Quote:
Originally Posted by Mathgod
As I've explained, the thing you're talking about (CGT) is not estate tax.
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Great, but it's not all capital gains. Things like RRSPs/LIRAs, etc. are all taxed as well. Second properties (or more) and the list goes on.
I would suggest that with a specific estate tax that you open another can of worms though, because people will find ways around it. If I knew that there was going to be an extra tax levied on my death, I'd give my kids the cash while I was alive (there's no gift tax in Canada either) and bypass that issue. If you close that as well, then people will look to trusts and similar vehicles to alleviate that tax burden.