Death and taxes: What you need to know

Posted by Ravi Gulati | Posted in Financial Planning | Posted on 20-04-2014

Two rules govern taxation in the year of death. First, worldwide income earned and accrued from January 1 to the date of death is reportable on the final (terminal) T1 tax return……………

Second, a deceased taxpayer is deemed to have disposed of capital property immediately prior to death for proceeds equal to fair market value. Capital gains and losses must also be reported on the terminal T1. To determine the gain (or loss), you have to know the adjusted cost base and fair market value of each capital asset.

Death and taxes: What you need to know | FromYourAdvisor.ca.

Man pens dead dad’s signature to alter will

Posted by Ravi Gulati | Posted in Financial Planning | Posted on 20-04-2014

Fortunately for Andrew and the charities, Peter was a poor forger, and his dad’s solicitors became suspicious, the Mail reports. Brightly has since pled guilty to forgery and fraud.

Man pens dead dad’s signature to alter will | Advisor.ca.

Career break to care for kids comes with $150,000 annual cost

Posted by Ravi Gulati | Posted in Financial Planning | Posted on 16-04-2014

Pay off small mortgage first. Then use former mortgage payments towards education and retirement savings. Accelerate money toward these things once Olive returns to work.

Career break to care for kids comes with $150,000 annual cost | Toronto Star.

Old Age Security: Better to wait or take it now?

Posted by Ravi Gulati | Posted in Financial Planning | Posted on 16-04-2014

Marissa Verskin, a senior tax manager at Toronto accounting firm Crowe Soberman, says the decision on whether to delay collecting OAS or do it right away should depend on your personal situation. This includes your life expectancy, current and projected future income level and your expected rate of return.

Some of the other circumstances that may influence your decision are if you have chosen to work beyond age 65 or if you anticipate receiving a large one-time capital gain or lump sum at retirement (i.e., for accumulated sick leave credits or severance pay).

Old Age Security: Better to wait or take it now? | Toronto Star.