Saskatoon Directory in our Trusted Saskatoon Financial Services category.
Here they share a tip on leaving your hard-earned assets to family, not the CRA:
Most people are unaware of the tax time bomb that will hit their estate upon their death, so they don’t plan for it.
When you die, your assets can be transferred tax-free to your spouse; however, when your spouse dies and passes those assets on to your heirs, 50% of the increase in the value of some of them – such as your vacation property, stocks, company shares and other investments – may be subject to capital gains tax.
What’s worse, RRSPs and RRIFs will be subject to income tax as if you had completely liquidated them in your final year of life. These taxes need to be paid before your heirs get a dime.
Are you prepared to give the government a large portion of your financial legacy?
If not, you must know your options.