At Goldmax, we will say that out of all the Planning Estate Planning is one of the most important one, as the matter of fact that most amount of Tax CRA collects is from the Estate Tax.
An Estate Plan Spares Heirs a Big Tax Bite. Estate planning is all about protecting your loved ones, which means in part giving them protection from the Canada Revenue Agency (CRA). Essential to estate planning is transferring assets to heirs with an eye toward creating the smallest possible tax burden for them.
These are some of the main elements of an estate plan; these include a will, a living will and healthcare power of attorney, a financial power of attorney, appointing an Executor and a trust. When you have a will in Canada, you could enjoy the benefit of Spousal Tax Free roll over estate to the living spouse.
Estate planning is the preparation of tasks that serve to manage an individual’s asset base in the event of their incapacitation or death. The planning includes the bequest of assets to heirs and the settlement of estate taxes. Most estate plans are set up with the help of an attorney experienced in estate law.
Both provide your loved ones with instructions about how your property should be handled after your death, but estate planning goes even further to outline your wishes regarding your health, finances, and more, even while you’re living, and that is why its so important to plan today and not to put it off for tomorrow.