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Make sure you don t cause a deemed disposition of your assets without realizing it Canadians are notorious for doing this For example, you may change your mutual fund account from Jane Doe to Jane Doe and Sally Doe, joint with right of survivorship Sure, this is going to avoid probate fees on your death which is why people do this The problem Jane has just given away one-half of her investments to Sally This generally results in a deemed disposition of onehalf of those investments,
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Second, if you re giving away assets that will lead to a tax bill, consider giving those assets away slowly, over a number of years, so that you don t trigger a huge tax bill in a single year Otherwise, you could be pushed into a higher marginal tax bracket
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The tax collector can t tax you on assets you don t own at the time of your death Consider giving assets away today to minimize taxes and probate fees upon death, but beware of the deemed disposition at fair market value that could lead to a tax bill when you make the gift
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Tim s Tip 97: Consider an estate freeze to minimize your tax bill on death
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Maybe you ve heard of this thing called an estate freeze It s a common technique used to freeze the value of certain assets today and to pass any future growth in value to your kids or other heirs
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and a potential tax bill Count the cost of this tax hit before taking steps to avoid probate fees
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Here are some of the key bene ts of an estate freeze: By freezing the value of certain assets today, you ll be able to establish, fairly accurately, what your tax liability is going to be upon death This will allow you to plan for payment of those taxes By passing the future growth in the asset s value to the next generation, you ll manage to defer income tax on that growth until a much later time In fact, taxes may not be due until your heirs die, or until they sell the assets, whichever comes first
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A freeze might allow you to take advantage of the enhanced capital gains exemption if you own shares of a quali ed small business corporation or quali ed farm or shing property This exemption is available to all Canadian residents and can shelter up to $500,000 of capital gains from tax see 5, Tip 58, for more There s no need to give up control over the frozen assets during your lifetime
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How do you complete an estate freeze I d put you to sleep for sure if I tried to detail the many steps to completing a freeze Let me just say that there are two very common methods of freezing an estate The rst is through use of a corporation By transferring your growing assets to a company and taking back, in return, special shares in that company that are frozen in value, you ll manage a successful estate freeze Common shares in the company, which may appreciate in value over time, can be issued to your children or anyone else The second method is through use of a trust called an inter vivos trust The idea is that you d transfer certain assets to a trust today for the bene t of your children or anyone you d like In either case, you can bet you ll need the help of a tax pro to look after the nitty gritty details, because you may trigger a taxable event when placing your assets in the corporation or trust, although there are generally ways to avoid this in the case of the corporation
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By completing an estate freeze, you ll manage to pass the future growth of the frozen assets to your heirs or others of your choice This will, among other things, freeze your tax bill upon death, enabling you to estimate and plan for those taxes ahead of time A corporation or trust is most commonly used to freeze an estate
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