Estate & Succession Planning
Planning for today and tomorrow with a peace of mind
Passing down your business and estate is an important financial and personal decision. Protect your assets, secure your business, minimize taxes and be confident in its future. Our service will allow you to do just that. Please read our brochure about Estate Freezes and how it can help you transfer your business to the next generation, protect assets and reduce taxes upon the sale of your company by claiming the lifetime capital gains exemption.
Key Elements of Estate and Succession Planning Services
- Minimize tax on transfer of business
- Reduce taxes upon death
- Income splitting with family members
Client Testimonial:
I had a wonderful experience with Madan Chartered Accountant, they are very responsive, accessible any point of time, accountable and the most important they are trust worthy. Well done Madan and keep the customer focus up, this for sure will take you up and forward. - Mike Sa
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My name is Donald and I am a US citizen and have no intentions on leaving. I saw your cross border tax video’s and had a question on estate taxes. I have a wife and 2 kids and I am starting to look into setting up an estate in case anything where to happen to me. I wanted to know generally what deductions are available to reduce taxes I will pay on my Estate?
Hi Donald,
There are a few deductions available for you to reduce your taxes on your estate plan. One of the primary deductions available to you is Marital deductions. All property included in the estate can be eligible for this tax free deduction.
Other forms of reducing your estate taxes owing would be in the forms of charitable donations. The amount given to charity is deductible from your total estate worth. Also available are mortgage and debt deductions.
regards
Hi,
I was recently told I may have to file a T3 tax return on my trust. I was wondering what is a T3? and who is required to file it?
Hi Rodrigo,
A T3 is a a Trust Income tax return that will provide income tax information to the CRA regarding your trust. Also it will show if any taxes need to be paid to the CRA for the year. A T3 must be filed if the trust:
– Has taxes payable
– is requested to file
– is a resident in Canada who has disposed of a capital property or has a capital gain
– is a deemed resident trust
for more info visit http://www.cra-arc.gc.ca/tx/trsts/t3rtrn/flng-eng.html.
Thank you for your reply Allan. I have one further question. I was born in Florida and currently live and work here. My family is from Canada which is why I am unfamiliar with estate planning and successions. I need to know where I would be filing this return too in Canada?
Hi Rodrigo,
If you live and work in Flordia you would be considered a non resident for income tax purposes. Thus you would have to submit the completed T3 and supporting documents to the following CRA address:
International Tax Services Office
Canada Revenue Agency
Post Office Box 9769, Station T
Ottawa ON K1G 3Y4
Canada
note: You have 90 days after the Trusts tax year end to file this return.