Tax law is a very complex subject that cannot be summarized in a few short paragraphs or pages. The purpose of the information presented here is to provide some basic knowledge that is needed to understand the Will and estate planning process, as well as estate administration, in terms of the consequences of pursuing various options.
This site does not have a tax planning section and there is no plan to include one at this time. The Income Tax Act (ITA) contains many anti-avoidance provisions including a general anti-avoidance provision. Canadians are permitted to structure their affairs in a tax-effective manner as part of a plan to achieve broader goals such as estate planning to provide for dependants or the efficient operation of a business. By comparison, planning solely for the sake of avoiding taxes with no overriding purpose is discouraged and strategies that take this perspective are subject to challenge. The ITA contains harsh penalties for taxpayers and advisors who participate in avoidance transactions.
Visitors with questions about their specific circumstances are encouraged to seek advice from licensed tax professionals practising in their jurisdiction.