Inheritance taxation: estate planning and settlement
The death of a loved one or estate planning raises complex tax questions. At GBA, our tax specialists are experts in these matters: preparing tax returns upon death, developing tax-reducing strategies, and planning the transfer of your assets. Whether you are an executor, an heir, or planning during your lifetime, we guide you through the tax obligations and options available to you.
Settling an estate: when you experience a death
The death of a loved one can present you with a complex tax reality. As the executor , you must calculate the deemed disposition tax on the deceased's assets , file their final tax returns , and then manage the income generated by the estate until the final distribution. Between post-mortem strategies that can reduce taxes and the risks of double taxation on certain corporate assets, there are many decisions to make. Before distributing anything to the heirs, you must obtain a certificate of clearance, which protects you against any future claims from the tax authorities.
Our tax specialists understand these issues and guide you through each tax choice to avoid costly mistakes .
Estate planning: planning ahead while you're still alive
The strategies you put in place during your lifetime determine how much your heirs will pay and under what conditions they will receive your estate.
Our role: to analyze your situation and build a suitable strategy
Our tax accountants review your current assets, calculate the potential tax liability upon death, and identify available tax strategies. Estate freezes , corporate restructuring , phased transfers , trusts , or life insurance —the tools exist, but they must be tailored to your specific situation.
- size of your assets;
- composition of your assets;
- presence or absence of a replacement;
- current financial needs.
Some clients need to lock in the value of their business to minimize future taxes. Others need to plan for liquidity to avoid a forced sale of assets upon death . Still others seek to gradually transfer ownership while retaining control.
The importance of coordinating
Your notary drafts the will that determines who inherits. Your financial planner manages your retirement income. But in between, you need a tax strategy that minimizes taxes and aligns with these legal and financial aspects . That's where we come in.
We work with your other professionals to ensure everything works together:
- a will that reflects your tax strategies;
- insurance policies that cover the anticipated tax;
- corporate structures that facilitate transfer.
The right time to plan
Now. The longer you wait, the fewer options you have. Some strategies take years to implement and optimize. Last-minute succession planning forces quick decisions with less tax flexibility.
GBA - Accounting firm specializing in tax strategy: estate planning and inheritance settlement
Meet with our estate planning specialists for a comprehensive and thorough assessment of your situation. At GBA, you benefit from expert guidance and personalized support that takes into account your entire situation, needs, and objectives.
Why choose a CPA?
Thanks to their skills, CPAs:
- Guiding organizations through change
- They support organizations in deploying their business strategy
- They accelerate the conquest of new markets
- They draw up financial projections
- They advise entrepreneurs on matters of business succession, acquisition, and start-up.
- They manage the challenges of growth
The firm Gariépy Bussière CPA Inc. is a proud member of the Quebec CPA Order