Leaving Money to Your Children

As many know my mother passed away a year ago and we are still settling her estate. There are five of us whom will be benefiting from her estate.  The biggest lesson I have learned through this process we will carry forward to our "leaving of legacy" for our son and grandchildren. Here it is folks... our plan is to one day when we are very much older to put what is left in our estate into our son's name to avoid the huge income tax bill from Revenue Canada! When my mom passed away all of her investments became her income for that year and unfortunately the income tax bill is huge!.  Just hopefully a helpful tidbit of information to pass on to everyone. Living in BC we are the highest taxed province in Canada and we all pay too much income tax as it is. So unfair!