Or so the saying goes. This certainly is true in Canada where there is a “deemed disposition” when a taxpayer dies. What this means is that a taxpayer is deemed to dispose of all his or her assets at fair market value immediately preceding death.
How does this affect your assets?
There are some exceptions
Registered Funds receive different tax treatment
RRSP, RRIF, TFSA and Pension Funds
Other fees and costs
Reduce or avoid the impact
Estate planning and life insurance solutions
Freezing the estate which has the effect of fixing the amount of tax payable on assets upon death and passing future growth to the next generation;
While we often complain about the cost of living, the cost of dying can also be extremely high and could create significant problems for those we leave behind. With sound advice and planning the financial impact on your family and business partners can be softened and, sometimes, even eliminated.
Ong Financial Planning Services Ltd.
John Ong, CFP, CHS, CPCA, CCS
Financial Planner
Tel: (604) 676-1088
Email:
1275 West 6th Avenue 3rd floor
Vancouver, BC
V6H1A6