If a widowed parent has a lot of cash in RRSPs (say in the 6-figures) and wants to get the money to the kids before he/she dies, what's the best way to go about it?
If the money is all withdrawn at once (or if the RRSPs are liquidated upon death), taxes will eat up half of it. Is there any other clever forms of getting access to the money? Perhaps using it to buy a house and then gifting the house? Something like that?
If the money is all withdrawn at once (or if the RRSPs are liquidated upon death), taxes will eat up half of it. Is there any other clever forms of getting access to the money? Perhaps using it to buy a house and then gifting the house? Something like that?