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Making a Will – Estate Planning basics

What is a Will? A Will is a legally binding declaration of a person’s wishes regarding the disposition of his or her estate after death. Typically, a Will includes clauses such as: identification of the person making the Will; revocation of all previous Wills; appointment of executors and guardians; payment of debts and taxes; specific

Non-Resident Compliance Certificates

What is a Compliance Certificate?  Compliance certificates under s.116 of the Income Tax Act are now required to ensure that non-resident Canadian beneficiaries do not owe Canada any taxes. According to s.248(1)(i) of the Income Tax Act ““taxable Canadian property” of a taxpayer at any time in a taxation year [includes] a property of the

Checklist: Executor’s Duties

This checklist provides a general overview of executor’s duties designed to assist the estate trustee in dealing with the complexities of estate administration. √ Initial Work The executor’s first steps are to make funeral/burial arrangements, obtain the Funeral Director’s Proof of Death and the deceased’s identification, bank and credit cards, collect the Last Will, any

Estate Trustee Compensation

An estate trustee is entitled to fair and reasonable compensation for performing his or her duties. The compensation or fees due to an estate trustee is usually calculated on the basis of receipts which come into the trustee’s hands and then disbursed to creditors and beneficiaries. Usually the fee is not increased if there is
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