Estate Planning is more than simply having a Will. Your investments can be simplified to transfer more quickly to your loved ones and taxed less after death. We stay up-to-date on the changes to Probate/Estate Administration Tax in Ontario and educate our clients on the best ways to transfer money onto their loved ones. We are here to assists Executors in handling the multiple responsibilities of Estate Settlement after the death of a loved one.
We don't have a "Death Tax" in Ontario, but there’s income tax owing on everything that’s been growing tax-free in your RRSP, RRIF, and some other registered plans. It’s all fully taxable at your death… and usually at a high tax rate. Did you really think Ottawa would give you those deductions without expecting anything back? Also, if an asset is worth more than you paid for it, your Estate can be stuck with tax on the deemed capital gain. Your heirs may be forced to sell off assets just to pay the taxes, so let's plan ahead.
Some of these taxes can be alleviated by leaving the asset to your spouse, and collecting on his or her death. Whether taxes are payable at the first or the second death, you can plan ahead to use your assets methodically during your lifetime to reduce your Final Year Income Tax bill. Let's work smarter, not harder.
We all know people who keep their life insurance, investments, and estate plans a secret from their family. When no one knows about your assets or plans, unfortunately, no one will receive them. It’s estimated that over $1 billion in life insurance is waiting to be claimed by beneficiaries in the United States. We can help you get organized to make sure your Estate Plan benefits your loved ones, just as you intend it to. We make it easy!
This checklist will help you assess the status of your estate plan.
25 Estate Documents you need to put in one place.
To help you get organized we have put together a list of important documents
Final Tax Bite
This calculator estimates your estate's tax liability at death with no surviving partner.
The Bowie Financial Office is located at:
Suite 3 – 100 Schneider Road
at the corner of Carling Avenue
Kanata North, ON K2K 2C1
Monday to Thursday: 10:00 AM – 4:00 PM
By Appointment Only
We offer in-person office, home, phone, and video appointments.
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