Common tax, financial issues encountered in estate planning

Toronto collector and lawyer Ian Speers advises collectors to properly plan for the future by maintaining an organized collection, drafting a will or estate plan with a lawyer or specialist, choosing an appropriate executor and communicating your plans with all involved parties.

Collectors can encounter several common tax and financial issues, particularly with so-called “capital gains,” when drafting a will or planning an estate. While people can use certain methods to minimize some taxes, capital gains is typically the “biggest tax issue” for collectors, according to long-time Toronto collector and lawyer Ian Speers. Canada’s federally mandated tax laws require 50 per cent of a capital gain’s income to be taxed, but the rates at which gains are taxed varies by province. Continue reading →

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