Did you know that when you die, the law assumes that you’ve sold your assets on the day before your death?
This means that your estate would have to pay tax on the capital gains of your assets and investments.
With proper financial and estate planning you can help to reduce or eliminate this hit to the estate you pass on to your loved ones.
If you name a beneficiary, you’ll be able to have your financial assets such as bank accounts, real estate, and RRSPs pass to your beneficiary. This allows you to avoid those ugly probate fees and taxes.