Estate Planning Tidbits

Mary Wahbi, L L.B, TEP (Toronto)

Did you Know?

1. That you can plan for your estate's tax bill with certainty and defer the tax on the future growth of your estate?
2. That using a trust vehicle, you and your spouse can double up on the principal residence exemption?
3. That for a typical male who resides in Ontario, age 64 may be the ideal time to start collecting CPP benefits and for a typical female, delaying collection until age 67 may be more appropriate?
4. That purchasing a life annuity can help you utilize the pension tax credit?
5. That it is possible to contribute to an RRSP after age 69?
6. That you can maintain residence and ownership of your home while using the built-up equity as tax-free income?
7. That you can reduce your taxes by triggering a small capital gain over a number of years?
8. That you can now roll your RRSP to a "dependent" child or grandchild?
9. That your estate can take advantages of losses incurred after your death to reduce taxes?
10. That by holding assets in trust on death you can increase the amount your beneficiary receives from your estate?

Call either Marvin Barkin or Mary Wahbi for more information.