The legacy of love blog

Can you avoid capital gains tax?

capital gains taxes Nov 29, 2018

Most clients ask our office to draft Wills and estate plans that will help them avoid capital gains. This is an impossible wish. Some people will attempt to sell the property to a family member for less then fair market value. This results in any Capital Gain being taxed twice as the gain will be taxed in both the deceased and the family member’s hands. Thus, no net savings.

Some people believe that placing a family member joint on title with them will avoid capital gains. However, the...

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Do I need to worry about taxes eating up my child's inheritance?

deemed disposition taxes Nov 08, 2018

Canada is generally viewed as a country with no estate tax.  While that's true, what many people don't realize is that a "Deemed Disposition Tax," which is similar to an estate tax, applies when you die.

Taxation Issues
Deemed Disposition Tax is so-named because your investments are deemed to be sold at death. Any capital gains triggered by their sale are included in a final income tax return filed in the year of death. A final tax return also includes the value...

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