Planning for death is not something the typical Canadian relishes. Funeral homes typically are thought to be something dreaded and avoided. On the other hand, reasonable efforts to plan for a person’s passing is not necessarily something that should be ignored.
In Canada, a majority of adults do not pre-plan with funeral homes. They may place some directives in a will or tell a loved one what they might like to see in the way of a funeral. However, most Canadians to not pre-plan their funeral arrangements.
Establishing a Pre-Paid Funeral Account
Section 148.1 of the Canada Tax Act permits the ability to establish a funeral expense account. A person actually can place funds into an interest-bearing vehicle. The money need not sit idle.
Pursuant to section 148.1 of the Canada Tax Act, any interest earned on a funeral expense account is exempt from taxation, provided the earnings on such an account do go to pay bona fide funeral and burial expenses. This is an important feature of the applicable law.
A person can establish a pre-paid funeral expense account by placing a lower amount of money into the fund with the idea that it will earn interest over time. This strategy is particularly helpful for a younger adult who hopefully, and statistically, has years to live before the need to pay for funeral and burial expenses. In theory, an individual could fund the account with a relatively small amount of money and rely in accumulated interest over time to aid in paying for expenses when the need arises.
The 21st Century Funeral Home
The typical funeral home in North America is dedicated more to making arrangements for the presentation of the deceased, the planning of a memorial, and burial. A funeral typical funeral home in Canada is also providing other key services to a person with an eye to being proactive in regard to his or her funeral and burial arrangements. This includes assisting with appropriately establishing a pre-paid funeral account.
A funeral home is also well-situated to assist a proactive planner in making sure that his or her wishes and desires are locked in and not to be adjusted unnecessarily by a potentially well-meaning family member. The staff of many a funeral home receives special training to assist an individual in feeling comfortable with the idea of taking control of his or her funeral and burial issues.
A final note about final arrangements involves flexibility. A funeral home is able to do a wide spectrum of different things in regard to memorial services, cremation and burial when the ultimate subject of these arrangements is involved in planning them in the first instance. For additional info, visit Aftercare Cremation and Burial Service and learn more from their online references.