Most Canadians expect to pay tax upon passing. Unfortunately, many Canadians are unaware of the various sources of gains/income that will be captured on their terminal tax return. Additionally, probate fees are regularly confused with income tax and can result in ‘silo probate planning’ which can lead to significant estate issues.
In addition to normal sources of income (wages, pensions, rental & business income, etc.), the terminal tax return can potentially include numerous other sources of gains/income, which can result in significant taxable income upon death, including:
- Regular Income
- Unrealized Gains
- Rental Properties
- Personal Use Property
- RRSP and RRIF Income
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