I have an Estate Planning Query... Anyone who has investigated these issues directly, please feel free to respond (but without acronyms and code words, please ,just use plain Canadian/English! Thanks) I would love to hear from David Cohen - the man himself on this issue!
Scenario: Wife qualifies as a skilled worker and becomes new Permanent Resident in Canada. Husband comes as accompanying spouse. Wife tragically and unexpectedly dies or is killed.
From what I have been reading from official sources, Transfers of wealth and Inheritance in Canada is treated as income tax , such that, it is assumed that the deceased sells their entire estate and tax is paid on the estate that year at probate as if the value of the entire estate was income for that year.
So my query is this: Is there a legal scenario (such as a qualified domenstic trust) to transfer the bulk of the estate, without the surviving spouse losing 30% to taxes?
Cheers from the an American living in the UK & married to European national - both soon to be Canadian (hopefully) at the final stages of processing.
Scenario: Wife qualifies as a skilled worker and becomes new Permanent Resident in Canada. Husband comes as accompanying spouse. Wife tragically and unexpectedly dies or is killed.
From what I have been reading from official sources, Transfers of wealth and Inheritance in Canada is treated as income tax , such that, it is assumed that the deceased sells their entire estate and tax is paid on the estate that year at probate as if the value of the entire estate was income for that year.
So my query is this: Is there a legal scenario (such as a qualified domenstic trust) to transfer the bulk of the estate, without the surviving spouse losing 30% to taxes?
Cheers from the an American living in the UK & married to European national - both soon to be Canadian (hopefully) at the final stages of processing.