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“Our parents just passed. What do we do about their estate?” + MORE Apr 22nd
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My mom passed away a number of years ago and sadly we just lost our dad. My brother and I are wondering about taxes owing, the timing of distributions, and if we should move all of the investments to cash. My brother and I are beneficiaries of the RRIF and TFSA, and the grandkids.... More »
Extortions, staged collisions, drive-by shootings: Peel police announce 18 arrests in 'major' investigation into towing violence Jun 17th
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Months after massive IPO, China's Didi moves to delist from NYSE MarketWatchChina Tech Rout Deepens to $1.5 Trillion as Didi Emboldens Bears Yahoo Canada FinanceDidi says it will delist from the New York Stock Exchange and prepare to list in Hong Kong CNBCDidi of Chi.... More »
Carney says Canada open to deeper integration with U.S. ahead of CUSMA review - CTV News May 9th
Carney says Canada open to deeper integration with U.S. ahead of CUSMA review CTV NewsCanada must seek non-U.S. trade partners to shore up ‘vulnerabilities,’ Carney tells global summit The Globe and MailCarney Signals Openness to Deeper Trade Ties With US and Mexico &n.... More »
Life insurance for kids: Do you really need it? + MORE Jul 20th
Buying life insurance for kids is probably the last thing on your mind when you’re in the throes of diaper changes and round-the-clock feedings. But the early stages of parenthood don’t last forever—and it’s never too early to start planning for your little one’s (or ones’) future.
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Q: I’m wondering if there is a simple way to calculate the tax liability to named RRIF beneficiaries upon death of the account holder?
My wife’s mother passed away in October 2018. My wife was one of 3 named beneficiaries of a RRIF worth $265,000, and her share was $117,000 (44%). There are no estate assets from which to pay the income tax liability.
My wife knows that she will need to pay the income tax payable on her share, and she wants to prepay this into her own CRA account by April 30, 2019, to avoid penalty/interest. We live in BC.
How can we calculate the amount that will be owing?
– Randy
A: I’m sorry to hear about your mother-in-law’s passing, Randy.
When someone dies and has a Registered Retirement Income Fund (RRIF) or a similar tax-deferred retirement account like a Registered Retirement Savings Plan (RRSP), there may be tax implications. If the account beneficiary is a surviving spouse or common-law partner, the tax payable may be deferred until that spouse takes withdrawals or dies…
My wife’s mother passed away in October 2018. My wife was one of 3 named beneficiaries of a RRIF worth $265,000, and her share was $117,000 (44%). There are no estate assets from which to pay the income tax liability.
My wife knows that she will need to pay the income tax payable on her share, and she wants to prepay this into her own CRA account by April 30, 2019, to avoid penalty/interest. We live in BC.
How can we calculate the amount that will be owing?
– Randy
A: I’m sorry to hear about your mother-in-law’s passing, Randy.
When someone dies and has a Registered Retirement Income Fund (RRIF) or a similar tax-deferred retirement account like a Registered Retirement Savings Plan (RRSP), there may be tax implications. If the account beneficiary is a surviving spouse or common-law partner, the tax payable may be deferred until that spouse takes withdrawals or dies…
