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Estate
Planning FAQs
RRIF Tax Protector
What
is Estate Planning?
To
define Estate Planning, it may be put as:
The
most common goals in Estate Planning are:
-
To
maximize after-tax income both during life and after death.
-
To
achieve the greatest possible build-up of assets.
-
To
direct how these assets will be distributed to the intended
beneficiary(s) in the most effective way possible.
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To
minimize income tax paid both during life and after death
Misconceptions
of Estate Planning
Many people have a few misconceptions when it comes
to estate planning. These include:
-
People
think that Estate Planning is the same as tax planning.
-
Estate
Planning is only important after death.
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Estate
planning is only important for large estates.
-
Everyone
has an estate regardless of the size which will need proper
planning. Most people think that the money they have in the
bank is the extent of their estate...just start taking stock of what
you have...home, household effects, pensions, RRSPs, life insurance
plans, collectibles. You will be pleasantly surprised when you
start adding everything up, what the value of your estate turns out
to be! Proper planning must still be implemented to ensure its
proper distribution.
Estate
Planning - RRIF Tax Protector
Without
proper advanced planning, Canada Customs and Revenue Agency may be a
major beneficiary (upwards of 50%) of the registered assets in your estate. Download
this newsletter to learn how to conserve the value of your estate
for your intended heirs.
Click
here (227kb)
Estate
Planning - Frequently Asked Questions
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On
what assets will I have to pay taxes in my estate?
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Will
my spouse have to pay tax on my death if I die first?
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Will
there be probate on my assets if I predecease my spouse?
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I've
owned my home for over 30 years. Is there any tax payable on my
home when I die?
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I
have a large RRIF, a cottage, and an investment portfolio with
substantial unrealized capital gains. What amount of tax can I
expect to pay on these assets upon death?
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How
can life insurance help me in my estate planning?
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What
strategies are available to help reduce tax in my estate?
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Much
of my retirement income comes from pensions, RRIFs, and GICs. Are
there ways of reducing the tax paid on this income?
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