When it comes to taxes, planning, and the Canada Revenue Agency (CRA), there is a great need for understanding and awareness when it comes to end-of-life estate planning. So to help navigate how taxation affects Canadians after death, financial planner Tim Jenkins joins Dave and Reb on episode #351 of “Let’s Talk Money with Dave and Reb”. They uncover the issues and offer some alternatives to paying a potentially large tax bill.
One way to build awareness, even before death, is asking a tax specialist to create a “terminal tax return” so that individuals know an approximate number of how much CRA will take from the estate.
“It is important to crunch the numbers so that you are aware of the liability,” Tim Jenkins says.
Listen in to learn more on this show sponsored by More Than Enough Financial—a financial coaching, tax, and mortgage company empowering people to find hope and freedom as they effectively manage their finances one day at a time. To order Reb’s e-book, audio book, or soft-cover copy of Cultivating Trust: Finding God’s Hope and Freedom for Your Finances, go to www.morethanenoughbooks.com or email info@morethanenough.ca, to arrange a pick-up from their Ottawa office. To connect with Tim go to https://trinityfamilywealth.ca/. To read the blog related to the topic go to
https://trinityfamilywealth.ca/how-to-eliminate-cra-from-your-estate/.