Search found 1114 matches
- 11 Feb 2024 22:18
- Forum: Community Centre
- Topic: Humour (2024)
- Replies: 8
- Views: 1178
Re: Humour (2024)
A very old joke, but still provides chuckles. The players vary a bit, but the punch line is always the same.
- 21 Feb 2023 18:00
- Forum: Property: Owning, Renting, Managing, Investing and Mortgaging
- Topic: Gifting of land to an adult child
- Replies: 4
- Views: 1437
Re: Gifting of land to an adult child
My 1st, 2nd,and 3rd reactions are that there are too many legal issues involved to answer on a general public forum. Get legal advice. Whether or not 'real" money is changing hands is only a minor issue, though it may have a bearing on taxes.
- 21 Feb 2023 17:33
- Forum: Retirement, Pensions and Peace of Mind
- Topic: Dealing with intestate death
- Replies: 24
- Views: 1399
Re: Dealing with intestate death
... They inquired at his TD branch whether he had a safety deposit box. TD branch refused to answer their question. ... I wrote to the TD branch on their behalf, ... The branch responded by advising that they were referring my inquiry to the head office of TD's estate department. Six weeks later the head office replied: the safety deposit box inquiry would be answered only once probate of the last will of the deceased was granted to sister/father!! And you thought Catch 22 was just a highly imaginative novel! My father knew a widow who went through something similar, though not as serious. She just wanted to get into the SDB where the will was located, and the bank tried to freeze it until after the state was probated! (Maybe the mortuary ...
- 21 Feb 2023 17:29
- Forum: Retirement, Pensions and Peace of Mind
- Topic: Dealing with intestate death
- Replies: 24
- Views: 1399
Re: Dealing with intestate death
..Peculiar_Investor wrote: ↑06 Dec 2022 15:22 @AltaRed, the OP stated there is no will, which does have the potential to complicate matters.
...When a person does not have a valid will when they die, it is called an intestacy. When this happens, Ontario's Succession Law Reform Act sets out how the estate is distributed. In general, when a person dies without a will, the people who can inherit their estate include their spouse and closest next-of-kin. A common law spouse does not inherit under the Succession Law Reform Act.
The key phrase here is ".. how the estate is distributed..". The JWROS accounts described by OP all pass to beneficiaries or survivors outside of the estate.
- 30 Aug 2022 09:58
- Forum: Taxing Situations
- Topic: tax mitigation as a GIC matures.
- Replies: 8
- Views: 947
Re: tax mitigation as a GIC matures.
There was a time when compound interest could be reported on an "as received" basis. But that changed long ago. Now it has to be reported annually on an accrual basis (as earned). Tax slips are issued each year for such accrued interest, whether it was paid out or carried over to a future maturity date.
- 21 Jan 2022 19:42
- Forum: Taxing Situations
- Topic: Tax Returns for Deceased Spouse
- Replies: 32
- Views: 2829
Re: Tax Returns for Deceased Spouse
One of the problems I have found is that some financial institution add to the confusion by referring to all of them simply as "beneficiary" on their account statements. (RBC for example). Too lazy to update their system software to use the correct term.willowberry wrote: ↑18 Oct 2021 10:36 If I can summarize, check your accounts and assuming you want your spouse to inherit, name them as
TFSA - successor holder
RRSP - beneficiary
RRIF - successor annuitant
LIF - beneficiary
- 02 Jan 2021 10:19
- Forum: Under the Mattress: Protecting Your Money
- Topic: Debt [Outstanding at death]
- Replies: 17
- Views: 1749
Re: Debt
To carry your hypothetical case to its logical conclusion, what lender in their right mind is going to loan money to someone with no income or assets to secure the debt?
- 07 Sep 2020 21:07
- Forum: Retirement, Pensions and Peace of Mind
- Topic: Designated beneficiary of TFSA, RRSP
- Replies: 85
- Views: 11365
Re: Designated beneficiary of TFSA, RRSP
It still doesn’t make sense to me as to why after Executor discovered that there is designated beneficiary on the registered plan, no official document of any kind can be produced to the estate to prove this is the case; it can be just an offical acknowledge without naming the beneficiary if there is privacy issue. From where I stand, such set-up seems contradictory to the principles of accountability and transparency of being an Executor. Perhaps the privacy policy here is misinterpreted? I think Clason has pretty well answered this. You seem to be confusing yourself with "the estate". The court-approved Executor likely has documents, in order to meet his legal obligations (and his corporate paper trail on the file.) He's just n...
- 28 Aug 2020 19:34
- Forum: Retirement, Pensions and Peace of Mind
- Topic: Designated beneficiary of TFSA, RRSP
- Replies: 85
- Views: 11365
Re: Designated beneficiary of TFSA, RRSP
See my above comment. The money doesn't pass through the executor's hands, so he can't be dishonest. And as others have noted, you may have a right to know the identity of other heirs named in the will, but persons receiving assets outside of the will are entitled to privacy.Nleng wrote: ↑26 Aug 2020 12:57 My sister lived in Ontario.
