The saying goes, the only two things guaranteed in life are, “death” and “taxes”. Even if that is true, you can take advantage of various tax strategies to reduce the income tax that is triggered on death. The lower the tax the greater the funds available to your heirs. By taking a bit of time to plan ahead, they will thank you for undertaking some of the steps.

If you avoid planning for your estate, you may leave a significant income tax liability when you are gone. Death and death taxes happen simultaneously and you may find that in this situation a significant portion of your income is taxed in a top tax bracket, therefore losing about 45 percent to the CRA.

Although it’s never pleasant to think of our own passing, the possibility of paying less tax usually brings a smile to your face. There are a number of ways you can reduce the income tax exposure you may have at death. To save your family the heartbreaking trouble of dealing with unanswered questions arising from your death, you should act now while you have time to think about the options and put the plan into place.

Call us today to arrange a consultation. We can guide you through the steps to ensure your estate is prepared ahead of time.