Don’t just be generous, be smart: Experts recommend a thought-out strategy for charitable donations + MORE Jan 2nd
Can a minor own real estate?—and more estate questions
Thanks for writing in, Suniel. Leaving a gift to our minor-aged loved ones in our estate plans is a great way to provide for their futures. Let’s review what a minor-aged beneficiary is, who is responsible for the beneficiary, and how property can be gifted to them in a will or otherwise.
Technically speaking, what is a minor?
Depending on the province you are in, the age of majority is either 18 or 19 years of age. In Ontario, for example, a child is no longer considered a minor at 18 years old. When someone is under the age of majority in their province, they cannot enter into legal contracts, and a parent or guardian supports them until adulthood.
In Ontario, when a minor-aged child is named as a beneficiary in a will or set to inherit under the Succession Law Reform Act when there is no will, then the executor, the person in charge of administering the estate, has to complete a few steps…
Stock market news live updates: Stocks plummet after midterms as Wall Street turns eyes toward inflation data – Yahoo Canada Finance
Shall we increase our RRIF payments while I am still working and since we are in a low/no tax bracket? Whatever we do not need, we would just reinvest into our TFSAs; we still have room. We would like to wind down our taxable investments in the most tax-efficient manner. Your thoughts?
Withdrawal strategies and taxes for Canadian retirees
This is a layered question involving income, retirement, self-employment and savings. Carol, without additional information I’m not able to give you a proper answer. So, instead, let me give you a few things to think about as you work through this yourself or with a financial planner…