Probate Tip – Multiple Wills
Probate is a legal process where the executor is confirmed, and the Will is validated by the courts. The court imposes a fee (or tax) for performing this function and the fee is a percentage of the...
View ArticleTypes of Trusts
In the last article on trusts, What is a Trust? I discussed what a trust is and the basic elements to create a trust and the differences between trusts and estates. There are a variety of trusts...
View ArticleClik here to view.
Tax On Gifts & Inheritances
Gifts, inheritances, and windfall gains from lotteries or other gambling are generally not taxable when received in Canada. The amounts you receive as gifts, inheritances or windfalls are considered to...
View ArticleClik here to view.
Capital Gains On The Principal Residence After Death
A visitor to the Canadian Tax Resource Blog wrote in asking a rather interesting question about how an estate was taxed on the capital gain from the sale of the deceased’s principal residence. The...
View ArticlePrincipal Residence, Joint Ownership And Death
This question was originally posted in February 2009. The reader had asked about how the principal residence exemption is handled following the death of the property owner. Question: My mother died Jan...
View ArticleTax & Personal Finance Guides
The Canadian Tax Resource Blog has a host of personal finance and tax related articles on a variety of topics. The Tax and Personal Finance Guide is a source book for information and is organized...
View ArticleClik here to view.
Probate Fees vs. Income Tax
One of the benefits of an RRSP or RRIF is the ability to directly name a beneficiary and avoid probate fees (also referred to as probate taxes) on death. While the direct beneficiary designation...
View ArticleClik here to view.
What is an Estate Freeze?
An estate freeze is not a mid-winter funeral! If you have a business, the estate freeze is a way to fix the value of your business or investments and transfer future growth to your children and...
View ArticleEstate Planning 101 – Getting Organized
Developing an estate plan involves more than just a will and planning for income taxes at death. It is important to take an inventory of your personal assets and affairs before you prepare your will....
View ArticleAvoid Probate & Split Income Using Trusts
Income splitting and avoiding probate on death are possibly two to the most popular financial planning strategies in Canada. However, did you know that when you are planning your estate, that it is...
View Article
