Year-End To-do List

Although I’m an accountant by trade, my personal finances can always use a helping hand. One of my resolutions for 2020 is to not procrastinate organizing my paper-work and finances. I started thinking about what this means to me and came up with a to-do list. The list below is by no means complete, but […]

Tags: Organizing, to-do list, Year-End
Posted in Accounting, Income Tax, Personal Finance, Personal Income Tax | Comments Off on Year-End To-do List

Tax on RRSP/RRIF’s at Death – Does the Estate or RRSP/RRIF beneficiary pay?

General tax treatement of RRSP/RRIF’s upon death and the liability for those taxes is discussed.

The fair market value of your RRSP/RRIF account is included in income on your Date of Death T1. I am often asked who is responsible to pay the income taxes relating to the RRSP/RRIF – the Estate or the designated beneficiary of the RRSP/RRIF?

Tags: CRA, Death & Taxes, Estate, Executor, RRIF, RRSP
Posted in CRA, Estate, Estate taxation, Income Tax, Taxation | Comments Off on Tax on RRSP/RRIF’s at Death – Does the Estate or RRSP/RRIF beneficiary pay?

What is the deadline for my 2016 personal taxes?

The deadline for personal income tax is April 30 of each year (unless you are self-employed – more below). However this year April 30th falls on a Sunday, Canada Revenue Agency (CRA) will consider your return filed on time and you However this year April 30th falls on a Sunday, Canada Revenue Agency (CRA) will […]

Posted in CRA, Income Tax, Personal Income Tax, Taxation | Comments Off on What is the deadline for my 2016 personal taxes?

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