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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