There is nothing more personal than ensuring your future Estate is well-managed according to your wishes. Depending on the complexity of the Estate, to properly arrange your affairs you will likely need to work with several trusted professionals.
The following is a list created to assist you in managing the affairs of deceased individual. It is imperative that you start working through this list as soon as possible as some of the procedures you will request will take time for the various organisations contacted to process.
Over the last while the tax authorities have shut down many of the last “acceptable” income splitting plans.
One of the few remaining is perhaps the simplest, a loan from a spouse in a higher income tax bracket to his or her spouse who is in a lower income tax bracket.
Although neither Canada nor Quebec impose an estate tax or succession duties, there are, unfortunately, income tax consequences upon death.
We have now reached the second decade of the twenty first century. In the last few years, we have seen many changes to the traditional family structure. Common law couples, same-sex couples, blended families and other options are much more common. Although Quebec law dictates how certain assets such as the family home must be…
Effective January 1, 2016, substantial changes will be made to the tax treatment for Estates and Trusts. Currently, a trust created under a will (a “testamentary trust”) is eligible for the same graduated rates of tax as are individual persons. An election is available to tax income in a trust to take advantage of those…