Monthly Estate Tax Planning Services that Ontario Companies Can Budget Around
Typically, most people consider their estate tax planning options when somebody has already passed away because that is when they have missed out on the major savings on their taxes. Being an Estate Tax Planner in Toronto, Beta Taxes Professional Corporation helps you plan your tax in advance, setting up structures and elections for your wealth in a way that it will benefit its rightful owners.
- Tax planning before death, not administration after
- Estate tax planning in relation to deemed disposition of capital gains
- Assistance with CRA clearance certificate for executors
- Collaboration with your lawyer and financial advisor
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Affordable Estate Tax Planning for Ontario Businesses
Tax planning regarding estates in Ontario is something that should take place long before it needs to be considered. It will only become possible to do anything other than damage control once the process starts, since you cannot make plans once you have passed away.
Beta Taxes will provide services related to estate and trust tax planning either for people who want to plan their estate personally or people who are responsible for managing an estate. No matter the situation, you will receive clear explanations from our CPAs on all available options.
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Why Planning for Capital Gains on Death Can't Wait
The reason why Capital Gains Planning on Death is important comes down to something called “deemed disposition” that the CRA enforces when somebody dies. It works as follows – everything you’ve acquired, investments, real estate or business stock – becomes subject to a capital gains tax in full force, even if you haven’t sold any of it yet.
Thus, Deemed Disposition Tax Planning has to be done before death whenever possible, since certain elections such as spousal rollover, proper application of the principal residence exemption, and other measures may allow you to greatly decrease your taxes but would be unavailable if you didn’t plan ahead of time.
Estate Planning Accountant Services We Provide
Lifetime Estate Planning
- Help in setting up estate to reduce exposure to estate taxes in future
- Recommendations on creating inter vivos trusts that will pass growth of value to family members
- Review of shares in business before any future succession
- Coordinating with your lawyer regarding wills and powers of attorneys
Capital Gains and Deemed Disposition Planning
- Modelling of the impact of the deemed disposition rule on your estate
- Use of the principal residence exemption
- Planning the spousal rollover to avoid capital gains tax
- Identifying the assets where planning would reduce the exposure
Trust Structures & Graduated Rate Estate Planning
- Recommendations for creating testamentary trusts
- Planning about Graduated Rate Estate election during the 36-month window from the date of death
- Choosing the fiscal year end to maximise the tax benefits
- Splitting the income among the beneficiaries with CRA rules.
Executor & Trustee Advice
- Advisory services to help executors understand estate tax responsibilities for the first time
- Advice on distribution timing and appropriate holdbacks
- Coordinating with the deceased’s final return and the estate’s return
- Help you make sound decisions during an already complicated time
CRA Clearance Certificate Services
- Preparation of the clearance certificate application
- Verification that all taxes have been paid before asset distribution
- Ensuring that the executor is not personally responsible for estate tax
- Coordinating with timing so estate administration is not unnecessarily delayed
Family Wealth Transfer Planning
- Planning for the transfer of family wealth through a transition period
- Lifetime gifts considerations
- Coordinating with the holding company or succession planning for business
- More of a long-term solution rather than a one-time transaction
Why Choose Beta taxes
for Estate Planning Accounting Services
Discovery
OWe know about your personal situation, your assets and goals, and the current stage of the estate if you are already in the process of administering your estate.
Review
We review your asset structure and find ways that you can really cut back on future taxes.
Strategy Session
We explain what options you have available to you in clear terms so you can make well-informed decisions.
Deploy & Support
We implement the strategy for you and are always ready to help when needed.
Serving Estate Planning Accounting Clients Across Ontario & Canada
No matter where your business is located, we provide the Estate Planning Accounting Services Ontario Businesses Rely On, using cloud software to eliminate location constraints. Come see us in our Ontario office, or meet us virtually, anywhere you may be located in Canada.
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Industries We Serve With Estate Planning Accounting Services
testimonials
Our Clients' Results Speak for Themselves
Real success stories from businesses we’ve helped grow.
