Retirement planning getting you down? There are always smart ways to plan the financial aspects of your retirement.
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Should you loan money to someone who is house rich and cash poor? May 18th
My daughter is 60, divorced, owns a house, perhaps $800,000 house value. She has a small mortgage and no savings of any kind. She lives on a line of credit and a credit card. Her only income is about $300 to $400 monthly CPP.
She is wondering how best to manage. Should she sell now and rent for a.... More »
“I took a break from Bay Street to co-write a musical”: Myron Genyk on his money values and getting financially cut off at 20 Jun 1st
Who is Myron Genyk? As the CEO and co-founder of Evermore Capital, a Canadian asset management company, he introduced target date exchange-traded funds (ETF) for those with retirement goals from 2025 to 2060. With over 15 years of Bay Street experience, Myron has worked at BlackRock Canada and Natio.... More »
What time of year should you retire? Sep 7th
Is there a better time of the year to retire based on tax implications: December 31 versus June 30 versus January 30? —Laf
The best date to retire for tax purposes
For most Canadians planning their retirement, tax isn’t the primary factor, Laf. However, there are instances when tax can com.... More »
Can a LIRA be transferred to an RRSP with no contribution room in Ontario? Aug 10th
Can 50% of my LIRA be transferred to my RRSP if I do not have contribution room in Ontario Canada? Is it better to transfer to an RRSP or RRIF if funds are not needed and are used for investment purposes?—Katherine
How much can you transfer from a LIRA to an RRSP?
Katherine, Ontario resident.... More »
Making sense of the markets this week: August 28 + MORE Aug 31st
Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, shares financial headlines and offers context for Canadian investors.
Banking on stability and caution
Canadian investors love their banks. Year in and year out, banks provide dependable dividend growt.... More »
I’ve realized that my large RRSP would generate a very large income tax bill if I die in the near future. I don’t have a spouse, or anyone who qualifies as a beneficiary to my RRSP on a tax-deferred basis. How can my executor pay my income taxes if it takes a year to get probated?—Carol
Probate and the impacts on estate expenses
Thank you for your question, Carol. This is something I’ve seen many executors face when administering an estate. Let’s start with reviewing what probate is, what the process looks like, and the effects on the estate’s cash flow for paying taxes or other estate expenses, which can include taxes on income from registered retirement savings plans (RRSPs).
What is probate?
Probate is a term that most of us have heard before; however, the official name in Ontario is Certificate of Appointment of Estate Trustee with (or without) a will. How’s that for a tongue twister?
Since the terminology eats up most of my word count for this article (joking of course), I will continue to reference it as probate…
