Minimizing Provincial Probate Taxes
Did you know that there are taxes owed on probate assets? These taxes vary depending on which province you reside in. In British Columbia, for example, the taxes are as follows:
– $0 for estates under $10,000.
– $208 for estates between $10,001 and $25,000
– $6 for every $1,000 or part of $1,000 by which the value of the estate exceeds $25,000 but is not more than $50,000
– Plus $14 for every $1,000 or part of $1,000 by which the value of the estate exceeds $50,000.
Planning to reduce or eliminate probate taxes requires one to navigate a minefield of income tax rules, joint tenancy and right of survivorship issues and legal precedents. The team at AACT Financial Solutions has done all of the research and has the skills and experience to help you minimize possible probate fees.
If you are exploring the possibility of leaving a trust or will, be sure to contact us today to help you better understand how we can help to minimize your probate fees. AACT Financial Solutions is always here to help with any of your financial and estate planning needs, just give us a call today!