Due to the COVID-19 pandemic, our offices are closed however we are in communication electronically. Please send all benefit and eligibility queries to: administration@bpagroup.com and all claim inquiries to: claims@bpagroup.com Please ensure to include your full name, certificate number and reason for inquiry, all inquiries will be handled on a priority basis within 1 business day.Click here to read an important update from your Benefits Department.
Effective January 1, 2020, OHIP will no longer cover any portion of your medical costs while travelling outside of Canada.

Taxes on Death

Upon death, there is a deemed disposition of RRSP’s, RRIF’s, LIF’s, cottage, investment property, etc. This may entail significantly high taxes on the estate and may jeopardize the ability of the family to retain, say, a cottage, unless there is a surviving married or common law spouse.
 
There are a number of ways you can defer, minimize or eliminate these taxes by strategic planning. It is important to consult a qualified financial advisor, who can assist you in implementing these strategies.

Probate : This is a legal process that confirms two things: the validity of the will and the appointment of the executors.
 
Probate tax is assessed on the total value of the assets in the estate. The rate varies between provinces and can be significant. In Ontario, they are calculated as follows: $5.00 per $1,000. up to the first $50,000, then $15. per each $1,000 thereafter.
 
You can structure ownership of the assets to reduce or minimize probate. Trusts, joint ownership, gifts, etc. will help to accomplish this. You may wish to consult with a qualified financial advisor.

Final expenses

These will include provision for burial expenses, outstanding bills and ongoing expenses, (i.e., utilities, rent, etc.), until the estate is settled.

Prepaid burial expenses

The death of a loved one is one of life’s most stressful events. Unless there is a funeral plan already in place, they are prevented from mourning if they are involved in making last minute decisions about the numerous details involved in organizing a funeral. This only adds to the stress. Pre-planning the funeral removes the financial and emotional burden during a difficult time.

Insulators Local 95 Benefit Trust Fund c/o Benefit Plan Administrators 
90 Burnhamthorpe Road West, Suite 300 Mississauga, Ontario L5B 3C3