There are more investment options in Canada than you can shake a stick at! Stay on top of the best returns right here.
Latest News
Migrant workers 'hiding' from COVID-19 testing, says Premier Ford - CBC News + MORE Jul 3rd
Migrant workers 'hiding' from COVID-19 testing, says Premier Ford CBC NewsCoronavirus: Ontario premier announces additional $150M investment in homeless shelters | FULL Global NewsStage 3 of Ontario's COVID-19 reopening plan looms nearer CBC.caTory wants Trudeau and .... More »
Why Alibaba Stock Just Popped 6% - Motley Fool Dec 29th
Why Alibaba Stock Just Popped 6% Motley FoolAlibaba shares drop as China ramps up pressure on e-commerce giant CNBC TelevisionAnt Group weighs holding company for financial businesses to placate regulators, sources say theglobeandmail.comChina strives to get balance .... More »
How to buy Avalanche (AVAX) in Canada + MORE Apr 8th
Cryptocurrencies took another giant step towards legitimacy in the wake of Russia’s invasion of Ukraine. Crypto threw a lifeline to people desperate to cross national borders at a time when the financial system became strained, fiat currencies depreciated swiftly and access to physical money was l.... More »
How the power of habit can help you retire before your parents do Dec 17th
Rob Berger achieved financial independence by age 49 by changing some of his core habits. He says you can do it too..... More »
Would you save 70% of your income so you could retire early? Meet FIRE advocate Scott Rieckens, on track to retire at 41 Oct 9th
We talked to filmmaker and author Scott Rieckens about his new book, Playing With FIRE: How Far Would You Go for Financial Freedom?.... More »
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…