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What happens to your assets upon your death?

Your Registered (RRSPs & RIFFs) Investments

If you are married or commonlaw, your entire portfolio can move to your spouse completely tax free. It then forms part of their registered portfolio.

What happens upon the surviving spouse's death?

All taxes are due on the full balance of the registered portfolios. Your children and/or any other beneficiaries will recieve a tax slip showing the full taxable value of the registered accounts and such will be included in your final return. 50% of any capital gains (see example of cottage below) are fully taxable and are also due. EVEN WITH A WILL!

The beloved family cottage? **

If jointly held, then upon your death the value of the cottage is transferred entirely to your spouse. Upon your spouse's death, taxes will be owed.

Calculate your pending taxes to be paid upon death

The Personal Tax Strategy will help minimize, if not even eliminate, any pending tax liability. Click here to learn more.

* The current average marginal tax rate upon settling one's estate is approximately 46%. Varies from province to province.
** Similar tax implications for non-registered investment portfolios, rental properties and businesses.
Note: This website and it's contents are not to be construed as legal nor accounting advice. Proper and formal legal and tax advice is the sole responsibility of the reader.
Consideration also needs to be given for probate fees (Estate Administration Tax) which also vary from province to province. See chart.

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