Tax & Estate Planning

Tax planning is an important part of estate planning because certain financial events can create tax obligations when assets are transferred. Coordinating insurance, registered accounts, corporate assets, and legal documents can help manage these potential liabilities and support a more efficient transfer of wealth to the next generation.

An estate plan should be reviewed whenever there are meaningful changes in your life or finances. Events such as marriage, separation, the birth of a child, a major purchase or sale, or changes in your wishes can all affect how your plan should be structured. Regular reviews help ensure your plan continues to reflect your current goals.

Probate is the legal process that confirms the validity of a will and authorizes an executor to settle the estate. Depending on how assets are structured, probate can influence the time, cost, and privacy involved in transferring wealth. Thoughtful planning can help reduce unnecessary complexity and streamline the estate settlement process.

In Canada, beneficiaries typically receive their inheritance without paying tax directly on the amount they receive. However, taxes may apply within the estate before assets are distributed. Proper planning can help ensure these obligations are handled efficiently and that beneficiaries are not faced with unexpected delays or complications.

Tax and estate planning is the process of organizing your financial affairs so your assets are managed efficiently during your lifetime and distributed according to your wishes in the future. It involves coordinating wills, beneficiary designations, insurance, and other financial tools to help reduce complications, improve tax efficiency, and support a smooth transition of wealth.