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Estate Planning

The estate after one’s passing will face heavy pressure from taxation because capital gain tax is applicable as the concerned estate is considered disposed. Even amounts in the RRSP or Registered Retirement Income Fund (RRIF) will be required to be listed as taxable personal income of a person who passes away.

Probate fees too are expensive, especially in British Columbia, if a proper will was not prepared prior to the person’s passing.

It is unfortunate that when family members already dealing with the grief from the loss of a loved one have to be troubled by such financial implications.

Grandtag Financial offers effective ways to pre-empt such situations, such as using insurance to leave the wealth to one’s family tax-free. Discuss with us the options available.