COMMERCE 4FL3 Chapter Notes - Chapter 15: Estate Planning, Inheritance Tax, Income Tax
6 Jun 2020
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They don"t want the wrong person to be liable: step 4-select and implement your estate planning, will is part of it. It may also include gift, joint ownership etc. In general, the spouse and children share your estate. Without spouse and children, your parents and then your brothers/sisters: will-legal document to carry out your wishes. You can revoke or change it: depends on family dynamic. Joint tenancy- assets can be passed on at cost without taxes: 2. Make your spouse the beneficiary for rrsp and life insurance: 3. Gifts during your lifetime-taxes right away and lose control: 4. Living (inter vivos) trust- a settler transfer a property into a trust. Rrsp: beneficiary - there is no one else, upon death the cra will check. If it"s a spouse it will continue to exist - the account will end and money comes out and given to beneficiary. Investment account doesn"t allow you to do that.
