Tax-Free Estate Planning: How To Pay $0 Tax When You Die

Подписаться 114 тыс.

Просмотров 18 тыс.

50% 1

In this video, we'll go through 2 ways that Canadians can create a tax-free estate when they die.
➡️Our financial planning services: www.parallelwealth.com/planning
➡️Complete Retirement Build Video: • A Complete Retirement ...
If you have any further questions about this video's topic or any financial planning questions in general, I encourage you to find a certified financial planner in your area or book a consultation with us to get your retirement plan on track.  You can learn more about our services at www.parallelwealth.com/planning
Financial Resources I personally recommend:
➡️Retirement Income for Life: Getting More without Saving More (Second Edition): amzn.to/3tvIdVN
➡️Parallel Wealth Masterclass: www.parallelwealth.com/education
➡️Future Value Calculator: amzn.to/3EA6Qqv
➡️Neo Mastercard - no annual fee and average 5% back! - join.neo.cc/parallelwealth
➡️Free Credit Report with Borrowell: bit.ly/borrowellPWFG
➡️Maximize your Savings with EQ Bank - bit.ly/EQBankPWFG
The above affiliate links are provided for your convenience. If you click on a link and end up purchasing a product or service, this channel may receive compensation for the referral. We have personal vetted each product and service we provide links to.
OUTLINE
0:00 - Intro
1:02 - 2 Ways For Tax-Efficient estate
3:10 - Why Do These Tools Work?
5:12 - Other Focus Areas
This presentation is intended for information purposes only and does not constitute an offer to buy or sell our products or services nor is it intended as investment and/or financial advice on any subject matter. Every effort has been made to ensure the accuracy of its contents. Certain of the statements made may contain forward-looking statements, which involve known and unknown risk, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Returns are not guaranteed and past performance may not be repeated.
-----------------------------------------
DISCLAIMER: The videos and opinions on this channel are for informational and educational purposes only and do not constitute investment advice. Adam Bornn is not registered to provide investment advice and as such does not provide recommendations - those looking for investment advice should seek out a registered professional. Adam is not responsible for investment actions taken by viewers and his content should not be used as a basis for investment trades.

Опубликовано:

29 июн 2024

Ссылка:

Скачать:

Готовим ссылку...

Добавить в:

Мой плейлист

Посмотреть позже

Комментарии : 43

@rebym 3 месяца назад

I would add a third part of a well planned estate plan. Distribution of excess cash to children during your lifetime. Do not wait until you die to give children the benefits of your luck/hard work. The benefit of even relatively small amounts of cash to young adults can be life-changing.

@user-wk8te5wd4f 3 месяца назад

Excellent video, thank you!😊

@wayneandrews1022 3 месяца назад

Would love to hear more about estate planning with a corporation.

@Bugnetblue 3 месяца назад

Great video. TFSA successor - good info to know. Thank you.

@garth217 3 месяца назад

I like the idea of " up sizing " your principal residence for tax purposes. However, in Ontario, probate fees are applicable for the principal residence. I just went through this with my aunts estate. $ 15 / thousand. On a $500.000 homes thats $7500 tax, still much better than a 50% if you have remaining RRSPs

@DL-bl6qp 3 месяца назад

This video should have also outlined the need to have liquid cash in a non-beneficiary tagged account for all the bills your executor is going to have to deal with upon your death. Probate is a hefty bill in some provinces and if the deceased's money is totally bound up in a house or passes to beneficiaries through the TFSA then the executor is going to be paying probate fees, funeral expenses, house maintenance costs, lawyer fees and accounting fees out of pocket until the house sells. There needs to be liquid cash in an estate that your estate banker can pay bills out of on behalf of your executor when everything is frozen and waiting for probate.

@karencoley9593 3 месяца назад

When dealing with my father’s estate the TFSA interest earned was considered taxable from time of death until the funds were distributed to beneficiaries (spouse was already deceased). The financial institution where the funds were held in GICs issued a Tslip for this amount.

@robpet4424 3 месяца назад

Should have been expected . I did two estates and already new that this would be so. The day after the person dies all registered accounts are disolved

@d10k6 3 месяца назад

@@robpet4424a TFSA is registered though….

@BrownBrotha 3 месяца назад

Can you please do a video on Permanent Life Insurance and why someone would need it?

@JohnLi-yq2ts 3 месяца назад

Hi Adam, very useful information. Can you please elaborate with another video in the future if possible to show us how you save $700k tax via insurance for your client? Interested to know the process if possible. Thanks.

@signal8375 2 месяца назад

Life insurance paid to a beneficiary is not subject to tax. On death the insurance payout is used to pay the tax obligation of the estate. This strategy works when the total insurance premiums are less than the tax owing on the estate. The most common approach is to use a joint last to die insurance product.

@bdgies2721 3 месяца назад

My father has purchased Whole Life policies for all of his grandchildren and great-grandchildren as part of his estate planning. I’ve not been able to learn exactly how they can use them to access their inheritance other than to cash them in. What is your experience and/or advice with this estate tool?

@richardli5530 2 месяца назад

Our priority is with TFSA. Fortunately, we are now at 350k combined. The goal is to get it to double (or more) before retirement in 10 years.

