5 tips for reducing the tax impact for your heirs

Author: External Author | | Categories: Accountant , Bookkeeping Firm , Bookkeeping Services , Cash Flow , Cost Accounting , Financial Reporting , Management Accountant , Payroll Filing , Personal Tax Filing , Personal Tax Preparations , Tax Accountant , Tax Returns , Tax Services

Taxes and other fees can take a big dent out of your assets when you die. So, consider using insurance and other vehicles in your estate planning. 

You may have been putting considerable energy into saving for retirement, but what about estate planning? If you want your assets to pass through as easily as possible to your beneficiaries, it’s worth speaking to an advisor and doing some planning early on.  

“There are many things to consider during the planning process,” says FCPA Bruce Ball, vice-president, taxation for CPA Canada. “You’ll want to consider if you have any desire to make charitable donations on death and assess how you’ll deal with ownership structuring and coordination with the will, among other things.” It’s also important to do some more basic things, such as clearly documenting where all of your property is held.

Read More
Original Article Source Credits: CPA, https://www.cpacanada.ca


Original Article Posted on: 4.20.2022

Link to Original Article: https://www.cpacanada.ca/en/news/canada/2022-04-20-reducing-taxes-on-death