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Estate planning is part of overall financial planning, to make sure your assets are distributed as you want and to minimize the tax burden on your beneficiaries. In Canada, estate planning is more than just writing a will; it’s understanding how taxes, probate and other financial factors affect the value of your estate. Consult with a tax accountant Edmonton on what you need to know to create an estate plan that fits your goals.

Taxes in Estate Planning

Canada does not have an inheritance tax, but that doesn’t mean estates are tax free. When someone dies, their estate may be subject to the following taxes:

Effective estate planning reduces these taxes so you can leave more to your loved ones.

Write a Will

A valid will is the foundation of any estate plan. It ensures your assets are distributed as you want and avoids disputes among beneficiaries. Without a will, your estate will be distributed according to provincial intestacy laws which may not be what you want.

Tips for Writing a Will:

Tax Planning

To reduce the tax on your estate, get advice from an experienced tax accountant Mississauga based only on your situation. Here are some things to consider:

Business Succession Planning

If you have a business, you need to plan for its succession.

Get Professional Advice

Estate planning is complex and involves financial and legal considerations. Consult with a tax accountant to help you through the process and optimize your plan. They can advise on how to minimize taxes, avoid probate and structure your estate to achieve your goals.

Summary

Estate planning is about more than just passing on your assets, it’s about protecting your legacy and leaving less financial stress on your loved ones. Now you know the tax implications, write a will and consider tax planning. Start early and get professional advice to build an estate plan that lasts.