To the extent that assets have appreciated in value. There is likely capital gains that taxes have not yet been paid. These assets should generally be left to the spouse, or a qualifying spouse trust is an example of Importance of the Spouse as Beneficiary and good tax planning in the will. That way, the property “rolls over” to the spouse (or spouse trust) without immediate tax. Otherwise, the assets will usually be treated as if they had been liquidated at current market values.
It is generally recognized that everyone should make a will; it is, however, not always recognized that doing so can often be the occasion for tax planning the will.
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Expert Fiscaliste provides Canadian and international income tax preparation and consulting services to individuals, businesses, and trusts.
If you want to take advantage of our services for your tax return. Give us a call at 514-954-9031, or visit our Contact Tax Experts page.
