How to avoid double tax on death

Posted by Ravi Gulati | Posted in Financial Planning | Posted on 20-04-2014

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WHY READ THIS?

› If your relative has died and owned a private company

› If you have a private company and need an estate plan

How to avoid double tax on death | FromYourAdvisor.ca.

How to prepare terminal tax returns

Posted by Ravi Gulati | Posted in Financial Planning | Posted on 20-04-2014

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WHAT TO DO

1.IF A FAMILY MEMBER DIES, TELL CRA by using form RC4111 or by calling 1-800-959-8281……………………

How to prepare terminal tax returns | FromYourAdvisor.ca.

5 tax and estate mistakes

Posted by Ravi Gulati | Posted in Financial Planning | Posted on 20-04-2014

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This article looks at five damaging tax and estate planning errors you can make as an entrepreneur.

1. Not using your spouse to protect wealth

2. Failure to protect against losing the business to taxes when the owner dies.

3. No exit strategy

4. Paying for business insurance personally rather than corporately.

5. Double taxation of capital assets

 5 tax and estate mistakes | FromYourAdvisor.ca.

Death and taxes: What you need to know

Posted by Ravi Gulati | Posted in Financial Planning | Posted on 20-04-2014

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Two rules govern taxation in the year of death. First, worldwide income earned and accrued from January 1 to the date of death is reportable on the final (terminal) T1 tax return……………

Second, a deceased taxpayer is deemed to have disposed of capital property immediately prior to death for proceeds equal to fair market value. Capital gains and losses must also be reported on the terminal T1. To determine the gain (or loss), you have to know the adjusted cost base and fair market value of each capital asset.

Death and taxes: What you need to know | FromYourAdvisor.ca.