Estate Planning & Compliance

Estate Planning Strategies

We analyze your assets to identify the most effective estate planning strategies. Whether through strategic asset transfers or setting up trusts, we help safeguard your wealth. Establishing trusts can protect your assets, ensuring your wealth is preserved for future generations. We provide guidance on transferring assets to your beneficiaries during your lifetime.

Advanced Will Planning

We help structure multiple wills to separate probate and non-probate assets, potentially reducing probate fees. A primary will covers assets requiring probate, while a secondary will addresses assets that do not. Our team advises on incorporating charitable bequests into your will in accordance with subsection 118.1(5) of the Income Tax Act. Utilizing subsection 164(6), we carry back capital losses incurred by the estate to offset capital gains on the deceased's final tax return.

Insurance and Retirement Planning

We can set up life insurance trusts to hold policies, ensuring proceeds are managed according to your wishes while potentially avoiding probate. Strategic beneficiary designations for Registered Retirement Income Funds (RRIFs) and Registered Retirement Savings Plans (RRSPs) maximize the benefits for your heirs.

Succession Planning for Business Owners

By implementing estate freezes, we lock in the current value of your business, allowing future growth to benefit the next generation. We draft and review shareholder agreements to facilitate smooth business succession, minimizing potential disputes among heirs.

Asset Transfers and Rollovers

Subsection 70(6) allows for the transfer of assets to a surviving spouse, ensuring financial continuity. We advise on the rollover of farm or fishing property to children or grandchildren under this provision, preserving family assets.

Tax Compliance and Clearance Certificates

Under subsection 159(2), we secure clearance certificates to confirm all taxes are paid before distributing estate assets, protecting executors from personal liability. Regular compliance reviews ensure ongoing adherence to tax laws, safeguarding your estate from penalties.

Collaborative and Personalized Support

We work closely with your accountant to ensure accurate asset valuation and reporting, streamlining the estate administration process. Whether preparing and filing necessary tax returns or advising on complex strategies, we are dedicated to ensuring compliance and helping you achieve peace of mind.