Estate Planning
With the help of estate planning we prepare our clients in transferring their wealth and assets at the time of death to their loved ones tax efficiently. In Canada there is no inheritance tax which means the inheritance is not taxed in the hands of the transferees. At the time of death all the assets are considered deemed disposed and the taxes have to be paid in the final return of the deceased. However, with proper tax planning for the estate we can reduce the probate fee, court fee and tax burden on the estate and the beneficiaries. For example probate fee can be avoided or reduced by adding the spouse’s name on the title of the property.
Taxation of Estates
In case of registered investments the tax can be deferred if spouse is assigned as the beneficiary. For high net worth clients we can create trust for the spouse and children so that income (with some exceptions) is taxable in the hands of the beneficiaries when the property is actually disposed off. We can also help in the final tax preparation of the deceased by guiding you all the way through the complicated process resulting in the minimum tax liability to the
estate.
