Final Tax Bite
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Rolling-over taxable assets to a spouse is simple. But transferring taxable assets to other heirs can have tax consequences. If you should die without a living spouse, its as though you liquidated all your assets the moment before your death, and any taxes due must be paid by your estate. Your heirs will receive only what remains. Fortunately, in most circumstances, you can pass along your principal residence to your heirs without paying tax, but if you have registered investments, stocks, mutual funds, a cottage, other real estate, or a business, a significant portion of your estate may be eroded by taxes. The good news is you can do something about it now.
Use this calculator to estimate how much tax is owing on your estate and contact us to see how we can help you transfer it to your heirs intact.
References
Please note: this calculator does not include the changes proposed in the 2024 Federal Budget. The Budget proposes to increase the inclusion rate for capital gains from 50% to 66.67% for net capital gains over $250,000 on or after June 25, 2024. The inclusion rate for net capital gains below this threshold will retain the 50% inclusion rate. This change will result in a higher tax liability on death for net capital gains over the $250,000 threshold. We will advise when the calculator has been updated.
