Estates and Estate Taxes
Estate taxes in Canada are usually something that does not cross the minds of Canadians with all of the other stresses we are under during these difficult periods but estate taxes are very important and need to be taking care of right away. When you are in the process of settling an estate it is always best to have a Lawyer handle the estate and probate as there is a lot of paperwork involved and even minor mistakes can lockup estate funds for months or years.
When you are paying estate taxes you will generally have nine months from the date of death to pay the full amount of estate taxes that are owing. There are many other costs associated with Estates that can include probate, administrative costs, and other costs.
The main way that Estate taxes are usually paid is liquidation of the estate. This is a usual process when you are settling the estate as it makes for disbursement of the proceeds of the estate much easier when you are dealing with cash funds. You will need to ensure that you use professional services when you are selling off estate assets in order to ensure that you are getting full market value for the assets that you are selling off.
