Preview Mode Links will not work in preview mode

The Rob Tetrault Show - BA, JD, MBA, CIM

Oct 30, 2020

For Your FREE Consultation with Rob, simply fill out the form and directly book your strategy session in his calendar here:

Register to our FREE Retirement Masterclass -
Register to our FREE Alternative Real Estate Investing Masterclass -

đź“˝ Watch our other video on Old Age Security | Old Age Pension | Canada Pension Plan:

The Estate is a sum of everything that you own.

Estate Planning In Your Retirement:

1) Determine your goals

2) Start with creating a Financial Plan
- Look into how you can optimize the estate.

3) Update the following documents
- Will
- Power of Attorney
- Living Will
- Health Care Directive
- Beneficiaries updated on every account
- Insurance

4) Avoid large tax bills on death

5) Divide assets fairly amongst next generation (example: through an insurance policy)

6) Estate Taxation
-RRSP & RRIF is tax deferred money. Once you pass away, typically these can roll over to the spouse.
When 2nd person passes away, that’s when taxes are due. (close to 50% of the amount from those accounts).
-Through proper planning, we aim to withdraw from it to lower that tax rate.
-Non-registered assets are a deemed disposition. Taxes are owned on that capital gain.
-Your home is complete tax-exempt provided that it’s your principal residence. Cottage and rental properties will have a deemed disposition on death and are NOT tax-exempt.

7) If you’re a sole proprietor…
- When you pass away, business just stops

8) If you have a corporation...
- The value of the shares of the owner that passed away are subject to estate taxes and deemed disposition rules.
- How to liquify the estate
- A whole set of rules that apply for every scenario
- Possible capital gains tax and/or additional dividend tax

9) Get your estate plan done early

đź“˝ Watch our other video on How To Prepare A Sound Retirement & Estate Planning Strategy:

For more information on Rob & The Tetrault Wealth Advisory Group, click here: