Is a free (or cheap) do-it-yourself will kit safe?

By Wayne Rothe, RetireHappy

Should you have a lawyer prepare your will, or is a do-it-yourself will kit adequate? This is one of the most common questions I get from clients.

I get it; everyone likes a good deal. A lawyer will charge hundreds of dollars for a will, power of attorney and living will.

I found prices on online will kits ranging from $20-$50. You can even find free will kits! These kits can be tempting – until you know the risks..

Taxpayer's 'genuine' TFSA contribution mistake still leads to CRA tax and penalty
By Jamie Golombek, Financial Post

The taxpayer began contributing to his TFSA in 2014. He overcontributed in 2015 and, as a result, the CRA in May 2016 sent him an “education letter” notifying him of his overcontribution, and telling him to withdraw the excess contribution “immediately” to avoid the penalty tax.

Fast forward to 2021 when the taxpayer once again overcontributed to his TFSA. In July 2022, the CRA notified him of his overcontribution by way of a Notice of Assessment, charging him with an overcontribution tax of $2,570.60, plus a penalty of $128.53, along with arrears interest.

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