As the old cliché goes; death and taxes, the two things that are certain in life. When you pass away, all of your assets are deemed to be disposed of at their fair market value unless you are survived by your spouse and you have willed it to them. If no surviving spouse, then up to 50% marginal tax rates may apply on this income. Upon death of the first spouse, all assets can rollover tax-free, at cost, to the surviving spouse.
The big tax hit comes when the last spouse passes away. We can help plan in order to reduce this large tax burden, by considering a life insurance policy to cover tax liabilities, debts and lost income, if necessary, pre-inheritance, selecting beneficiaries for life insurance policies/RRSPs/RRIFs, prepare a will or multiple wills, consider leaving money to a charity that you are passionate about in your will and more.