Estate Planning and Taxes
An estate plan that’s right for you.
An estate plan is an essential part of any sound financial strategy.
But an estate plan isn’t something many people like to think about.
The truth is, avoiding the issue will only cause complications for your loved ones after you pass on. With an estimated $1 trillion expected to pass from the hands of one generation of Canadians to another over the next two decades, planning for this large financial shift should be a primary concern to the more than six million Canadians aged 55 and older.
We’ll guide you through the creation of your estate plan, while addressing all the probate and tax implications. Throughout the process you will gain a better understanding of the issues surrounding estate planning, so you can make informed decisions about the future of your assets.
Did you know that if you’ve become the executor of an estate, you are personally responsible for any taxes still owed?
We can help you through the process of filing:
- Final Returns, reflect the deemed disposition of the holdings of your loved one at time of death, and create the estate.
- Estate Returns, reflect the earnings in the estate and, depending on the Last Will and Testament, may continue for several years.
- Clearance Certificate, is issued by CRA at the end of the tax process and resolves the Executor from the estate’s tax liability.
Contact us today for a free consultation.