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America is not a capitalist country

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DonCorleo

Senior Member
Joined Apr 9, 2011
Messages 1,008
In Canada is different. The government takes 20% automatically even if you have a will, a written power of attorney to whomever or executor of Estate. Technically always best to give your assets when you get old to your wife or kids, then the % is void. But do you trust them to take care of you when you get much older?, hell no.

If a person dies with none of the three, your ex wife or kids can get the government to give them an exception to be the executor of estate, costs you $3500 but worth it.

You are wrong, study about democratic capitalism and you will know.

Price screwed up or he didn't give a damn. There is more I can add but major points are clear in Canada. Know and educate yourself about the laws not to go through this ordeal, simple as that.
 

DonCorleo

Senior Member
Joined Apr 9, 2011
Messages 1,008
MisterAsianLover said:
In Canada, when you die, your assets are deemed to be sold and taxed at the effective rate.

https://business.financialpost.com/...eres-what-happens-to-your-assets-when-you-die

A different ball game when it comes to capital gains/stock portfolio/Corporated/RRSP/RIF and more. As I said before, the best case scenario is to transfer all when you are still alive and again, you do not want to do that. If your kids have money hungry spouses or your wife has a lover. They will put you in a home and forget about you.

A good chartered accountant or a reputable accountant firm like Lipton, Wiseman, Altman and partners (LLP) will give you sound advice on what to do with your Estate and investments. Very pricey but if you can afford it, the way to go.
 
B

Boing

Guest
Don, you just gave your cover, you are a lawyer.


Or a good criminal :biggrin2:
 
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