The tax on the RRSP already deducted from the estate. I never meant to fight for the proceed of the accounts, whoever is the designated beneficary is my sister’s wish.
However, it’s hard not to do anything if the executor is acting dishonestly.
- 28 Aug 2020 19:26
- Forum: Retirement, Pensions and Peace of Mind
- Topic: Designated beneficiary of TFSA, RRSP
- Replies: 85
- Views: 11365
Re: Designated beneficiary of TFSA, RRSP
As Clason said, AFAIK it is out of scope for the estate and therefore out of scope of the executor . ... Not really. The executor has responsibilities for clearing up a number of assets of the deceased that "pass outside of the estate". It his duty to inform the financial institutions of the death so that they can carry out their responsibilities. Such as the obvious one of informing any life insurance companies, and sending them a death certificate. It would be the same for any accounts with designated beneficiaries. I would assume the institutions have a responsibilty to inform the Executor that "These assets have now been transferred to the designated beneficiaries and the account closed. In the case of taxable assets you...
- 03 Apr 2020 20:31
- Forum: Retirement, Pensions and Peace of Mind
- Topic: TFSA and RRIF - Death of Beneficiary
- Replies: 7
- Views: 1054
Re: TFSA and RRIF - Death of Beneficiary
It's nice to know that someone thought thought of this problem when they created the beneficiary form.
- 01 Mar 2020 20:48
- Forum: Community Centre
- Topic: Dealing with hearing loss
- Replies: 216
- Views: 6346
Re: Dealing with hearing loss
Just a thought. Maybe you can't stand anything in your ear because your ear canal is full of wax? A hearing check will determine this.
Also, most modern hearing aids are much more comfortable than the old ones. They don't have a big device that has to plug into your ear. The receiver and amplifier go over the top of your ear, with a small ear bud that goes into your ear. These ear buds (domes) come in a range of interchangeable sizes that will be fitted to the size of your ear canal.
Also, most modern hearing aids are much more comfortable than the old ones. They don't have a big device that has to plug into your ear. The receiver and amplifier go over the top of your ear, with a small ear bud that goes into your ear. These ear buds (domes) come in a range of interchangeable sizes that will be fitted to the size of your ear canal.
- 15 Feb 2020 19:10
- Forum: Retirement, Pensions and Peace of Mind
- Topic: Closing out Dad's TFSA
- Replies: 18
- Views: 1730
Re: Closing out Dad's TFSA
MyDream states she is the registered beneficiary of the account. So it doesn't even need a will. Just take a death certificate to the institution and they should act on it. Since a daughter is not qualified to become a successor account holder of the TFSA, the TFSA has to be collapsed. And I would think CIBC would redeem the GIC without penalty in doing so. Because my experience with non-registered jointly owned GICs with several institutions is that they will pay them out to survivor rather then insist the survivor hold the GIC to term. To MyDream, this may be more trouble than you want to go to given the state of your father's heath. But you could contact CIBC's customer relations and ask if they have a policy permitting early redemption ...
- 09 Jan 2020 20:29
- Forum: Property: Owning, Renting, Managing, Investing and Mortgaging
- Topic: parental downpayment on a condo for kid
- Replies: 36
- Views: 2783
Re: parental downpayment on a condo for kid
You do realize that your daughter is obligated to declare this debt to the lender of her unsecured loan?
And that if she does not she is committing fraud upon the lender?
And that if she does not she is committing fraud upon the lender?
- 01 Sep 2019 14:39
- Forum: Community Centre
- Topic: Central Air Conditioning
- Replies: 20
- Views: 1449
Re: Central Air Conditioning
There is no good reason for a central air conditioning unit to fail after 6 years unless there is a product or installation defect. There are reports on the net that Rheem has had product problems in recent years. See this for example. https://www.yourlawyer.com/class-action/rheem-air-conditioning/ Maybe they changed they're their manufacturing source to some country where they can't control product quality? The way appliances are manufactured nowadays it's hard to get an assurance of quality. About the best you can do is buy one with a long warranty, so you will at least get part of the cost paid if you have to replace it prematurely. As Shakespeare notes, in most parts of Canada you need to get teh highest rated SEER to be economic in our...
- 29 Aug 2019 11:35
- Forum: Taxing Situations
- Topic: Using our paid off condo to fund new primary residence
- Replies: 5
- Views: 1667
Re: Using our paid off condo to fund new primary residence
This is getting well above my pay grade. But you refer to the mortgage interest on the condo as being tax-deductible. Hasn't it been discussed here before that CRA considers this to be a circumvention of the rule against deducting interest on mortgages for principle residences?
