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Tag: deceased

Estate Tax Planning: RRSPs and Rollovers

Registered Retirement Savings Plans (RRSPs)Like non-depreciable capital property and depreciable capital property, a spousal rollover is available for RRSPs. Money directly received by the spouse (as opposed to the estate of the taxpayer) by way of beneficiary designation is deemed to be income to the spouse and not the deceased. It is then possible for the taxpayer’s spouse to either include the proceeds of the RRSP in his or her income or, more likely, purchase an RRSP in his or her own name with the proceeds and thereby continue the tax deferral (ITA, s. 60(1)).The surviving spouse should make sure to make the RRSP contribution in, or in respect of, the same year that the income is deemed to have been received by redemption. Supposing that the death occurs in November and redemption occurs in December, a spouse would like to make the contribution by February 28 in the next year. When the proceeds of an RRSP are receivable by an estate, the estate and the spouse may jointly elect that the amounts are deemed as received by the spouse, thereby allowing the tax deferral to be preserved (ITA, ss. 146(8.2)(b),

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ESTATE LITIGATION: Overturning the last Will & Testament of a deceased!

When someone seeks to overturn the last will and testament of a deceased, the proceeding is known as a challenge to a will. Generally, the validity of a will is challenged for the following reasons:The testator (the person who’s will it is) lacked the required testamentary capacity;There is lack of approval or knowledge of the contents of the will;

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