Estate Tax Accountant North Vancouver
Top Quality Estate Tax Accountant - North Vancouver Services
The highly qualified Chartered Professional Accountants of Cahill CPA provide full estate planning and tax accountant services to North Vancouver, West Vancouver and the entire greater Vancouver area. With the professional and experienced consultation, advice & services from our estate planning professionals, the interests of your family and loved ones will be protected. The estate taxes, inheritance taxes and probate fees owed will be minimized or eliminated with this excellent estate planning by your top-rated CPA team. These accountants will also provide you and your family with the ultimate variable options concerning tax and estate planning.
During the last two years, there have been changes in the estate laws and taxes in Canada and BC, which your estate tax CPA can best explain. Additional earlier changes to rulings and laws relative to estate planning and taxes include the following:
- Wills, Estates and Succession Act (WESA). - This law was enacted in 2009, introducing myriad changes in BC. Your expert CPA will work closely with your lawyer to ensure that all new rulings are taken into consideration during your estate planning.
- Graduated Rate Estate. - New legislation was introduced by CRA in 2015 that affected the taxation of testamentary trusts. Previously, these trusts were permitted to use the same graduated tax rates as those used by an individual. However, today, there is a three-year limit to the use of these lower rates, subject to specific criteria, which your experienced estate tax planning accountant can best explain.
Discover Advantages of Trusts from Your Expert Estate Tax Accountant
Your Cahill CPA estate tax accountant and your lawyer will also help you finalize your will if you have not already taken care of this important legal matter. If you currently have a will, but your personal circumstances have changed—for example, if you have since been married or divorced, had children, retired from business or started your own business, or bought real estate or property, these conditions may require that certain changes be made to your will.
It is extremely important to have a valid will at the time of your death to avoid long delays in settling your estate. In fact, all the adult members of your family should have valid wills. Your estate tax accounting expert will also know what to refrain from including in your will to help reduce probate fees owed to the government. You want to ensure that your will is completely valid and in good order before the probate date for your will arrives.
Expert Advice Concerning Your Will from Your Cahill Estate Plans Accountant
Your estate tax accounting expert can set up a trust for the purpose of achieving your estate planning objectives. Working in consultation with your lawyer, your estate tax CPA will determine the best type of trust to benefit your specific situation, preferences and needs. Your accountant may also be able to reduce your estate or inheritance taxes by establishing a plan incorporating one or more trusts. Different types of trusts that are commonly used today include the following:
- Family Trusts. - These trusts are useful for income distribution to family members when the income is from a private corporation. However, although family trusts have been very helpful in past years for attaining estate planning goals, they are currently being challenged by newly proposed legislation that may make them a less favourable choice in the future.
- Testamentary Trust. - This type of trust is automatically created when the death of an individual occurs in Canada. It is best to consult your expert estate tax planning accountant concerning whether or not you should file tax returns for a testamentary trust since everyone's situation is different.
- Alter Ego Trust. - This variety of trust can be useful for identifying and separating specific assets to be left to certain beneficiaries of the trust. Alter ego trusts can be quite powerful since any assets held in this type of trust are ruled as outside of both the will and the estate.
- Other Trusts. - There are many types, structures and designs of trusts that can be established to best accommodate the particular situation of you and your family. Your estate tax accounting professional will help you determine the ideal trust to align with your personal circumstances.