- 12 Aug 2019 19:07
- Forum: Financial Planning and Building Portfolios
- Topic: Inheritance from USA
- Replies: 24
- Views: 3631
Re: Inheritance from USA
Here is my understanding regarding the tax implications and the reporting requirements of inheritance from the USA: ... - I am told that there is no required CRA reporting but I suspect that if she deposits a 500K USD cheque in her USD account at National Bank of Canada or in her non-registered USD brokerage account at National Bank Direct Brokerage, the bank (or the brokerage house) has to report such a deposit to the CRA. Right? Just like crossing the border with a cheque in excess of 10K; you are supposed to declare it. I didn't comment on this earlier, because the role of FINTRAC has already been mentioned on so many threads. As a couple of others have now pointed out, nothing has to be reported to CRA. But the receiving bank is obliga...
- 10 Aug 2019 17:07
- Forum: Financial Planning and Building Portfolios
- Topic: Inheritance from USA
- Replies: 24
- Views: 3631
Re: Inheritance from USA
IMHO all of the suggestions to take the inheritance in securities is just going to complicate recipient's life and taxes. Not to mention making things more difficult for executor. Take the money and run. If estate law in this case is anything like Canada's, taxes on liquidating the securities will be paid by the estate. Then there is a simple cash payment to the beneficiary. Your wife's family seem to have figured out that this is the simplest solution, and I don't see what there is to disagree with.
- 06 Aug 2019 16:19
- Forum: Taxing Situations
- Topic: Tax on inherited pension payments
- Replies: 20
- Views: 3209
Re: Tax on inherited pension payments
Agreed. I did not properly read the context of Ted's answer.
- 05 Aug 2019 15:25
- Forum: Taxing Situations
- Topic: Tax on inherited pension payments
- Replies: 20
- Views: 3209
Re: Tax on inherited pension payments
I'm not so sure. The pension payments would certainly be taxable to the aunt. So I don't see how CRA would agree to make them non-taxable to her estate beneficiary. I suspect "beneficiary" is being too loosely used here. It may be more like "successor annuitant".
- 04 Aug 2019 17:56
- Forum: Financial Planning and Building Portfolios
- Topic: Need advice for a joint US and Canadian portfolio
- Replies: 6
- Views: 2530
Re: Need advice for a joint US and Canadian portfolio
This is so fraught with potential problems you both need to work it out carefully. The union of people with totally different investment knowledge and investor profiles is always a challenge, and doing it at this stage of life even more so. My I suggest: 1. a prenuptial agreement/marriage contract, as you are both entering marriage with significant assets and some pre-existing financial responsibilities; 2. as Ron Mann suggests, consult professional advice on the tax implications of continuing to hold Canadian investments as a US tax resident; and whether or not she even can; 3. some heart-to-heart discussions about merging assets and what the consequences of that are for: support of her family; estate planning; taxation; and joint investor...
- 03 Aug 2019 17:46
- Forum: Under the Mattress: Protecting Your Money
- Topic: US Address Credit Card
- Replies: 18
- Views: 3130
Re: US Address Credit Card
There are codes that Canadians can enter instead of a ZIP code that will work. I don't know if they are the same for all card issuers - check with your bank.
- 03 Aug 2019 17:43
- Forum: Under the Mattress: Protecting Your Money
- Topic: US Address Credit Card
- Replies: 18
- Views: 3130
Re: US Address Credit Card
I think there have been one or 2 similar discussions on this subject. If you are not a tax resident or qualified permanent resident of USA, and do not have a SSN; it can be hard to get an American bank to issue you a credit card. Your better bet is to look at cross-border accounts from a Canadian bank.
The problem then is, why exactly do you want a credit card with a US mailing address? Are you still using snail mail and want your statements mailed to you in the US? You would have to ask the CDN banks if they will do this, but I can see lots of reluctance in them changing your mailing address twice yearly.
But you are using a computer to make this posting. So you should be able to manage your credit card bills on line.
The problem then is, why exactly do you want a credit card with a US mailing address? Are you still using snail mail and want your statements mailed to you in the US? You would have to ask the CDN banks if they will do this, but I can see lots of reluctance in them changing your mailing address twice yearly.
But you are using a computer to make this posting. So you should be able to manage your credit card bills on line.
- 03 Aug 2019 17:32
- Forum: Stocks, Bonds, ETFs, Funds, REITS and More
- Topic: Fund fee question
- Replies: 8
- Views: 1660
Re: Fund fee question
SunLife manages so many different types of accounts; not to mention insurance plans; that I doubt you can compare one to another if they are different employers involved.
If they are holding Class I or O mutual funds for example, the fund MER's are substantially lower than Class A. But the RSP investment managers may then add a management fee for their costs.
If they are holding Class I or O mutual funds for example, the fund MER's are substantially lower than Class A. But the RSP investment managers may then add a management fee for their costs.
- 29 Jul 2019 13:39
- Forum: Taxing Situations
- Topic: Rent your condo to your company
- Replies: 5
- Views: 1914
Re: Rent your condo to your company
Yes, there is commonly an exception for home-based businesses in most areas. But OP says he has a primary residence elsewhere. So this is not his "home". This where both condo rules and city bylaws come into the equation.