Part 12 of 13 · 🟡 Intermediate

In one sentence

A will and powers of attorney let you choose who gets your money and who decides for you if you can’t, so this post explains each document and how to keep them up to date.

Words to know

• Will: a legal document that says who gets your property after you die, and who manages it.
• Executor (liquidator in Quebec): the person you name in your will to carry it out.
• Intestacy: dying without a valid will. Provincial law then decides who gets what.
• Power of attorney: a document that lets a person you trust act for you while you are alive, for example if you become ill.
• Beneficiary: the person who receives money from an account or policy when you die.

Step 1: Understand why a will matters

If you die without a will, your province’s intestacy rules decide who inherits. These rules are different in each province. They may not match your wishes. For example, they may not include a common-law partner, a stepchild or a family member abroad in the way you want. A court may also need to appoint someone to manage your estate, which takes time and money.

A will made in another country may not work well in Canada. Many newcomers make a Canadian will for property in Canada. If you own property in your home country too, ask a lawyer whether you need a will there as well, and how the two fit together.

Step 2: Make your will

A will usually says:

• who your executor is, plus a back-up
• who gets your property, and in what shares
• who would care for children under 18
• any special wishes, such as gifts to a charity

Each province has rules on signing and witnesses. If these rules are not followed, the will may not be valid. Review your will after big life events, such as marriage, separation, a new child or a move to another province. In some provinces, marriage or divorce can change or cancel parts of an old will.

Step 3: Name people to decide for you while you are alive

A will only works after death. You also need documents for the time when you are alive but can’t decide for yourself. There are usually two kinds:

• For money and property: someone who can pay your bills, manage your bank accounts and deal with the CRA.
• For health and personal care: someone who can make medical and housing decisions, and a record of your wishes about treatment.

The names change by province. Some examples:

• Ontario: Continuing Power of Attorney for Property, and Power of Attorney for Personal Care.
• British Columbia: Enduring Power of Attorney for money, a Representation Agreement for personal and health care, and an Advance Directive for treatment wishes.
• Quebec: a Protection Mandate covers both property and personal care. A court must approve (homologate) it before it is used.

An ordinary power of attorney, like one for a bank, may stop working if you lose mental capacity. Make sure yours is the kind that continues. Without these documents, your family may need to go to court, or a public guardian may manage your affairs.

Step 4: Check the beneficiaries on your accounts

For RRSPs, RRIFs, TFSAs and life insurance, you can often name who gets the money directly on the account. Outside Quebec, this is usually done with your bank, insurer or in your will. In Quebec, many of these designations work only in a will or with insurance products, so ask.

• TFSA successor holder: only your spouse or common-law partner can be this. They take over your TFSA and it stays tax-free.
• TFSA beneficiary: anyone else, such as a child. They receive the money. The value at death is tax-free, but growth after death can be taxable.
• RRSP or RRIF: normally, the full value is added to your income on your final tax return. If your spouse or common-law partner is the beneficiary, the money can usually move to their RRSP or RRIF without tax right away. A financially dependent child or grandchild can sometimes qualify too.

Step 5: Keep your documents easy to find

A will no one can find doesn’t help. Tell your executor and attorneys where the originals are. Make a simple list of your accounts, pensions, insurance, property abroad and key contacts. Keep it with your documents, and update it once a year.

Step 6: Choose how to make them

• Lawyer (or notary in Quebec): costs more, but fits blended families, a business, or property in more than one country. In Quebec, a notarial will and mandate are kept on file and registered.
• Will kits and online services: cost less and can fit simple situations. The risk is a signing mistake that makes the document invalid.
• Free government forms: some provinces have free power of attorney forms. Ontario says the law does not require you to use a lawyer for a power of attorney.

Example

A person outside Quebec dies with a $50,000 TFSA and a $100,000 RRIF.

• Spouse named as TFSA successor holder and sole RRIF beneficiary: the spouse simply becomes owner of the $50,000 TFSA. The $100,000 RRIF can move to the spouse’s own RRIF. No tax is due right away on either. Total passed on without immediate tax: $50,000 + $100,000 = $150,000.
• No one named, and no spouse: both go through the estate. The $100,000 RRIF is added to the person’s income on their final return, so the estate pays tax on it before the heirs get the rest.

Common mistakes

• Thinking “my family will know what I want,” and leaving it to intestacy rules.
• Naming an ex-spouse as beneficiary and forgetting to change it.
• Having a will but no power of attorney, so no one can manage money during an illness.
• Signing a kit will without the right witnesses.

✅ My checklist

☐ I have a valid will for my province, with an executor and a back-up
☐ I named people for money and for health decisions
☐ I checked the beneficiaries on my RRSP, RRIF, TFSA and insurance
☐ My executor knows where my documents are
☐ I will review everything after any big life change

Next in this topic → Part 13: Retiring back in your home country

Back to the topic → Retirement

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There are no affiliate or referral links in this post. This is general information, not financial, tax or legal advice; everyone’s situation is different. Figures were checked in October 2026 and can change.

Sources: Ontario Public Guardian and Trustee: Powers of Attorney · BC: Substitute decision-making and incapacity planning · Québec: Drawing up your protection mandate · CRA: What happens when a TFSA holder dies · CRA: Death of an RRSP annuitant