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September 2015 Archives

Bill before Ontario legislature would eliminate time limit for estate tax filing

Estate executors and trustees in Ontario are perhaps under more pressure today than ever before. As we discussed in a recent post, individuals who have received a Certificate of Appointment must file an Estate Information Return with the Ministry of Finance within 90 days of receiving the certificate.

Tax free savings account a hot topic in upcoming election

In less than a month, Canada will hold its 42nd general election, and a hot political topic this year is the Tax Free Savings Account. The annual contribution limit for the TFSA was raised by the current Conservative government to $10,000, and the Liberals and New Democrats have made it clear that they want to bring the amount down to the previous limit of $5,500.

Feeling overwhelmed by your duties as an executor? Help is available.

If you have been appointed as an estate trustee in Ontario, then your many responsibilities include locating and evaluating estate assets, locating and contacting beneficiaries, ensuring that all taxes are paid... the list of tasks is very long. Understandably, many trustees and executors find their duties to be daunting.

Survey says support of adult kids delaying Canadian parents' retirement

Retirement planning is an essential part of comprehensive estate planning, but these days many Canadians are having a difficult time saving for retirement because of a common factor: they still support their adult children.