How to minimize the tax payable by your estate – Vacation property strategies
Here are two ways to reduce an estate’s tax liability related to your cottage, cabin or chalet. Transferring a vacation property during your lifetime Say you own a vacation property that you intend to hand down to your children. You could cover the capital gains tax liability today, but you worry about your estate facing […]
How to minimize the tax payable by your estate
Canada is the only G7 nation without an estate or inheritance tax, but the government still collects tax on Canadians’ estate assets, often at the top marginal rate. For example, assets in a Registered Retirement Savings Plan (RRSP) or Registered Retirement Income Fund (RRIF) are taxed as income on the final tax return. Also, 50% […]