We Work with Your Preferred Accounting Software 2
I’m a realtor in Canada, and working with Beta Taxes CPA Canada has been a great experience. They have a strong understanding of real estate–specific tax matters, including commissions, expenses, GST/HST implications, and long-term tax planning. Anmol and the team are extremely professional, responsive, and detail-oriented. They not only advised on my tax filing on time, but also provided valuable consultancy to help optimize my tax position and stay compliant. They explain things clearly and genuinely look out for their clients’ best interests.
Milan Bangia
We Work with Your Preferred Accounting Software
I’m a realtor in Canada, and working with Beta Taxes CPA Canada has been a great experience. They have a strong understanding of real estate–specific tax matters, including commissions, expenses, GST/HST implications, and long-term tax planning. Anmol and the team are extremely professional, responsive, and detail-oriented. They not only advised on my tax filing on time, but also provided valuable consultancy to help optimize my tax position and stay compliant. They explain things clearly and genuinely look out for their clients’ best interests.
Milan Bangia
FAQ’s
Frequently Asked Questions
When is the right time to plan for estate taxes?
Preferably long before death, in tandem with financial planning. The sooner the planning occurs, the more planning options exist — elections such as spousal rollovers and trusts must be made in advance and cannot be done after the fact.
What does "deemed disposition" mean for my estate?
The CRA treats your death as if all your assets were sold at their fair market value at the point of death, even though nothing is actually sold. The sale will create capital gains on investments, properties, and business shares, which are subject to taxation unless planned.
Can the capital gains tax be reduced when I die?
Yes, but only in certain circumstances. Using strategies such as spousal rollovers, principal residence exemption, and transfer of assets before the deemed disposition can reduce your capital gain liability. However, most of these strategies require pre-death planning.
What is a clearance certificate, and why does the executor need it?
It is a certificate from the CRA that all tax liabilities of the deceased and the estate are fulfilled. Not having this certificate may hold your executor responsible if CRA finds out that some tax hasn't been paid.
Does estate planning only apply to wealthy families?
Not necessarily — while wealthy people stand to lose the most from failing to plan, anyone with an estate can plan by naming beneficiaries, properly structuring wills, and understanding how deemed disposition triggers taxes.
How is trust beneficial for estate planning?
The trust may be used to distribute income and future appreciation of the assets among family members at each family member's tax rate. There are some tax benefits associated with certain types of trusts during the administration of the estate period. You have to choose the right type of trust depending on your needs.
Could you assist us when someone in the family has already deceased, and estate administration is in progress?
Yes – though it is better to plan proactively, we also assist the executors or trustees of the estate already in the administration period to minimise their tax exposure and properly comply with the CRA requirements.
Is your firm working with our family's lawyer regarding estate planning?
Yes – usually, estate planning involves cooperation between your accountant and lawyer since a will power of attorney and trust deed have to be prepared in accordance with your tax strategy.
In what way is estate planning different from T3 filing?
Estate planning means that it is a proactive process that determines the result and decreases the taxes that you would owe later. Filing T3 returns is reporting what already occurred. We provide both services as well.
How much does it cost to plan an estate?
This depends on the complexity of the assets and your objectives. We provide you with a flat fee quote upfront depending on your specific situation.
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Your Dedicated Accounting Partner Is Just a Call Away
Each business has its own unique financial goals and the best accounting strategy is based on understanding the goals. If you’re in need of continuous support in accounting including bookkeeping, tax planning and payroll management, or business consulting services Our team is ready to assist.
In your initial call we’ll use the opportunity to understand your business as well as discuss the current challenges you face in accounting and suggest solutions that are tailored to your specific needs. You’ll get a better picture of how we will assist you in achieving financial success by providing clear communication, practical guidance and consistent, year-round service.
- Talk about your accounting and tax requirements
- Receive personalised recommendations based on your company's goals
- Find out more about our accounting process and service options
- What’s your budget?
