What estate tax liabilities do advisors, clients need to stay aware of?

While Canada does not levy a formal estate tax, estates face a “deemed disposition” on death, triggering significant capital gains taxes that can create liquidity challenges, especially for those with businesses or illiquid assets. Estate lawyer Errol Tenenbaum warns that these tax bills often force the sale of assets, sometimes at a loss, and highlights strategies like estate freezes to defer liabilities to the next generation. He stresses that advisors must recognize the risks, particularly with real estate–based businesses, and adopt a holistic, collaborative approach with lawyers and tax professionals to ensure estates can cover final tax bills without jeopardizing long-term wealth transfer.

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