Keeping You Up To Date
Get to know us!
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
When a person dies the property he or she holds in their own name, whether real or personal, is called an estate. A Will is a legal document that names the person or persons appointed as estate trustee (formerly an executor/executrix) and sets out the scheme of distribution of the assets. It also provides the