When I turn 85, I’ll have sold my house and be renting. I then plan on liquidating my stocks and ‘donating’ the proceeds to my kids and grandkids. I’ll give joint access to my savings accounts to my kids so after I die, the remaining funds become their’s… no taxes to be paid. My goal is to have minimal assets and minimal taxes when I die. 👍
Wow! I wish this video was made when I was Executrix to a massive estate in 2015 of my dear older cousin. I have forwarded this gem of a presentation to my Executor and a cousin and hope they will view it and take it seriously...and maybe even share it if it helps them with their estate planning. I could totally relate to everything that was discussed in this presentation. Thank you so much Adam and to your guest, Jeff Block.💯 🇨🇦
Would love for you to do a video on how best to buy a retirement property (cottage or second home) - should we buy it and put it under our adult kids name so that they are not taxed on the capital gains when we leave it to them after death? If they currently don’t own any other properties it would be considered their prime residence on paper…. Love to know your thoughts. BTW - love your channel!!!
These videos just keep getting better and better (for me at least). Thanks for all this information. Even though sometimes it feels like ‘drinking from a fire hose’ and I have to rewatch to make sure I’m understanding correctly, I look forward to new posts. Who knew financial planning was so interesting 🤓 Your efforts to brink very pertinent content to us is very much appreciated.
Thank you for making these videos..!! For me, I've never been an executor before and while my mother (who is still alive) doesn't have an extensive estate, it's still a lot of pressure because I've never done anything like this before and honestly don't know much about it. And of course, there are always people that will try to profit off of this as much as they can while I also don't know every advantage I can have in my situation. It also doesn't help that the relationship and communication with my mother isn't the greatest. I'm just slowly watching your videos to get bits of information and will hopefully learn something in the long term.
Hello ! Great vidéo ! I would love to hear more about giving money to beneficiaries before death and how it is an effective way (or not) to reduce taxes after death. Use case : a 92 years old man, married, 3 children, non-registered investments, with a pension that covers most of his expenses. Thanks !
Hello Adam, another brilliant video on taxes and applying that to an estate. My wife and I are going through something similar right now. However, this video did not cover Probate and the need to have this particular step completed prior to being granted the right to access the funds if any in a particular account. Can you please cover this topic in the future. Thank you
Doomsday book..... good name for it. I've bn having these discussions with my sons (teens) since their dad died; we call it black book conversations (they each hv their own dedicated notebook for it). So important to do, & with no precedence, I mostly just said to them what I wished my parents said to me 🤷🏾♀️. Somewhere along the way they wrote down instructions for when I pass on, list of assets & phone numbers & so on. I wd like to know more about rolling out assets to a corporation, instead of a spouse or partner. A good basis for a part 2 of this topic.
I can help you with that. For the low price of $999 per month, I'll use my unique connections with the Grim Reaper and Saint Peter to keep you alive, as long as you keep paying...mwoo ha ha... Great content, Adam.
Thank you for these very helpful videos, Adam! I am wondering if you would be willing to do a video that covers retirement planning for those with a Canadian Controlled Private Corporation? Thanks again.
Amazing info, thank you. I have a dilemma. I just sold my house and am planning on renting for a while as I do not want to compete with over-paying buyers in today’s housing market. Looking at this video, a primary residence would have a 0% tax implication to my beneficiaries should I pass. Would you recommend that I eventually do buy a house instead of having that money in the stock market for the purpose of tax-sheltering it? Assumptions: RRSP and TFSA maxed out. Thanks again
I could be wrong but I’m thinking that for the purpose of wealth-growth, an investment portfolio at the moment is a better idea; given the fact that the housing market (equity growth) should stabilize, flatten or maybe even decline over the next few years. Over-paying for a property right now doesn’t seem like the smarter choice to me. Now, for the purpose of tax-sheltering, a home would be a better choice. That’s just my opinion but would love to hear the experts 😊
QUESTION… if your last parent passes away and they have a large bill in RRIFS and there are three beneficiaries, how does that transfer over to the beneficiaries and how much tax comes off that amount? I’m trying to figure out what we will have left to pay the cap gains on the family cottage also left to the three of us. The estate is now in probate but if you could answer this question it would be greatly appreciated. Thanks
For passing on a cottage to your kids, to me it makes sense to have them on title BEFORE your death. You can all be on title as 'Joint Tenants'. Then at your passing, ownership transfers without tax because they already own it. Your share dissolves.
If for any reason you need to liquidate assets with 'Joint Tenants' all joint owners would have to agree and sign sale agreements as well. So it could get complicated if for some reason one or more of the joint title holders said they are not signing off... Kind of unique but with all the strange things one reads about estates issues, family business fights etc. not out of the realm of possibilities to be hand cuffed with property you own.
