Music in Canada. When you die for tax purposes, you're deemed to 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 RSPs and your RIFFs at death are also brought into income. There are a couple of 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 estate and your beneficiaries. In addition to taxes, there's also something called probate fees. In most provinces, probate is the process where a deceased legal representative, also known as the executor or liquidator in Quebec, submits the will and an inventory of assets to the court. 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 court's validation of the will and the authority of the executor, 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 estate, your estate will pay probate fees of fifteen hundred dollars. You can imagine for significant estates that the cost of probate 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, and for family members in need of funds, these delays can cause serious financial...
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Ca franchise tax board death notification Form: What You Should Know
NOTE: The notice of administration is required if you're receiving a TIA in December after the last filing.
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