The $10M Tax Bill When a Business Owner Dies

Welcome to Episode 4 of Advisors Table.In this episode, we walk through a real client scenario that highlights the risks of taxes on death and corporate structure planning. Learn how poor planning can lead to rushed asset sales and lost value — and how careful structuring can protect families and businesses.In this episode, we cover:• How taxes on death are calculated in Canada• Risks founders face when planning is delayed• Hidden tax and probate exposure• What purification is and why it matters• Estate freezes and family trust strategies• Lifetime capital gains exemptions and maximizing them• Post-mortem tax — double and triple taxation after death• The importance of updated wills, trustees, and replacement trustees• Executor risk and the importance of CRA clearance certificatesTake action now: understand your options, plan effectively, and protect your family and business from unexpected tax surprises.Subscribe for weekly episodes.Watch now and leave your comments below.Timestamps:00:00 - Introducing the Case Study: Robert's $10 Million Tax Bill02:30 - The Discovery Phase: Gathering Financial Information04:40 - Understanding Family Dynamics and Objectives07:45 - The Role of the Executor and Estate Administration11:10 - The Liquidity Problem and Fire Sales of Assets14:30 - Probate Fees and the Ontario Estate Administration Process18:30 - Exploring Estate Planning Options: Gifting vs. Estate Freeze22:30 - The Family Trust as a Flexible Tool for Control and Growth26:30 - Trustees, Beneficiaries, and the 21-Year Rule31:00 - Addressing Non-Resident Beneficiaries and Tax Implications35:30 - Lifetime Capital Gains Exemption and Purification Strategies40:30 - Updating Wills and Using Primary/Secondary Will Strategies44:30 - Life Insurance as a Liquidity Solution for Tax Liabilities48:30 - Uncovering Delinquencies: Foreign Reporting and Minute Books52:30 - The Clearance Certificate and Finalizing the Estate56:30 - The Problem of Double or Triple Taxation on Death01:01:30 - Post-Mortem Tax Planning: Pipeline, Bump, and Loss Carryback01:05:30 - Creating a Summary for the Executor and Ongoing Adviser Coordination01:10:00 - Final Thoughts: Estate Planning as a Collaborative, Essential Process