Taxation of an inheritance First off, the receipt of an inheritance is generally not taxable. Most or all tax is paid by the estate of the deceased, and…
Read more Can you put an inheritance into a joint account?It is a story about two young adults outraged by the amount of wealth lost to taxes—$659,000—when their parents, in their early 60s, both passed away within a…
Read more Taxes halved their inheritance. Could anything be done? – MoneySenseIf 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? – MoneySenseThe essential guide to inheritance planning Neglecting to plan your inheritance is a bit like leaving your garden unattended for a few seasons. What starts as a minor…
Read more Don’t squander your legacy – MoneySenseYou mention that the cottage deed is in your name only right now. That suggests that it was either in your name all along or that the cottage…
Read more Adding names to a cottage deed could result in big tax billsThe 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? – MoneySenseMany non-financial assets depreciate in value. Cars, furniture and other such assets tend to be worth less over time, and they are generally not subject to capital gains…
Read more You have to sell a cemetery plot—will you owe capital gains tax? – MoneySenseWhat is an executor? An executor is a person named in your will who will be responsible, after you die, for making sure that your assets are distributed according to…
Read more How executors get paid in Canada – MoneySenseThere’s often a stigma around discussing money, but I’ve found it really helpful to have these conversations early and often. My husband and I have monthly budget review…
Read more Dating dilemma: When to talk about finances – MoneySense1. The gift of security Love also means security. Yet, surprisingly, half of Canadians don’t have a will, according to a 2023 Angus Reid poll. Having a one…
Read more Three reasons why a will and estate plan mean true love – MoneySenseWhat is Estate Administration Tax in Ontario? Estate Administration Tax, commonly known as probate fees, is a mandatory tax imposed by the Ontario provincial government. It is placed…
Read more How to avoid or reduce probate fees in Ontario – MoneySenseThere’s no one-size-fits-all solution. “Planning has a lot of moving pieces, and it’s very important to get it right, and it’s very easy to get wrong,” says Peter…
Read more Family legacy: How to pass along the family cottage—and 3 things to avoid – MoneySenseThe U.S. is approaching “peak 65.” Are you ready for it? The number of people who turn 65 every day will peak in 2024, and more people will…
Read more Your retirement checklist: 9 steps toward a better retirement
