Comments on: The Benefits And Dangers Of Joint Accounts http://blog.taxresource.ca/the-benefits-and-dangers-of-joint-accounts/ Canadian Tax Help & Financial Planning Resources Tue, 07 Sep 2010 00:32:22 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Tax Guy http://blog.taxresource.ca/the-benefits-and-dangers-of-joint-accounts/comment-page-1/#comment-7246 Tax Guy Mon, 23 Aug 2010 18:48:39 +0000 http://blog.taxresource.ca/?p=48#comment-7246 Allie, When your father passed away, he was deemed to have disposed of the GIC at fair market value on the date of his death. The interest accrued to that date was taxable to him and the interest from that point forward is taxable to you. Allie,

When your father passed away, he was deemed to have disposed of the GIC at fair market value on the date of his death. The interest accrued to that date was taxable to him and the interest from that point forward is taxable to you.

]]> By: Allie http://blog.taxresource.ca/the-benefits-and-dangers-of-joint-accounts/comment-page-1/#comment-7242 Allie Sun, 22 Aug 2010 19:25:06 +0000 http://blog.taxresource.ca/?p=48#comment-7242 I share a joint GIC account with my father who is now deceased. It comes up for renewal in 8 weeks. If I chose to cash out in 8 weeks, can my father's estate receive the tax on the interest for the past year or do I have to put through on my taxes? I share a joint GIC account with my father who is now deceased. It comes up for renewal in 8 weeks. If I chose to cash out in 8 weeks, can my father’s estate receive the tax on the interest for the past year or do I have to put through on my taxes?

]]> By: Tax Guy http://blog.taxresource.ca/the-benefits-and-dangers-of-joint-accounts/comment-page-1/#comment-7232 Tax Guy Tue, 17 Aug 2010 15:26:30 +0000 http://blog.taxresource.ca/?p=48#comment-7232 Jason, It depends on whose funds were contribute to the account and the relationship between the parties. Jason,
It depends on whose funds were contribute to the account and the relationship between the parties.

]]> By: jason i http://blog.taxresource.ca/the-benefits-and-dangers-of-joint-accounts/comment-page-1/#comment-7227 jason i Tue, 17 Aug 2010 14:57:03 +0000 http://blog.taxresource.ca/?p=48#comment-7227 With a joint investment account, who is taxed on any capital gains or dividend income? Thanks With a joint investment account, who is taxed on any capital gains or dividend income?

Thanks

]]> By: Tax Guy http://blog.taxresource.ca/the-benefits-and-dangers-of-joint-accounts/comment-page-1/#comment-7211 Tax Guy Wed, 11 Aug 2010 00:46:43 +0000 http://blog.taxresource.ca/?p=48#comment-7211 Contact your bank or financial instituion and ask what there requirements are. Contact your bank or financial instituion and ask what there requirements are.

]]> By: Eugenie Bolduc-Nager http://blog.taxresource.ca/the-benefits-and-dangers-of-joint-accounts/comment-page-1/#comment-7206 Eugenie Bolduc-Nager Tue, 10 Aug 2010 18:21:54 +0000 http://blog.taxresource.ca/?p=48#comment-7206 How do I remove my deceased son's name from a joint account that included myself and my daughter. How do I remove my deceased son’s name from a joint account
that included myself and my daughter.

]]> By: Harry http://blog.taxresource.ca/the-benefits-and-dangers-of-joint-accounts/comment-page-1/#comment-7087 Harry Wed, 14 Jul 2010 15:18:16 +0000 http://blog.taxresource.ca/?p=48#comment-7087 Thanks for everything Tax Guy. One question, can we delete the messages I wrote to you????? I would like it to be private... Thanks for everything Tax Guy.
One question, can we delete the messages I wrote to you????? I would like it to be private…

]]> By: Tax Guy http://blog.taxresource.ca/the-benefits-and-dangers-of-joint-accounts/comment-page-1/#comment-7053 Tax Guy Fri, 09 Jul 2010 19:21:12 +0000 http://blog.taxresource.ca/?p=48#comment-7053 Hello Harry, Just tell the lawyer you can't find it and you're now sure which of your past lawyers has it. Your new Will should have a general clause to revoke all previous Wills. He may want to just update your existing Will. A new one will cost you a little more. It shouldn't be a major hitch. Hello Harry,

Just tell the lawyer you can’t find it and you’re now sure which of your past lawyers has it.

Your new Will should have a general clause to revoke all previous Wills. He may want to just update your existing Will. A new one will cost you a little more. It shouldn’t be a major hitch.

]]> By: Harry Tucker http://blog.taxresource.ca/the-benefits-and-dangers-of-joint-accounts/comment-page-1/#comment-7047 Harry Tucker Fri, 09 Jul 2010 15:45:46 +0000 http://blog.taxresource.ca/?p=48#comment-7047 Hi....Thanks for all the advice you have given me, I really appreciate your comments...I do have another question I would like an answer to, I realize that you are not a lawyer, but you might know the answer. We want to make a few changes to our will , as our will needed to be updated. The problem is that the lawyer which did the the will has since died and I had to select another one in our area...I gave him our wills and all the papers attached with it, in his return letter he asked me for another form which I haven't got.."affidavit of execution". This lawyer claims I sure have this form with my will in order to probate our will...first I haven't got this form, never had it, and I am under the impression that...All wills are not probated in court, only a will which contains a huge anount of assess... and he wants one of the original witness which signed our original will...well, both witness has gone from the area after their lawyer died, one is in China, the other one moved to Florida..to sign another one should I not have the original..I never had one in the first place. Now what do I do?? I know I am asking you for a lot of information, but I do have a meeting with this new lawyer next Thursday. In your opinion, what do you suggest?? Thanks a lot. Harry Hi….Thanks for all the advice you have given me, I really appreciate your comments…I do have another question I would like an answer to, I realize that you are not a lawyer, but you might know the answer. We want to make a few changes to our will , as our will needed to be updated. The problem is that the lawyer which did the the will has since died and I had to select another one in our area…I gave him our wills and all the papers attached with it, in his return letter he asked me for another form which I haven’t got..”affidavit of execution”. This lawyer claims I sure have this form with my will in order to probate our will…first I haven’t got this form, never had it, and I am under the impression that…All wills are not probated in court, only a will which contains a huge anount of assess… and he wants one of the original witness which signed our original will…well, both witness has gone from the area after their lawyer died, one is in China, the other one moved to Florida..to sign another one should I not have the original..I never had one in the first place. Now what do I do?? I know I am asking you for a lot of information, but I do have a meeting with this new lawyer next Thursday. In your opinion, what do you suggest??
Thanks a lot. Harry

]]> By: Tax Guy http://blog.taxresource.ca/the-benefits-and-dangers-of-joint-accounts/comment-page-1/#comment-6964 Tax Guy Mon, 28 Jun 2010 18:02:26 +0000 http://blog.taxresource.ca/?p=48#comment-6964 Harry, You can always undo it, unless you claimed a capital gain. Get some legal advice from a lawyer and have your estate prepared properly...be sure yo tell the lawyer about all of your assets. Harry,
You can always undo it, unless you claimed a capital gain. Get some legal advice from a lawyer and have your estate prepared properly…be sure yo tell the lawyer about all of your assets.

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