US EditionHergott: Eventual inheritance not as one-sided as people think
- Canadian parents worry about passing their estates to children smoothly and with minimal costs at death.
- They aim to minimize government take by reducing income taxes and probate fees, despite Canada lacking a death tax.
- However, death triggers taxation of RRIF funds as lump sum income and unrealized capital gains on stock occur without sale.
- In British Columbia, income tax can reach about 53%, and many underestimate these high-stakes tax consequences after death.
- Therefore, consulting an estate tax specialist and discussing estate planning with parents is critical to prepare for these effects.
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Sicamous Eagle Valley News+2 Reposted by 2 other sources
Hergott: Eventual inheritance not as one-sided as people think
Lawyer Paul Hergott’s weekly column
·Salmon Arm, Canada
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At the death of a relative, heirs do not always see the interest of using this census. However, this type of transaction reduces inheritance taxes.
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