Canadian Inheritance & Probate Explained: Save Your Heirs Thousands!

Video Description

A shocking real‑world story—a $13B tax bill following an inheritance—sets the stage for what Canadians need to know about estate taxes even though Canada doesn’t have a formal “inheritance tax.” In this episode, we break down deemed disposition at death, how RRSPs are taxed, what Ontario’s probate (estate administration) fee ~1.5% really means, and three practical strategies to reduce the tax hit for your heirs. Perfect for Canadian real estate investors and families who want to protect what they’ve built. What you’ll learn: ✅ How deemed disposition works in Canada (and the spouse rollover) ✅ A simple example showing taxes on a rental property, RRSP, and non‑registered stocks ✅ Why the bill can grow if you pass away later (projected at age 90) ✅ Three ways to reduce the burden: family trust, gradual asset sales, insurance ✅ What “probate” (estate administration tax) is in Ontario and how to plan for it ✅ Why wills, multiple wills, powers of attorney (property & personal care), and guardianship for minors matter just as much as tax planning Key Moments In This Episode ======================== 00:00 –Introduction: Korean Inheritance Tax vs. Canada 00:33– The Samsung Example: $13 Billion Tax Bill 01:38 – Canadian Deemed Disposition at Death Explained 04:15 – Real-Life Tax Calculation Example 07:03 – Projecting Taxes at Age 90–95 09:09 – Strategies to Lower Your Tax Bill (Trusts, Selling Assets, Insurance) 11:06 – Probate Fees & Estate Administrative Tax 13:18 – Importance of Wills, Power of Attorney, and Guardianship If you have any questions or thoughts after watching this video, leave a comment below, and I’ll respond as soon as possible. Don’t forget to subscribe to my channel for more videos on Canadian real estate and tax-saving strategies so you don’t miss a thing! ---------------------- Please make sure to speak to a professional that knows your personal situation before making a decision. If you need to talk to someone on my team, email us at [email protected] ---------------------- SIGN UP FOR OUR NEWSLETTER Want to stay up-to-date with all the latest news about Real Estate Tax Tips, receive weekly tax tips and free real estate investment resources? Then subscribe to our newsletter here: https://realestatetaxtips.ca/youtube-... Struggling with the question "To incorporate or not incorporate?" I have put together a free resource to help you fix it fast. Grab the “7 Questions to Ask Yourself When Deciding to Incorporate” Report here: https://realestatetaxtips.ca/free-reports/ FOLLOW ME ON SOCIAL MEDIA: Facebook: https://www.facebook.com/RealEstateTaxTips Instagram: https://www.instagram.com/realestatetaxtips/ ----------------------⭐Cherry’s Best Real Estate Tax Tips ⭐➡️Canadian Election Tax Policies – Final Update Before You Vote: • Canadian Election Tax Policies – Final Upd... ➡️Top 9 Tax Deductions & Credits You Don’t Want to Miss on Your 2024 Tax Return (Filed in 2025): • Top 9 Tax Deductions & Credits You Don’t W... ➡️Everything You Need to Know About Canadian Election Tax Policies: Part 2: • Everything You Need to Know About Canadian... ➡️Cash for Keys – Is It Tax-Deductible in Canada?: • Cash for Keys – Is It Tax-Deductible in Ca... ➡️Everything You Need to Know About Canadian Election Tax Policies: Part 1: • Everything You Need to Know About Canadian... ---------------------- DISCLAIMER: Real estate Tax planning is a personalized decision and will depend on your situation, priorities, and risk tolerance. Consult with your legal and tax advisors to ensure you get the best personalized advice. The information contained in this video is for general information purposes only. The information is provided by ECRB Consulting Inc., RealEstateTaxTips.ca, Cherry Chan Professional Corporation and Cherry Chan. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability of the article or the information, products, services, or related graphics contained on the presentation for any purpose. Any reliance on such information is, therefore, strictly at your own risk. In no event will we be liable for any loss or damage, including, without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of or connected with the use of this information. #CherryChanCPA #RealEstateTaxTips #RealEstateInvesting #CanadaTaxTips #CanadaRealEstate #RealEstateInvestingCanada #estateplanning #CanadianTaxes #RealEstateTax #Probate #InheritanceTax #FinancialFreedom #WillsAndTrusts #TaxTips #PowerOfAttorney