If you intend to keep your corporation until the end of your life, it could add complexity to your estate plan. Without the right strategies in place, you could end up paying more tax than you need to. There are many pitfalls to avoid and opportunities to know about.
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Other content in this Stream
How to minimize taxes when transferring your wealth
A good estate plan starts with understanding the tax consequences of the types of assets you own. The next step is to use strategies to mitigate their tax impact.
Why you don’t want to die without a will
Dying without a will can have significant negative consequences. Here are the five biggest reasons to make a will.
Is your corporate legacy a gift to the government? How to avoid double taxation
If you have a corporation without a capable executor, you could be subject to double taxation.
Should you agree to be someone’s executor?
If you have been named or asked to be an executor, be sure you understand the full extent of the responsibility.
What physicians need to know about owning U.S. property
Canadians who own investment property in the U.S. may have to pay U.S. estate taxes.
Five key findings about how Canadian physicians are preparing for retirement
The MD Physician Retirement Readiness Study explores how Canadian physicians are thinking about and preparing for retirement.
Estate planning for incorporated physicians
This guide gives you an overview of estate planning and explains how you can minimize taxes at death.
Sharing the wealth: why it pays to donate private shares to charity in your estate plan
If you are an incorporated physician, you can reduce the tax burden on your estate by donating shares from your private corporation
The final login
You may already have a will and power of attorney in place. Be sure to protect your digital assets as well and share access with those you trust.
Your Life Insurance FAQ
Many people recognize that having life insurance is a necessary part of their estate planning. But, life insurance can be hard to understand, so you’ll find answers to seven common questions...
Setting Up a Trust for Your Children—A Case Study
If you want to be sure that the assets you have accumulated over your lifetime will be passed on to your family after your death, you should consider the benefits of setting up a trust in your...
Why You Need An Estate Plan
Estate planning is about ensuring that your assets are distributed in the way you wish and minimizing the burden on your loved ones after you pass away. One of the most important aspects of estate...
Benefits of Inter Vivos Trusts—Examples in Action
Inter vivos trusts—created during your lifetime, as opposed to taking effect after death—are chosen for a variety of reasons. Two of the most common reasons are tax efficiency and personal needs,...
What Is Estate Planning?
Estate planning is the proactive, systematic process of “putting your affairs in order” so you can minimize the impact (includes tax, legal, accounting and administrative costs) on your estate...
Your Estate Planning FAQ
Creating, maintaining and executing a formal estate plan are important for most people. In addition to learning about the reasons why you need an estate plan, there are other related issues you...
Do Young Physicians Need an Estate Plan?
To most young adults starting out in their careers, estate planning seems like something for much older and much wealthier people. But even if you don’t have a long list of potential heirs or much...
Why you don’t want to die without a will
Dying without a will can have significant negative consequences. Here are the five biggest reasons to make a will.
Have a Professional Assist You as the Executor of an Estate