@@DoneByD Good point Don. We are going through this right ourselves right now with a property that can either be left in a will or be transferred before death. By transferring before death it may alleviate another of your points- estate issues! Others may fight over the house if left in a will. If one party 'already owns it' by being on title then that problem should be negated. Or at least minimized?
Can you put your childs name on title with you to avoid the capital gains tax on a property? Would doing so trigger a capital gains on you at time of title change? What if you put them at 1% ownership to transfer 100% ownership upon your death?
I would look at adding them as "joint tenants". Depending on where you live, there may be costs involved with title transfer costs. You bring up an interesting question regarding a cap gain. To that I don't know the answer... I will check with my accountant.
@@marceld6061 see Adam's response to your question above... Parallel Wealth 12 hours ago But if there is already a large gain when you add them, there is a tax bill to be paid at that time.
How does this work between spouses (legally married couples) if they don't have any children and they have they own bank accounts, lets say they primary residence is only in ones name? Does the surviving spouse still have to pay all of this?
If legally married properties are considered matrimonial property and the remaining spouse is the owner. If common-law spouses, not the case. Sole bank accounts go to the estate of the deceased which should trickle to the surviving legal spouse.
As a professional I'm surprised you promote online wills... I've seen several estates poorly planned because people tried to save money and not retain a lawyer to draft their Will, both from a tax planning perspective and ensuring it goes to their intended beneficiaries.
When I turn 85, I’ll have sold my house and be renting. I then plan on liquidating my stocks and ‘donating’ the proceeds to my kids and grandkids. I’ll give joint access to my savings accounts to my kids so after I die, the remaining funds become their’s… no taxes to be paid. My goal is to have minimal assets and minimal taxes when I die. 👍
Unless you don't make it to 85. Plans change whether we want them to or not.
Wow! I wish this video was made when I was Executrix to a massive estate in 2015 of my dear older cousin. I have forwarded this gem of a presentation to my Executor and a cousin and hope they will view it and take it seriously...and maybe even share it if it helps them with their estate planning. I could totally relate to everything that was discussed in this presentation. Thank you so much Adam and to your guest, Jeff Block.💯 🇨🇦
Love the the estate binder idea.
got one tho not as detailed as this guys,- super impressive!
Would love for you to do a video on how best to buy a retirement property (cottage or second home) - should we buy it and put it under our adult kids name so that they are not taxed on the capital gains when we leave it to them after death? If they currently don’t own any other properties it would be considered their prime residence on paper…. Love to know your thoughts. BTW - love your channel!!!
Yes the cottage strategy would be very helpful
These videos just keep getting better and better (for me at least).
Thanks for all this information. Even though sometimes it feels like ‘drinking from a fire hose’ and I have to rewatch to make sure I’m understanding correctly, I look forward to new posts. Who knew financial planning was so interesting 🤓
Your efforts to brink very pertinent content to us is very much appreciated.
Thanks Gordon! Lots to digest at times. Watch in slow mow, or watch a few times.
Thank you for making these videos..!!
For me, I've never been an executor before and while my mother (who is still alive) doesn't have an extensive estate, it's still a lot of pressure because I've never done anything like this before and honestly don't know much about it. And of course, there are always people that will try to profit off of this as much as they can while I also don't know every advantage I can have in my situation. It also doesn't help that the relationship and communication with my mother isn't the greatest.
I'm just slowly watching your videos to get bits of information and will hopefully learn something in the long term.
Important subject that can't be ignored.
Hello ! Great vidéo ! I would love to hear more about giving money to beneficiaries before death and how it is an effective way (or not) to reduce taxes after death. Use case : a 92 years old man, married, 3 children, non-registered investments, with a pension that covers most of his expenses. Thanks !
Not sure if I missed it, but executor’s insurance is an important consideration for any potential executors out there.
Hello Adam, another brilliant video on taxes and applying that to an estate. My wife and I are going through something similar right now. However, this video did not cover Probate and the need to have this particular step completed prior to being granted the right to access the funds if any in a particular account. Can you please cover this topic in the future. Thank you
Much simpler to transfer over all your assets before passing away.
great topic! not only on the numbers side, but also the legal side as well.
Doomsday book..... good name for it. I've bn having these discussions with my sons (teens) since their dad died; we call it black book conversations (they each hv their own dedicated notebook for it). So important to do, & with no precedence, I mostly just said to them what I wished my parents said to me 🤷🏾♀️. Somewhere along the way they wrote down instructions for when I pass on, list of assets & phone numbers & so on. I wd like to know more about rolling out assets to a corporation, instead of a spouse or partner. A good basis for a part 2 of this topic.
