Estates Made Simple
Welcome to the “Estates Made Simple” Podcast, hosted by Gordon VanderLeek, a licensed lawyer specializing in wills, estates and trusts, and Jenna Carvalho, an estate and trust consultant with over 10 years experience helping families secure their assets and plan for the future. We are a bi-weekly podcast that discusses the complicated and often confusing world of estate administration. Our goal is to provide you with the insight, knowledge and resources to help you navigate this complex process. Every episode we bring our unique perspective to provide listeners with unbiased information and practical tips to ensure success and mitigate risk. Even if you are not an executor, there will be topics of interest as you consider planning options for your own estate. Join us for helpful tips and important information on navigating estate administration so you can achieve peace of mind as an executor or administrator.
Estates Made Simple
Navigating Tax Returns at Death with Matt Sharp from Structure LLP
Summary:
In this episode, we had Matt Sharp from Structure Chartered Professional Accountants LLP, an expert in tax returns and estate planning, discussing the complexities of tax returns required after someone passes away.
We delve into the complexities of estate taxation and the strategies available to mitigate tax burdens. Our guest outlines the implications of various actions such as dissolving a company or extracting money, emphasizing the importance of careful planning to avoid double taxation and maximize tax efficiencies. Overall, the episode provides essential tips for executors to navigate the complexities of post-mortem tax filings effectively.
Key points:
- Dissolving a company or extracting money from it can trigger dividend taxation, resulting in double taxation on the same assets.
- These plans require careful planning and execution, with strict deadlines and potential for complex tax implications.
- Curative measures include loss carry-back plans and utilizing capital gains rates to mitigate tax burdens.
- RRSPs and registered retirement income funds are deemed disposed at death, creating significant tax liabilities.
- Filing deadlines vary depending on the date of death and fiscal periods.
- Executors face liquidity problems in paying tax bills, especially if assets are tied up.
Matt Sharp
Structure Chartered Professional Accountants LLP
matt.sharp@structurecpa.com
https://www.structurecpa.com/
Hosts:
Jenna Carvalho
The smartest way to choose an executor.
Guardian Estate Company
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Gordon VanderLeek
Give your family a legacy of protection - Wills, Estates and Trusts.
VanderLeek Law
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