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ARTICLE · 14 AUGUST 2015

How To Create A Tax-Efficient Will, Part 2

Minden Gross LLP
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Thinking about drafting a will? Or updating an old will? Don't forget your silent beneficiary, the Canada Revenue Agency.

CanadaFamily and Matrimonial
Samantha Prasad
Samantha Prasad
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Previously published in The Fund Library on Thursday, August 13, 2015, by tax and estate planning lawyer, Samantha Prasad.

Thinking about drafting a will? Or updating an old will? Don't forget your silent beneficiary, the Canada Revenue Agency. Though not named in your will, the CRA is always on hand ready to take as large a cut from your estate as it possibly can. Luckily, there are a number of tactics you can use to shrink the taxman's take. I covered the use of trusts in a previous article. This time, I want to look at some less esoteric ideas, including the designation of income-earning assets, probate planning, RRSPs and RRIFs, and charitable donations.

In addition to trusts, there are many other tax planning strategies that you can consider when drafting your will. For example, if you own income and non-income-earning assets, it is possible to leave income-earning assets to children in lower tax brackets. This is because income from bequests to children

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