I'd rather avoid death. Can you help me with that? 🤔
I can help you with that. For the low price of $999 per month, I'll use my unique connections with the Grim Reaper and Saint Peter to keep you alive, as long as you keep paying...mwoo ha ha...
Great content, Adam.
Thanks Adam and Jeff. Cheers!
Thank you for these very helpful videos, Adam! I am wondering if you would be willing to do a video that covers retirement planning for those with a Canadian Controlled Private Corporation? Thanks again.
Gary, definitely. I might even bring Jeff back for that one!
Ditto
Amazing info, thank you. I have a dilemma. I just sold my house and am planning on renting for a while as I do not want to compete with over-paying buyers in today’s housing market. Looking at this video, a primary residence would have a 0% tax implication to my beneficiaries should I pass. Would you recommend that I eventually do buy a house instead of having that money in the stock market for the purpose of tax-sheltering it? Assumptions: RRSP and TFSA maxed out. Thanks again
Great question. I would be interested in answer, too.
I could be wrong but I’m thinking that for the purpose of wealth-growth, an investment portfolio at the moment is a better idea; given the fact that the housing market (equity growth) should stabilize, flatten or maybe even decline over the next few years. Over-paying for a property right now doesn’t seem like the smarter choice to me. Now, for the purpose of tax-sheltering, a home would be a better choice. That’s just my opinion but would love to hear the experts 😊
Some thoughts on how to provide inheritance to only children and managing how much for different ages.
QUESTION… if your last parent passes away and they have a large bill in RRIFS and there are three beneficiaries, how does that transfer over to the beneficiaries and how much tax comes off that amount? I’m trying to figure out what we will have left to pay the cap gains on the family cottage also left to the three of us. The estate is now in probate but if you could answer this question it would be greatly appreciated. Thanks
For passing on a cottage to your kids, to me it makes sense to have them on title BEFORE your death. You can all be on title as 'Joint Tenants'. Then at your passing, ownership transfers without tax because they already own it. Your share dissolves.
But if there is already a large gain when you add them, there is a tax bill to be paid at that time.
If for any reason you need to liquidate assets with 'Joint Tenants' all joint owners would have to agree and sign sale agreements as well. So it could get complicated if for some reason one or more of the joint title holders said they are not signing off... Kind of unique but with all the strange things one reads about estates issues, family business fights etc. not out of the realm of possibilities to be hand cuffed with property you own.
@@DoneByD Good point Don. We are going through this right ourselves right now with a property that can either be left in a will or be transferred before death. By transferring before death it may alleviate another of your points- estate issues! Others may fight over the house if left in a will. If one party 'already owns it' by being on title then that problem should be negated. Or at least minimized?
Thanks. I appreciate the contents. I want to learn more....I am doing personal tax returns.
Great info
So it’s more tax efficient to have stocks over rrsp
I have an uncle who passed away more than 10 years ago and he still has to pay taxes.
Great content
Can you put your childs name on title with you to avoid the capital gains tax on a property?
Would doing so trigger a capital gains on you at time of title change?
What if you put them at 1% ownership to transfer 100% ownership upon your death?
I would look at adding them as "joint tenants". Depending on where you live, there may be costs involved with title transfer costs. You bring up an interesting question regarding a cap gain. To that I don't know the answer... I will check with my accountant.
@@marceld6061 see Adam's response to your question above...
Parallel Wealth
12 hours ago
But if there is already a large gain when you add them, there is a tax bill to be paid at that time.
Wow useful content thanks😮
Good video. I am going to have my 24 year old only kid watch it. I have to upgrade will and executor to her name.
RRSP's will go to surviving spouse, how about RIF's or LIR???
Yes to all
I heard about the principle residence exemption for the last income return (no capital gain). Is it correct?
Correct
Thanks!
Great video 👍
Thanks 👍
I guess if you hold physical gold and pass that on you don't pay taxes until you sell it ya?
How does this work between spouses (legally married couples) if they don't have any children and they have they own bank accounts, lets say they primary residence is only in ones name? Does the surviving spouse still have to pay all of this?
If legally married properties are considered matrimonial property and the remaining spouse is the owner. If common-law spouses, not the case. Sole bank accounts go to the estate of the deceased which should trickle to the surviving legal spouse.
As a professional I'm surprised you promote online wills... I've seen several estates poorly planned because people tried to save money and not retain a lawyer to draft their Will, both from a tax planning perspective and ensuring it goes to their intended beneficiaries.
Anything beyond the basics we recommend seeing a lawyer or notary. For basic will needs, online is fine.
For basic simple wills online wills will be fine
"Dying with a million dollar RRSP, that's just terrible tax planning."... that totally depends on when you die.
what‘s jeff’s contact information and I would like to consult him the tax advice. Thank you!
In the description
👍👍