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By Allan Norman, MSc, CFP, CIM on October 1, 2025
Estimated reading time: 4 minutes

By Allan Norman, MSc, CFP, CIM on October 1, 2025
Estimated reading time: 4 minutes

Ontario heirs face a huge tax bill after their parents’ deaths—highlighting the importance of planning ahead to reduce taxes and protect your estate.

I just read this article for which accountants were interviewed and said that there were ways decrease the amount of tax paid but they would not provide specific examples. Wondering if you would consider writing about this topic.

—Sarah

Hi Sarah, my wife read this same article and thought the same thing. What could these people have done to save tax and why did they owe so much? For those who didn’t see the article, it is entitled “Ontario woman says government took ‘every cent’ of parents’ savings.”

It is a story about two young adults outraged by the amount of wealth lost to taxes—$659,000—when their parents, in their early 60s, both passed away within a year of each other.

I can sympathize with the children, thinking they were going to get this much money only to find they were getting substantially less. Without understanding why, I’m sure it was confusing and hurtful. Let’s walk through why the tax was so high and what if anything could have been done.

Their father died, after their mother, in........

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