Archive for 'Financial'

What are an Executor’s Duties?

What are an Executor’s Duties?

Courtesy of Kareim M. Abbouda, Financial Advisor

Personal representative checklist
This checklist will provide a better understanding of your many duties as an Executor; however, depending on the situation and your relationship with the deceased, not all points will apply. It is recommended that you seek legal advice at the outset if you think it might be necessary.

Making necessary arrangements
In general, the following arrangements will need to be looked into immediately after death:

Arranging the funeral
– Notify family, friends, heirs ...

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A Financial Recap on 2011

A Financial Recap on 2011

Courtesy of Claire Sarda from Redsell-Seguin and Associates.

A Financial Recap on 2011

As we close out 2011, a heavily volatile year for stock markets, we breathe a sigh of relief that the year is now behind us. Some stock indices finished the year higher like the US Dow Jones Industrial Average, some lower like the Canadian S&P TSX. However, European markets by far took centre stage throughout 2011.

To recap, each quarter of 2011 was captivated by headline news. There was the ...

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Death & Taxes Part 2

Death & Taxes Part 2

Courtesy of Janet Baccarani & Jennifer Black from DFS Private Wealth.

Widows and widowers can face a variety of distinct issues come tax time. In our second installment on “Death and Taxes”, we examine RRSP options.
RRSP options after the death of a spouse

Let’s first deal with what some might consider the obvious. No contributions can be made to a deceased individual’s RRSP after the date of death.

Note however, the deceased individual’s legal representative can make contributions to the surviving ...

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Death & Taxes Part 1

Death & Taxes Part 1

Courtesy of Janet Baccarani & Jennifer Black from DFS Private Wealth.

Tax season can be a challenge at the best of times – but, what if it’s following the loss of partner or spouse? What then?

Widows and widowers can face a variety of distinct issues come tax time. Memories are revived and emotions can come to the forefront again. And, then there’s the reality dealing with the numbers and the numerous questions that can go along with them.

Frequently asked ...

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Death & Taxes Part 3

Death & Taxes Part 3

Courtesy of Janet Baccarani & Jennifer Black from DFS Private Wealth.

In our continuing series of blogs examining “Death and Taxes”, we turn our attention to beneficiary designations on your RRSP or RRIF.

When your spouse has died, you may need to change the beneficiary designation on your RRSP or RRIF.

Two approaches to beneficiary designations

The designation approach that generally makes the most sense is naming a new beneficiary on the plan application form itself.
In a case where you wish to ...

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Types of Mortgages

Types of Mortgages

Courtesy of Alexandra Evans-Munoz from The Mortgage Centre.

What Kind of Mortgage Do You Have?

There are two ways in which a lender registers a mortgage loan when your home is used as the security: as a mortgage charge or as collateral charge. Mortgage charges are registered at the Land Registry Office, can be registered, transferred or discharged. This means that if you want to transfer your mortgage to another lender at renewal, you can do so and the ...

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Financial Planning can give Elderly Clients Peace of Mind

Financial Planning can give Elderly Clients Peace of Mind

Courtesy of Janet Baccarani from DFS Private Wealth.

Most financial planners have many elderly clients. Some need legal assistance, whether for drawing up a will and power of attorney, selling a home or completing an estate plan. The financial planner wants to have a referral arrangement with a law firm that understands the needs of the elderly clients. As a financial planner, I want to know that the lawyer I refer clients to is patient and understands that the ...

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Worthless old Share Certificates?

Worthless old Share Certificates?

Courtesy of David Mills from Mills & Mills LLP..

What do I do with these?

If you come across some share certificates of companies which are no longer in business, do not assume that they are worthless. If the circumstances are right, they may be used to obtain a tax refund. The first thing to do is to find out when the shares became worthless, that is, when the company went out of business or declared bankruptcy. That ...

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Canada Pension Plan Survivor Benefits

(Information courtesy of Service Canada)

Canada Pension Plan survivor benefits are paid to a deceased contributor’s estate, surviving spouse or common-law partner and dependent children. There are three types of benefits:

The Canada Pension Plan death benefit is a one-time, lump-sum payment made to the deceased contributor’s estate. If there is no estate, the person responsible for the funeral expenses, the surviving spouse or common-law partner or the next of kin may be eligible, in that order.

The Canada Pension Plan ...

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Senior War Veterans Miss Out on Possible Benefits

By Sharen Marteny, CSA

If you served overseas during the Second World War or during the Korean War, then you should call Veterans Affairs (1-866-522-2122).  This applies to both male and female veterans.  It is estimated that only 40 per cent of the veterans who qualify for benefits are receiving them.  Even if you did not qualify before, you might qualify now.  If during the Second World War you were in ...

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