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Video instructions and help with filling out and completing ca franchise tax board death notification

Instructions and Help about ca franchise tax board death notification

Music in Canada when you die for tax purposes you're deemed have disposed of all of your property so for non registered assets you could trigger a capital gain or capital loss for example with a stock portfolio mutual funds segregated funds and even real estate in addition to that the fair market value of your RSP s and your riffs at death are also brought in to income there are a couple exceptions for example the principal residence exemption or if you rollover assets to a spouse but otherwise taxes at death can generate a huge liability for your state and your beneficiaries in addition to taxes there's also something called probate fees in most provinces probate is the process with a deceased legal representative also known as the executor or liquidator in Quebec submits the will and an inventory of assets to the court and by doing that the court confirms that this is in fact the last will and testament of the deceased and also confirms the authority of the executor now the court doesn't do this for free in return for the courts validation of the will and the authority of the executor --zz they charge a fee in Ontario British Columbia and Nova Scotia that fee is approximately one and a half percent so for every one hundred thousand dollars that flows through your state your estate will pay probate fees of fifteen hundred dollars you can imagine four significant estates that the cost of public fees can rise quickly it's also important to point out that if you die without a will and you're deemed to have died intestate you're still subject to the probate process the probate process can be a lengthy one for family members in need of funds these delays can cause serious financial problems and stress this is all at a time when they're grieving and dealing with your loss another consequence of making an application for probate that is not as well known is that when you submit your will for probate it becomes a matter of public record anyone can go down to the courthouse pay a nominal fee and see a copy of your will they can see who you've assigned as executor of your state they can see who you've designated or expressed an interest as being the guardians of your children they can see who the beneficiaries of your estate are now for some people privacy isn't a concern but for others it's right there at the top of the list people often look for estate planning strategies where their assets can be passed on to the next generation avoiding their estate in their will some of these strategies include joint tenancy with right of survivorship naming a beneficiary on an RSP a RIF a TFSA a life insurance policy a segregated fund contract you can also use multiple wills or trusts the important thing to keep in mind here is always enlist the.