Hello Fellow Canadians!
It's never easy to contemplate our own or the possibility of a loved one's death, let alone plan taxes for such scenarios. However, doing so is truly for the better.
A common misconception exists that death marks an end to one's tax obligations. Taxes may still be due after death, and this obligation can extend to estates even if properties haven't been sold during the deceased's lifetime.
In this video, I explore the intricacies of tax implications on death and provide valuable insights to help you plan for your financial future.
Through a case study, learn about tax obligations upon death, the role of special rollovers, and the potential financial strain on an estate trustee without proper planning.
Remember, understanding your taxes and planning wisely today can secure a better tomorrow for your loved ones!
Key Moments In This Episode
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00:00 - Introduction to Real Estate Investors' Tax Obligations
02:04 - Case Study: Sharon and Spencer's Asset Distribution
04:22 - Understanding Special Rollover for Inheritance
06:37 - Tax Obligation on Inherited Assets at a Cost Base
08:50 - Spencer's Terminal Return Breakdown
10:53 - Consequences of Lack of Tax Planning
13:11 - Importance of Considering Tax Implications for Future Planning
15:26 - Taxable Income at Age 65
If you have any questions or thoughts after watching this video, leave a comment below, and I’ll respond as soon as possible.
Don’t forget to subscribe to my channel for more videos on Canadian real estate and tax-saving strategies so you don’t miss a thing!
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Please make sure to speak to a professional that knows your personal situation before making a decision.
If you need to talk to someone on my team, email us at admin@cccpa.ca.
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DISCLAIMER:
Real estate Tax planning is a personalized decision and will depend on your situation, priorities, and risk tolerance. Consult with your legal and tax advisors to ensure you get the best personalized advice.
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