@careymeaway2024 3 месяца назад

Alternative Minimum Tax... it is real! and it's NOT just for the wealthy.. no one talks about it

@signal8375 3 месяца назад

Good advice on tax efficient end state. In Canada we have three tools; principle residence, TFSA and insurance. However, to transfer tax deferred assets to those requires a tax effective decumulation plan. One important consideration there is to use income splitting to get more money out at the least tax rate as soon as possible. Once one partner is gone, then that opportunity is lost and the combined assets will be taxed higher in the hands of the survivor.

@althunder4269 3 месяца назад

The Feds will tax cap gains on PR eventually. Too much money being left on the table.

@Bugnetblue 3 месяца назад

They will be voted out if they try that stunt. No going to happen.

@thomasyung9162 3 месяца назад

Hey Adam, when you say Sucessor holder on the account, is that something done with the TFSA bank account? Your slide shows having it stated in the will.

@DoneByD 3 месяца назад

Yes beneficiary can be done and should be done right within the investment account itself... If not listed once you go to the will it is in the deceased estate and would then be subject to probate process & fees.

@Paws_RC 3 месяца назад

Successor is a different distinction from beneficiary, you will need to contact your institution to fill out a different form (not sure why you can not select an option for this at the time of setup). Successor as Adam pointed out has the TFSA move across tax free to their TFSA. A beneficiary does not

@APICSKH 3 месяца назад

Only your spouse or common law can be successor holder. And anyone else can be beneficiary. Now you know successor holder can keep the TFSA account as a tax free account. You cannot contribute anymore to that account going forward, but it can be kept as a tax free account as long as you wish. If you have questions, your institution should be able to answer your questions.

@APICSKH 3 месяца назад

@@Paws_RC👍

@crowndroyal 3 месяца назад

I think i need your help guys. I hsve a very weird situation with inheritance that has taken over 2 years to deal with I feel like the estate lawyer is taking everyone to the cleaners.

@cksh4182 3 месяца назад

if I had 1.5 mil in my corp acc (half of it is gains) and 1 million in RSP. how should I deplete this? i am 68...

@master15951 3 месяца назад

if Principal Residence passed onto Kids or sell & Divide between Kids is it Taxable ?

@joebot9309 3 месяца назад

If u die and you have not sold your primary residence, someone is gonna have a massive capital gain most likely. You need to talk about disposal of primary residence and then what can be done with the proceeds

@MarathonKevin 3 месяца назад

Just to confirm, they would only encounter the capital gain if the person who inherits the property: a) chooses not to live there as their primary residence, and b) chooses to sell the property

@robpet4424 3 месяца назад

Since when is there taxable capital gains on a principle residence. There is an exemption.

@DoneByD 3 месяца назад

Technically there could be capital gains on a principle residence after the date of death, however I didn't have any issues when filing for final tax clearance and not allowing anything for gain on principle residence of deceased. It took us about 7 months to clean out house, paint, do some maintenance repair, list and then sell.

@charliedarwin8481 3 месяца назад

As I understand it, the capital gain on a principle residence when you die is from date of death to date of sale by your heirs. Unless the market is truly completely whacky, this shouldn’t be that much. So it’s likely not “massive” but nor is it exempt from capital gains when you die and the residence is sold by your heirs. Also, the residence might qualify for the First Dealings exemption. That is if the owner has held title to the property since prior to a certain date in the 1980’s when most municipalities moved lands from the Registry system into the Land Titles system, and the residence is dealt with in a will that is separate from a second will dealing with all other assets, one might be able to avoid the residence falling into probate, thus avoiding probate fees. But that would need legal advice as to whether the residence qualifies as First Dealings and the setting up of the two wills.

@cathybrockman8156 2 месяца назад

How to legally gift money to someone? What documentation required?

@ParallelWealth 2 месяца назад

In Canada you can give without any documentation. Inheritances are tax free. US is a different story.

@kevinthailand2567 3 месяца назад

As a single who has no beneficiaries I find little concern for death taxes.

@ybc8495 3 месяца назад

I strongly suggest 100K room per year for TFSA!

@maxineporter8848 3 месяца назад

Not going to happen......but that would be on my "wish list" too.

@ybc8495 3 месяца назад

@@maxineporter8848 they should really tax the rich but leave us midclass alone.

@master15951 3 месяца назад

Harper made 10,000, Trudue cancelled it, reduced to 5500. u want 100,000 ???

@ybc8495 3 месяца назад

@@master15951 yes most middle-class families can save 200K cash per year, so we need to leave them alone.

@kimchan7189 2 месяца назад

We are becoming a socialist country like Cuba.

@tanyaperrin8844 3 месяца назад

Nobody wants to pay any taxes, but we all want tons of services.

@mrslcom 3 месяца назад

The tax system is not fair to everyone. How much tax you paid is now determined by whether you have a financial advisor and how good he/she is, rather than just on your income.

@arnoldvosloo220 2 месяца назад

You could tax HNWIs 100% of their income and you wouldn't even cover current gov't spending. Instead of being a bootlicker for the CRA, maybe put in the effort to reduce your own taxes or make more money.