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FREQUENTLY ASKED QUESTIONS Estate Planning - Funeral Planning |
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Who is responsible for funeral arrangements? |
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You, or your next of kin are legally responsible for the manner in which your funeral or cremation will be carried out. Always it is wise to involve family members when making funeral arrangements.
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Pre-arranging - Estate Planning? |
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An important part of your estate planning is the pre-planning of your funeral. Who knows better what you would have in way of your funeral?
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What should a pre-arranged funeral cost? |
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According to figures gained through a Canada-wide survey by the Canadian - Independent Group, one should be able to purchase a complete traditional funeral including professional services, using facilities, use of funeral coach, clergy car and family limousine, including a Canadian hardwood casket for approximately $5000.
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What is a pre-arranged funeral contract? |
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This is a duly completed contractual agreement bearing your signature and that of one of the Kelly Funeral Home's licensed directors. The funds received are deposited by the Kelly Funeral Homes on your behalf and held in trust for you in your name. The interest earned must be permitted to accrue until death has occurred and the terms of the contract fulfilled, or returned in the meantime on the authority of your written request for the return of your funds and the cancellation of your contract.
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How are pre-paid deposits in trust protected? |
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Provincial and Federal legislation provide for the protection of pre-paid deposits in trust. All deposits are protected by the Canada Deposit Insurance Corporation. In Ontario, deposits in trust are inspected and monitored annually by our Ontario Board of Funeral Services. When pre-paid funeral contracts are completed the Kelly Funeral Homes provide you with an itemized contractual agreement which indicates clearly the terms of your contract, your selection of goods and professional services and the total cost of the choices you have made. Approximately seven days later you will be provided with written proof of the deposit of your funds by a recognized Trust Company.
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Are pre-paid funeral deposits in trust tax sheltered? |
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Yes, absolutely! by an Act of Parliament known as Bill C-70 all pre-paid funeral deposits in Trust and accruing interest are protected from the imposition of a tax. Further to this tax shelter it should be known that there will be no tax imposed on any surplus interest earned if that interest is applied to supplementary funeral related disbursements i.e. clergy offering, press notices, opening/closing grave, floral arrangements etc.
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If I should move to another country or for whatever reason change my plans, can I get my money back? |
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Certainly. Keep in mind this money deposited in a pre-paid funeral plan is always your money. Funds and interest earned may be returned to you on the receipt of a letter from you requesting its return, bearing your signature and the signature of a responsible witness.
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Are pre-paid funeral contracts transferable? |
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Yes, by all means! Remember this is your contract. It is your money and the decisions are yours. Transfers of pre-paid contracts take place regularly and for good reasons such as: the contract holder moves to Ottawa from Halifax, Montreal, Toronto, Winnipeg, Calgary, Vancouver etc. His/her contract is usually transferred to and is honoured by the funeral home in that city which the originating funeral home recommends. The Canadian - Independent Group of Funeral Homes have a network of over 700 funeral homes from coast to coast across Canada between which contracts are transferred regularly. The pre-paid funeral contract holders may transfer their contracts because they want to be closer to family, church, the funeral home serving that community or a funeral home they know to be Canadian owned. The pre-paid funeral contract may be transferred without cost to the contract holder.
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KELLY FUNERAL HOMES AND CHAPELS Proudly serving the National Capital region for over 40 years (613) 235-6712 Website by Academy Design |