Safeguard Your Estate - Tax Planning Tip #3 | FBC, Canada's Farm & Small Business Tax Specialist

Safeguard Your Estate - Tax Planning Tip #3

Safeguard Your Estate - Tax Planning Tip #3

financial estate planningDid you know that when you die, the law assumes that you've sold your assets on the day before your death?

This means that your estate would have to pay tax on the capital gains of your assets and investments. 

With proper financial and estate planning you can help to reduce or eliminate this hit to the estate you pass on to your loved ones. 

If you name a beneficiary, you'll be able to have your financial assets such as bank accounts, real estate, and RRSPs pass to your beneficiary. This allows you to avoid those ugly probate fees and taxes. 

 

Download our free guide, Building Wealth Through Year-Round Tax Planning, for more handy tips on keeping more of your own money.

"Wealth after all is a relative thing since he that has little and wants less is richer than he that has much and wants more." — Charles Caleb Colton