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MacMillan Estate Planning
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Safeguarding Significance
Safeguarding Significance

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An estate must also be a testamentary trust in order to qualify as a graduated rate estate. You must also indicate that it is a GRE on the estate’s tax return and use the decedent’s Social Insurance Number on all returns filed during the ensuing 36-month period.
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In Canada, trusts and estates are currently taxable at the highest marginal tax rate. However, if an estate is qualified as a graduated rate estate, it can be taxed at a graduated marginal tax rate for up to 36 months following the death of the estate holder.
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It’s understandable to feel a bit on edge about how taxation can deplete your estate when you pass away. Fortunately, there are many ways to plan ahead and make more tax-efficient decisions. For instance, what does “graduated rate estate” mean and why is it useful? https://hubs.ly/H0fwNqK0
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Understanding Graduated Rate Estates
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If you’re contemplating an estate freeze to help you ensure that your estate isn’t drained by capital gains tax upon your death, you may be hesitant about the idea of relinquishing voting rights. Thankfully, there’s good news in this department. https://hubs.ly/H0fnV-j0
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An estate freeze is one of the most common ways for business owners to address the capital gains tax liability that can come with the settling of an estate. In short, this is when common shares are traded for preference shares to “freeze” the appreciation of value.
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Immediately upon the death of an estate holder, the CRA considers their estate to be a “deemed disposition”. This is essentially treated like a sale of assets at their fair market value. Your estate planner can help you proactively minimize the resulting tax losses.
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In Canada, lack of an “estate tax” per se doesn’t mean that expenses don’t run high when death and taxes mix. They certainly can, particularly in the form of capital gains tax. Here’s a useful planning opportunity that can reduce tax burden when settling an estate. https://hubs.ly/H0fnVxv0
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Reducing Your Tax Burden with an Estate Freeze
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The process and consequences of estate planning can have tremendous effects on family relationships, business relationships, and other forms of person-to-person connection. The quality of your plan is therefore pivotal on many levels. https://hubs.ly/H0fnFLb0
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