There are no estate taxes in Canada, but a number of other fees and taxes can add up during estate administration. Taxes such as capital gains, retirement savings and other tax consequences occur upon the death of the owner of assets if no plans to avoid the taxes are made ahead of time. An experienced Toronto tax planning lawyer can help you take advantage of a number of strategies to minimize tax exposure and probate costs.
At McMaster, McIntyre & Smyth, LLP, we can help you reduce or defer taxes on financial, property and business assets. We will implement the right strategies for your particular situation. Our lawyers have decades of experience providing people throughout the Greater Toronto Area with high-quality service and cost-effective solutions.
Effective Strategies in Tax Planning and Probate
We develop customized strategies based on each client's personal needs and goals. Many of our clients begin a relationship with our lawyers based on family referral, which speaks to the quality of our professionalism and devotion to our practice. When you are looking for a lawyer who is dependable and responsible, it pays to work with a law firm with experienced lawyers who have a depth of knowledge and a strong reputation in the community.
We help our clients minimize probate costs and tax liabilities on assets and property that they would like to pass on, change ownership but still maintain control of, or sell in order to distribute net equity on to beneficiaries. Our clients are provided the information, resources and planning tools necessary to carry out their exact wishes in:
- Estate planning
- Estate administration
- Business succession planning
In all of these areas, we can help you limit expenses. Several varieties of trusts, joint account or ownership agreements, limited partnerships and other entities can reduce the tax burdens you and your beneficiaries face. Joint tenancy of an asset like a cottage, or joint trustee agreements are especially helpful in allowing assets to pass directly to beneficiaries outside the estate by rule of survivorship.
We strive to help our clients avoid or pay the lowest possible amount of taxes and fees through probate and distribution.
Contact a Tax Planning and Probate Lawyer