How to Reduce Estate Taxes In Canada - Why It Matters to Every Canadian

[@parth71086]

What about amount and money in checking and saving accounts, cars, other purchased property, businesses ? All has estate tax on full amount or how? Thanks

[@johnwong6696]

How can you have nothing in the red bucket! You will always be tax on CPP, OAS and your Pension income. !

[@CanadianWhiteboardFinance]

Yes, pretty much everyone will have some taxable income in the year that they pass away, but for the buckets I'm talking about saving. With planning, some people can end up with it all in the green bucket.

[@cpbmw99]

How does having your kids as co-owners possibly mess things up?

[@CanadianWhiteboardFinance]

There's a decent number of articles out there explaining the pitfalls of naming kids as co-owners. Just google it and take a look.

[@paulocarmini3124]

The video is supposed to be about taxation in Canada but the presenter kept going back to the US, so change the title or stay focused on the topic.

[@catherinedesilets8960]

Take away: in Canada get life insurance to reduce taxes taken off your estate at death Can you make a video of how can you figure out which company to get life insurance with Ie: I’m healthy, 45 & retired I hope I have another 40-50 years how do I choose who I get life insurance with?

[@mavrick6499]

I think getting life insurance is only important when you have children. My husband and I (72 and 66 years old) have no children and have cash in a savings account that would be immediately available to our executor if we were to die at the same time. We don't need/didn't need the insurance nor the extraordinary premiums. But every individual has a different story.

[@CanadianWhiteboardFinance]

I would go to an independent broker and tell them what you're looking for, then they should do the leg work of figuring out which company and which design would fit what you're looking for best.

[@nguyenphuongchang3925]

Is principal residence subject to estate tax before passing down to the children?

[@LIFE180]

I am not sure about that in Canada. I'll ask Galen

[@nguyenphuongchang3925]

@@LIFE180 Thank you for replying and please let me know when you have heard from Galen.

[@CanadianWhiteboardFinance]

The principal residence is subject to the estate administrative tax before passing down to children.

[@maureenkent2565]

Why does adding your kids to the title of your principal residence lead to potential taxes owing or mess things up?? I’ve never heard of that.

[@CanadianWhiteboardFinance]

There's a decent number of articles out there explaining the pitfalls of naming kids as co-owners. Just google it and take a look.

[@nickiv.o.1215]

Let’s be clear. You are an insurance salesperson, which we figure out later in the video. Can you tell me what is paid out at the time of death for the type of insurance you sell (whole life)? I hear that some payouts are the amount accumulated in the savings portion of the policy OR the actual death benefit - not both. In other words, you’re actually paying for the death benefit yourself! Also, the estate administrative tax of 1% you talk about is actually called probate tax by most people. It may be 1.5% in Ontario, but it’s 0% in Manitoba, so do your own research, people!

[@LIFE180]

To be 100% clear, Nicki, I am NOT an insurance sales person. I am NOT licensed and can't sell you anything. Especially in Canada. To answer your question, watch this video: kzbin.info/www/bejne/jnWaqJyde8ahodk

[@ldd9672]

Like everything except life insurance…not interested in that

[@CanadianWhiteboardFinance]

Absolutely everyone should do their own research!

[@andychahal1097]

What is the name of the Canadian financial planner in this chat

[@andychahal1097]

I went to the beginning and caught the name, great chat learned lots

[@SandraDevant]

This is great information but life insurance at age 71 lol Can you imagine the cost ?

[@LIFE180]

For some people, it's still a positive leverage play. Imagine you have an extra $500,000 you know you are going to pay to your heirs. What if you could take that $500,000 that you knew you would not spend in retirement and turn it into a $1,000,000 tax free legacy? People do it every day.

[@lexylain7774]

What is your name? Company name?

[@LIFE180]

Life180.com

[@1314joycetan]

boy people are negative here, good information, I do also want to know why putting kid name on the title will mess it up? thanks to anyone can anwer the question

[@marcelmed4574]

Silly click bait. The title is misleading. Folks melt down (draw down) your RRSP earlier in life understanding average yearly tax rates to minimize taxes owing at death. This is an insurance marketing video, this is an annuity. Nothing much said here.

[@CanadianWhiteboardFinance]

People in Canada don't sometimes pass away with large amounts of money in their RRSPs?