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| Prepare an Estate Plan, including a Will and Power of Attorney. When a married individual dies, assets can be rolled over to the spouse on a tax-deferred basis under special provisions of the Income Tax Act. Thus, the realization of capital gains on appreciated property is deferred. For example, investments sheltered in an RRSP can be rolled over to the spouse's RRSP. |
| Assets added to your personal income in the year of death include: 1. Registered retirement savings plans (RRSPs). 2. Registered retirement income funds (RRIFs). As a result, taxes payable will, in all likelihood, be in the range of 50%. |
| The Unattached Individual also needs an estate plan, including a will. Otherwise, according to escheat provisions in provincial intestacy legislation, all assets will go to the government on death. |
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| A M FINANCIAL |
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| Phone: (613) 259-5670 |
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