Comments on: TFSA’s Estate Planning & Beneficiaries

By: Tax Guy

Tax Guy — Sun, 05 Feb 2012 19:41:18 +0000

No tax
On the inheritance. I can’t comment on the rest.

By: Judy

Judy — Sat, 04 Feb 2012 19:24:43 +0000

A friend declared bankruptcy only a few months ago. They did not do a debt consolodation, everything has been settled but it wiped out their credit history and they had to surrender several assets except the mortgage on his home.

Recently his brother died he received a $100,000 death benefit from the workplace.
Does he have to pay taxes on this?
Does he now have to pay past creditors?
What are his obligations to the bank?

By: Tax Admin

Tax Admin — Tue, 03 Feb 2009 02:34:21 +0000

You should hire a property lawyer in the US to do the transfer. The lawyer will ensure your costs are kept to a minimum.

Also, engage a Canadian accountant who was US tax experience. You would be more likely to find someone in Canada with experience in both countries.

The transfer will be considered a disposition of taxable Canadian property and 15% of the gain may need to be remitted to the Canadian Government on the transfer of ownership.

There may also be US tax implications as well.

By: richard choate

richard choate — Tue, 03 Feb 2009 01:12:15 +0000

My uncle who lives in the U.S. has rural land with no buidings whatsoever in Ontario he has owned and kept all taxes paid since 1950′s , and wants to transfer the ownership of the land to me also a U.S. citizen with no purchase price involved, what is the simplest and less costly way to do this? Thank you for your help with this.

By: Estate Planning Attorney

Estate Planning Attorney — Fri, 23 Jan 2009 19:46:14 +0000

Thank you for the education on estate planning and TFSA’s. I have always had certain questions about TFSA’s and you answered every single one of them. Thanks for the helpful and informative resource!

By: Canadian Personal Finance Blog » Blog Archive » Random Thoughts for a Bad Week

Fri, 16 Jan 2009 06:33:55 +0000

[...] Tax Resource points out an interesting change to TFSA’s in TFSAs and Estate Planning, well worth reading if you are planning on using this new investment [...]