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Daughter hit with $660,000 tax bill when both parents died in same year (www.ctvnews.ca)

submitted 5 months ago by ieGod@lemmy.zip to c/personalfinancecanada@lemmy.ca

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Seems like some life insurance could have helped mitigate the impact. That reminds me I should get some.

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[–] ieGod@lemmy.zip 5 points 5 months ago (1 children)

No contest on these points. Everything was fair and above board by the government. What is unfortunate is that the couple that passed could not take the best tax advantage of their careful savings over their entire investment period. Some insurance would certainly have helped to protect that, again legal and above board.

[+] cecilkorik@lemmy.ca 1 points 5 months ago* (last edited 5 months ago) (1 children)

[deleted]

[–] ieGod@lemmy.zip 4 points 5 months ago* (last edited 5 months ago) (1 children)

Definitely don't appreciate those accusations, that's unwarranted. Yes the math works in their favour overall. It's a statistical model spread over their entire customer base. But the point of insurance is for when the unlikely happens, that's why you have it. You hope you never need it, but it might happen. Don't tell me you don't have home/auto insurance; that'd be wild.

Edit: Also, please remember the community this is. I think it's prudent to discuss how insurance fits into the overall financial picture. https://www.youtube.com/shorts/MiyapguxKbQ

[–] cecilkorik@lemmy.ca 4 points 5 months ago

You're right, it's unwarranted. I'm just a bit frustrated with the state of the housing market, and insurance, and the whole economy really. Sorry for taking it out on you.