After inheriting a RRIF account, how to know what you owe the taxman Mar 5th

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

Trudeau confirms $1.3 billion for Blue Line, leaving Quebec to pay $3.9 billion - Montreal Gazette Jul 4th

Trudeau confirms $1.3 billion for Blue Line, leaving Quebec to pay $3.9 billion  Montreal GazetteTrudeau announces $1.3-billion in federal funding for Montreal metro extension  The Globe and MailTrudeau announces $1.3 billion in federal funding for Montreal metro extension &.... More »

Money record in jeopardy - World News - May 28th

Money record in jeopardy - World News  Castanet.netJames Holzhauer's "Jeopardy" winning streak is still going and he may be on track to surpass Ken Jennings' record earnings in the next month.View full coverage on Google News.... More »

Can I have a multi-generational RESP? Mar 26th

Q: I have an existing RESP for my children, but they may not use all the money. Can I add grandchildren (once born) to the same RESP and keep this going in terms of growth and returns? — Frank A:  A Registered Education Savings Plan (RESP) is a great way to save for a child or grandchild’s post.... More »

Sony Stock Surges Following Strategic Microsoft Partnership - BeInCrypto May 18th

Sony Stock Surges Following Strategic Microsoft Partnership  BeInCryptoMicrosoft And Sony Make Nice, Establish Partnership For Gaming And Cloud Services  GameSpotThe Morning After: Sony and Microsoft are teaming up  EngadgetProBeat: Microsoft and Sony deal validates Goo.... More »

CannTrust stock falls - Business News - Jul 12th

CannTrust stock falls - Business News  Castanet.netPosthaste: Just when Canada thought it was out of the housing bubble woods …  Financial PostCannTrust stops selling all of its cannabis as Health Canada probe continues  CBC NewsCannTrust halts sales of cannabis durin.... 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…

Continue Reading On »


Compare insurance quotes through - save time and money!