An RESP is an investment vehicle that allows parents to save for their children’s future education beyond high school. The plan is essentially a contract between two parties – the subscriber and the promoter. The subscriber contributes to the plan and the promoter makes payments to the named beneficiaries in the form of educational assistance …
Inefficient estate planning can cause family feuds leading to costly and time consuming litigation. Various strategies may help to reduce the likelihood of an estate battle after you die. What is Fair? Disputes often result when parents try to be fair in transferring assets to their children. Equally splitting the family business 50/50 among one’s …
In today’s society, many options exist for families making plans for deceased loved ones. These plans take many factors into account: budget, religious affiliations, environmental concerns, and all with an eye to reflecting the wishes of the deceased. Traditional Options Most people are familiar with traditional funeral services, although even these options can be customized …
The role of the executor is complex and can include the following responsibilities for example: Valuing and disposing of real estate and business assets Settling accounts and ensuring creditor obligations are met Settling tax obligations and filings Managing property and personal assets Handling investments Locating and identifying beneficiaries Providing detailed financial accounting to the beneficiaries …
An estate freeze refers to an estate planning method used to minimize taxes. When an estate freeze occurs, the value (and tax liability) of the estate assets are “frozen” at a specific point in time, and all future growth is typically taxed in the hands of other family members, usually your spouse and next of …
What is a Will? A Will is a legally binding declaration of a person’s wishes regarding the disposition of his or her estate after death. Typically, a Will includes clauses such as: identification of the person making the Will; revocation of all previous Wills; appointment of executors and guardians; payment of debts and taxes; specific …
What is a Compliance Certificate? Compliance certificates under s.116 of the Income Tax Act are now required to ensure that non-resident Canadian beneficiaries do not owe Canada any taxes. According to s.248(1)(i) of the Income Tax Act ““taxable Canadian property” of a taxpayer at any time in a taxation year [includes] a property of the …
This checklist provides a general overview of executor’s duties designed to assist the estate trustee in dealing with the complexities of estate administration. √ Initial Work The executor’s first steps are to make funeral/burial arrangements, obtain the Funeral Director’s Proof of Death and the deceased’s identification, bank and credit cards, collect the Last Will, any …
An estate trustee is entitled to fair and reasonable compensation for performing his or her duties. The compensation or fees due to an estate trustee is usually calculated on the basis of receipts which come into the trustee’s hands and then disbursed to creditors and beneficiaries. Usually the fee is not increased if there is …
What are the consequences for NOT filing with the Minister of Finance? Estate representatives who fail to file the Information Return as required, or who make false or misleading statements on the return, are guilty of an offence and, on conviction, are liable to a fine of at least $1,000 and up to twice the …
SWEATMAN LAW FIRM OAKVILLE
217 Speers Rd, Unit 14
Oakville, ON, L6K 0J3
Phone: 905.337.3307
Fax: 905.337.3309
SWEATMAN LAW FIRM GEORGETOWN
145 Mill St.
Georgetown, ON, L7G 2C2
Phone: 905.337.3309
Fax: 905.337.3309
