Chartered Professional Accounting Firm Calgary

Tax Planning in Calgary, AB

Taxes are a fact of life, and a fact of death. But with effective planning, you can minimize the tax that would otherwise be paid at death. You can also make sure that the plan you intended will not be altered because of consequences of which you were not aware.

Many of the assets you have accumulated will be taxed in the year of your death as much as half your total assets could be lost to tax. That's not what you have worked for, and it's not the legacy you want to leave behind. There are a number of obstacles you will want to avoid:

  • A lack of liquidity that could result in your business stopping at the first generation
  • A forced sale of assets
  • A loss of family control of assets
  • Limited choices
  • An alteration of your planned transfer of assets, resulting in an inequitable allocation
  • A disruption in the smooth execution of your plan

There are many steps you can take now to reduce or defer taxes at that future time. The steps themselves and the combination of them will be as individual as your life and your estate.

A list of your assets and their current value is a place to start. Trust, estate freezes, business ownership structures, and insurance are some of the tools we can use to help you achieve your goals.