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ARTICLE · 06 MARCH 2018

How To Leave A Bigger Legacy, Part 2

Minden Gross LLP
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When planning a will, most people focus on "who gets what." Often overlooked is the fact that there's always a stealthy, unwanted third party to your will, the CRA, eager to get as big a share of your estate as it can

CanadaFamily and Matrimonial
Samantha Prasad
Samantha Prasad
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When planning a will, most people focus on "who gets what." Often overlooked is the fact that there's always a stealthy, unwanted third party to your will, the Canada Revenue Agency (CRA), eager to get as big a share of your estate as it can. In my  previous article I looked at some ways to cut the CRA's tax take, including spousal trusts and testamentary trusts. But that's not the end of the story. Here are some more ways to ensure tax-efficient will planning.

Probate Planning

In most provinces, some fee will be payable to the tax man if your assets go through probate. In Ontario, for example, probate tax of 1.5% of assets will be payable. Alberta, by contrast, imposes fees on a sliding scale depending on the net value of the assets; the maximum is $525 imposed for net value of property of $250,000 or more subject to probate.

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