Protecting your estate requires careful planning and knowledge of family, estate and income tax laws. It is vitally important to enlist the help of a lawyer as well as an independent advisor. Unless you leave everything to your spouse when you die, Canada’s tax laws function as if you’ve just sold your assets. You may even end up paying out capital gains taxes, reducing the amount of money that goes to your loved ones.

Life insurance policies and RRSPs/RRIFs won’t be considered part of your estate for probate fees if you have named a beneficiary.

Buy life insurance to cover estate taxes. It can also be used to provide income for dependents, to pay for your grandchildren’s education, final expenses or to offset capital gains taxes.

Consider setting up a family trust or spousal trust to avoid capital gains taxes.

Include tax-oriented clauses in your will. Set up your estate to make an RRSP contribution to your spouse’s RRSP for that year if permitted. This will reduce your final income and your tax bill.

Call us today at 905-405-1200 or Contact Us to discuss with you about your needs and how to secure your financial future and protect your assets!

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