Oct 30, 2020
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đź“˝ Watch our other video on Old Age Security | Old Age Pension | Canada Pension Plan: https://youtu.be/Yv_ig3rk47U
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: https://youtu.be/ibUMkB9mdnU
For more information on Rob & The Tetrault Wealth Advisory Group, click here: https://robtetrault.com/about/