Today I welcome Mehul Gandhi (CFP, TEP, CLU) from Westmount Wealth to discuss death & taxes for incorporated small business owners in Canada.

The episode is broken down into 3 parts:

- the layers of tax facing the estate upon death of an incorporated professional

- strategies to mitigate the tax hit

- who can help us & the importance of updating our wills

Discussion points:

Introduction (3:05)

The layers of tax on one's estate after an incorporated business owner passes away (6:08)

How much tax can our estate face with no planning? (18:00)

Estate freezes (19:18)

First post mortem tax reduction strategy - loss carryback (22:03)

Pipeline strategy (24:34)

Why it's important to keep our wills updated (27:30)

Corporate share structure (30:24)

Insurance to navigate illiquidity challenges (35:42)

Who needs a holding company? (40:32)

Tax reduction with proper planning - how much? (43:04)

Help us with estate planning - who? (45:05)

Closing thoughts (47:45)

Mehul Gandhi

https://www.linkedin.com/in/mehulgandhicfp/

[email protected]

https://www.westmountwealth.com/

Yatin Chadha

beyond Radiology:

https://beyondradiology.thinkific.com/products/courses/ct-head-interpretation-course

https://beyondradiology.thinkific.com/courses/master-ct-head-interpretation-course

Email: [email protected] 

LinkedIn: Yatin Chadha