Planning for the future goes beyond your lifetime. Estate planning isn’t just about passing on assets; it’s also about ensuring a smooth transition for your loved ones.

A little bit of tax planning with your estate plan can make things easier for your executors and loved ones when you pass away.

In this episode, Frankie and Sarah discuss estate planning and the tax implications that come with it. They emphasize the importance of preparing for these events and provide an overview of what happens from a tax perspective when someone passes away. They also explain various strategies to reduce tax liability, such as capital gains exemptions and tax-deferred rollovers, and highlight the need to have a will and address potential liquidity issues that may arise when paying the final tax bill.

Frankie and Sarah discuss: 

• Why preparing for taxes is an important part of estate planning
• The various types of assets that are subject to taxation
• Ways to reduce tax liability after someone’s passing
• What the benefits of deferring tax and income shifting are
• The potential liquidity issues with illiquid assets and what options are available to cover the tax bill

Resources:

• Owner-Managed Businesses Part 4: The Canadian Capital Gains Exemption (Ep. 5)

Connect with Frankie Loreto and Sarah Netley: 

• Courtice.BakerTilly.ca
• LinkedIn: Baker Tilly Canada
• LinkedIn: Frankie Loreto
• LinkedIn: Sarah Netley
• Call: (905) 579-5659

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