Estate Summary

The Estate Summary is available for each spouse and for the couple together in the final year of the projections, or in any given year using the following steps. 

To view the final year's estate summary:

Click the blue icon at the top of the Estate Before Tax column on the Planning page, This will open the Estate Summary table with values displayed as of Dec. 31 of the final year of the projections.  You can also click the Estate Before Tax value in the given year to open the Estate Summary table for that year specifically. 

Here, the final year of the projections for John and Jane is displayed. They are both aged 100 in 2062. Note that the information displayed for each spouse will be for their final year of projections. If one spouse outlives the other in the projections, make sure to view their specific column. The Combined column will display information for the final year that both spouses are alive. 

To view the Estate Summary for any given year of the projections:

Click the value in the Estate before Tax column in any given year of the projections to open the Estate Summary for that year.

You can hide other scenarios by clicking the button indicated above.

Definitions of the items within the Estate Summary

  • Capital Assets - Balance of all Capital Assets (RRSP, TFSA, LIRA, DCPP, Non-Registered) plus any balance in the Cash account (accumulated Surplus/Shortfall, with interest), before tax.
  • Real Assets - Value of all Real Assets, including real estate and other tangible real assets, before tax
  • Total Assets - Sum of Capital Assets and Real Assets.
  • Insurance Proceeds - The proceeds of insurance where the beneficiary has been assigned as the estate (or a spouse if a spouse has been included in the projections). Insurance proceeds with a beneficiary of "Other" will not be displayed here. 
  • Corporations - the portion of the Corporate Net Worth allocated to the client and/or spouse at the end of any given year based on the specified ownership of the Corporation(s). The total Net Worth for all Corporations is displayed in the Corporate Module. 
  • Debt - Sum of all Debts accumulated (line of credit, mortgage, investment loan, etc.).
  • Estate - Sum of Total Assets including the Corporate Capital Balance minus Debt.  
  • Tax on Estate - Total tax paid on the estate. This includes the tax on disposition of registered assets (RRSP, LIRA, DCPP), any capital gains realized at the end of projections (non-registered, real assets). It also includes an estimated tax on the disposition of the corporation
    • The estate tax is calculated as follows. All assets are deemed sold on December 31st at 11:59 pm (last year of projections). Then, the estate tax is paid.
    • No probate fees are included.
    • The estate tax is paid in addition to the tax paid on the Taxable Income in that year.
    • Spousal survival scenario: The Tax on Estate is displayed as if there was no rollover of assets to the surviving spouse. But this value of Tax on Estate is not actually paid in the projections for a scenario where there is a surviving spouse
  • Estate after Tax - Value of the estate after paying all taxes.
    • This field does not include any Probate Fees.
  • Estate after Tax (in real dollars) - Value of Estate after Tax, adjusted for inflation (the actual purchasing power of the Estate after Tax as of that time).

Notes:

  • Lifetime capital gains exemption (LCGE) - beyond the scope and calculations in Snap
  • Capital losses/ business losses - beyond the scope and calculations in Snap  

Still need help? Contact Us Contact Us