McNally Financial and Insurance Group - Retirement Planning, Estate Planning and Insurance Services
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Estate Planning

'Knowledge is Power'
Sir Francis Bacon

Use our online retirement planning guide to assist in making critical decisions regarding your estate plan.
estate planning

Minimizing Taxes

An estate plan can help you reduce taxes, so as much of your estate as possible goes to your heirs, rather than to the government.

Income Taxes

Taxes must be paid by your estate on any taxable income you earn in the year of your death. This includes employment income, investment income, realized capital gains, Old Age Security of Canada Pension Plan Benefits, income from RRIF's, etc...

Taxes on Investments

Quite possibly, the largest burden on your estate at your death may be the taxes owing on your assets - your business or farm, vacation property, savings, RRSP's or other investments.

The Income Tax Act allows you to transfer certain assets to your surviving spouse and defer the tax until his or her death. If this provision does not apply to you, all your property and investments will be treated for tax purposes as if you sold them at their fair market value immediately before your death. This increases the potential tax cost and decreases the value of your estate. Without a means to pay these taxes, there will be signifigantly less of your estate left for your heirs.

McNally Financial and Insurance Group - Retirement Planning, Estate Planning and Insurance Services
 
 
Estate Planning Guide
Estate Planning Home
Taking the First Step
Making Arrangements
Making Decisions
Minimizing Taxes
Taking Care of your Business
Completing your Estate Plan
Providing for Survivors
Our Commitment
Committed to helping clients achieve financial security for themselves, their families, and their businesses.
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