Adjustable Life Insurance Policy:
Allows the policyholder to alter the policy’s plan by changing the amount of the coverage or premium.

Adjusted Cost Base:
The cost of a capital property for tax purposes. The original purchase price (cost) plus an adjustment for all subsequent related expenses, e.g. if investment property this would include any debt servicing (interest), property taxes, insurance etc. that have not been deducted for tax purposes.

Administrator:
The person appointed by the court to administer the estate. This occurs when there is no will, the will did not name an Executor or the named Executor has died or is unwilling or unable to act. Sometimes referred to as a “personal representative.”

Affidavit:
A sworn statement in writing, made before an authorized party, such as a lawyer or notary public.

Agent for Executor:
Where a person or trust company is hired by the named executor for a fee to provide advice and/or administration services.

Alternate Appointment:
An alternate Executor appointed if the first named Executor has died or is unwilling or unable to act.

Alternative Minimum Tax:
Regulations designed by Revenue Canada to limit the tax advantage that an individual can obtain certain tax incentives. For example annual RRSP contributions, capital gains and tax-shelter investments.

Annuity:
A contract that provides for a series of payments to be made or received at regular intervals.

Any Occupation Disability:
Disability from any suitable occupation, according to your education, training and/or experience. Most, but not all, group contracts specify an “any occupation” disability after the first two years of disability.

Assets:
Property of a deceased person subject by law to payment of his or her debts and legacies.

Attorney:
The person named in your power of attorney to act on your behalf. The term “attorney” does not mean a lawyer.

Attribution Rules:
Under the Income Tax Act, the rules that govern attribution income and/or capital gains in certain situations. For example, where property is transferred, directly or through a trust, for the benefit of a spouse or certain minor children, the income (and in some cases, capital gains) on that property may be deemed to be attributed as income or gains of the transferor rather than the person holding the property.

Autopsy:
The medical examination to determine the cause of death.