Well explained. Even though your video is only 3 weeks old it's already outdated with revised capital gains in the recent federal budget.
@evadeanu16 ай бұрын
Excellent concise and clear delivered message. Everyone should know this. Than you so much!
@claudia-vp1kdАй бұрын
What if my stocks are on a TFSA account,?
@douge76266 ай бұрын
Great session Kent Thanks for this valuable insight and information
@johnwillock67876 ай бұрын
Another reason financial talk with family can be important. Not easy talking about death, but it’s going to happen. Sit your kids down and open the discussion. My one sister was close to passing out when she heard what the tax bill was going to be. With my interest in finances I knew it was coming.
@tessiechanp6 ай бұрын
Is the probate fee before tax or after tax?
@JakeNorth246 ай бұрын
No Probate fees in Manitoba was just recently changed in 2022 to 0$. Prior to that it was the same as Saskatchewan. I’m not sure why the change, but we’re glad it’s gone!
@aldocustomupholstery28535 ай бұрын
Hi Kent. I have a question that stems from the owning a house at time of death example. I will use a specific example: My parents own a home (if it matters, worth around 1M). My sister and I will inherit that home, as per the will. So at some point, (upon the death of both our parents) that home will be in both (my sister and I) our names, 50/50. My sister owns a home, which is her primary residence. I on the other hand do not own a home. If we decided to eventually sell our parents/inherited home, would my sister have to pay capital gains tax on her portion of the home, being that it is not her primary residence? I assume that since I do not own a home, that there would be no tax implications for me. Many thanks in advance.
@K4Financial5 ай бұрын
It resets. Now she’d owe capital gains on the increase in value from the day she became the owner. If you lived there, you’d be fine.
@aldocustomupholstery28535 ай бұрын
@@K4Financial I see. Thank you very much.
@edsedlak68276 ай бұрын
I need to ensure that my kids pay zero tax or probate on my assets. I have already paid, it is not right to pay again. So does this mean I have to take joint ownership of my property with them? All of my other assets have them named as beneficiaries. Of course I understand that I have to pay tax on my RRSP so I am melting it down into my TFSA as quickly as possible.
@johnnyv59956 ай бұрын
In Quebec there are definitely taxes owed when you inherit a house, unfortunately I am not clear on what is owed but I believe it is like the RRSP. ....and we have the worst roads here.
@shelleyporkolab80836 ай бұрын
Did they have a million dollars of gain on the NR or a million dollars of cost?
@ta89056 ай бұрын
I live on the SK side of lloydminster....do I have an option of AB or SK lawyers?
@kyungshim64836 ай бұрын
In BC, could we put our daughter's name in the title of our primary residence to avoid probate? She's been living with us so our primary residence is her primary residence as well. She indents to keep the house as her primary residence after our passing, and doesn't plan to ever get married, so there is no concern of division of assets due to divorce later on down the road. Thanks in advance for your help. You make great content. And very entertaining as well. I have been a subscriber for over a year now.
@dougnixon90005 ай бұрын
SK is 0.7 % probate
@Torontogal7776 ай бұрын
Great information. I would like to ask you to make a video like this, but for a (presently) SINGLE person, no children. Perhaps simply the scenario: no cottage, no insurance. Thank you. Some of us would like to minimize taxes so that whoever is named as a beneficiary (another named individual/friend) or some charities would benefit more.
@K4Financial6 ай бұрын
If you don’t have those assets, you can just exclude them. It doesn’t really matter what you have, each asset is just taxed as shown in the video.
@CanadasOceanPlayground6 ай бұрын
Agree Kent, taxed to death here 😢
@smallmj28866 ай бұрын
Here in NS all of our money is spent on 2 things: 1) Educating kids that then move away for work. 2) Caring for seniors who come home to die.
@niknaktabasco6 ай бұрын
"move to Nunavut" 😂
@ornothopter1886 ай бұрын
can't you leave your house or money in a trust? and avoid probate and capital gains
@K4Financial6 ай бұрын
There are no capital gains on your house, so the only thing that you’d be trying to avoid is probate and it would probably cost you more than you’d save. I certainly wouldn’t use a trust for that