Tax Shock Adds to Family Heartbreak

Last month the sad story of an Ontario family who suddenly lost both parents in 2024 was shared in Burlington Today.  The tax outcomes were just as shocking as the two deaths from unrelated causes.  There was a cottage, a large RRSP and a big tax bill.   Some of the outcomes could have been mitigated with some planning.   I sat down with CTV’s Pat Foran to discuss the outcomes – with a message important to family planning.  

For the 2015 tax filing season, the average Canadian overpaid their taxes by $1,729 during the year—that’s just over $140 a month that’s not going into TFSAs, RRSPs, RESPs, RDSPs, or non-registered accounts to benefit Canadian families in their future.

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