If the RRIF is not set up this way, there will be immediate tax consequences, and the estate wishes of your husband may not play out as intended.…
Read more What happens to a RRIF when the account owner dies? – MoneySense“Should I talk to my husband about this?” (Photo subjects are models.) – Getty Images/iStockphoto Dear Quentin, My husband and I are both on our second marriage. We…
Read more My second husband’s $350,000 life insurance lists me as beneficiary. But his divorce decree says he’ll maintain the policy for his kids. Who wins?RESP contributions grow tax-deferred and are eligible for government grants and bonds. Withdrawals are partially taxable and partially tax-free. The taxable portion can be taxed to the post-secondary…
Read more When and how to transfer an RESP for grandchildren – MoneySenseThe basics: U.S. estate tax for non-residents The U.S. imposes estate taxes on the worldwide estates of its citizens and residents. However, as a Canadian with no U.S.…
Read more Cross-border estate planning: What should Canadian parents with U.S. beneficiaries do? – MoneySenseCapital gains tax, Nazim, might apply to some of your assets. If you own non-registered stocks or a rental property, for example, they might be subject to a…
Read more Should you buy life insurance to pay for tax owed upon death? – MoneySenseWhat is a bare trust? The Income Tax Act does not specifically define a bare trust, Chander. The Canada Revenue Agency (CRA) says: “A bare trust for income…
Read more What new bare trust tax filing rules mean for Canadians – MoneySenseFirst, it bears mentioning that wills typically provide discretion to the trustees to sell, call in or convert into cash any part of an estate in their absolute…
Read more How to divide the assets of an estate between beneficiaries – MoneySense
