tag:blogger.com,1999:blog-4402283548766807872.post5186120559944816824..comments2024-03-20T02:26:06.500-04:00Comments on The Blunt Bean Counter: The Two Certainties in Life: Death and Taxes The Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.comBlogger9125tag:blogger.com,1999:blog-4402283548766807872.post-23697270277182694402015-12-20T11:29:47.152-05:002015-12-20T11:29:47.152-05:00Here is a good explanation taken from Advisor.ca
...Here is a good explanation taken from Advisor.ca<br /><br />Rollovers, exemptions, elections<br /><br />A common rollover involves transferring assets to a surviving spouse. The rollover is available for capital property and RRSPs/RRIFs.<br /><br />It allows such assets to be transferred to a surviving spouse (via the will, joint ownership with right of survivorship, where applicable, or beneficiary designation) with no immediate tax consequences. Instead, the usual deemed disposition will be deferred until the death of the surviving spouse.<br /><br />Note, the rollover can be made to a spouse or a qualifying spousal trust (criteria for establishing a “qualifying spousal trust” are set out in s70(6) of the Income Tax Act). Also note, for income-tax purposes, “spouse” may include legally married, common-law and same-sex couples. Other possible rollovers include family farms to a child or grandchild and RRSPs to a dependent minor child or grandchild.<br />The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-57671234099907934772015-12-20T01:22:46.594-05:002015-12-20T01:22:46.594-05:00As always I appreciate and enjoy your blogs. A qui...As always I appreciate and enjoy your blogs. A quick question regarding this blog entry. <br />I understand that if I die my property (Stocks) are passed to my surviving spouse (wife), capital gain is deferred; this seems to be called a "rollover". My wife will receive stocks in my estate via my will, does this just happen under the tax system or will my wife need to do something to ensure that this "rollover" happens. I have searched but I can't see this discussed on the CRA website. Your help appreciated. <br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-56994845754099787812015-01-24T09:29:58.895-05:002015-01-24T09:29:58.895-05:00Hi Mark,
Thanks very much for your response. It i...Hi Mark,<br />Thanks very much for your response. It is greatly appreciated.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-10396888191580218282015-01-21T23:18:20.391-05:002015-01-21T23:18:20.391-05:00Hi Anon
I assume it is you own the home and it is...Hi Anon<br /><br />I assume it is you own the home and it is your principal residence. If so the home is tax free to you and when you pass away there is no tax. If your will provides that your dtr gets the home and she then lives in it as her principal residence, then in general it will tax exempt as her PRThe Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-58058362033869088672015-01-21T18:15:12.845-05:002015-01-21T18:15:12.845-05:00If my adult child (not a dependent) lives with me ...If my adult child (not a dependent) lives with me and my home is also her primary residence, when I die would she have to pay a capital gains tax? She and I have no other property. Would my home be exempt from a capital gains tax, as it will not be sold. She will simply continue to live in my home as her primary residence.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-61340380552501189162015-01-20T20:30:18.105-05:002015-01-20T20:30:18.105-05:00Hi Anon
I think limited is a better word. Hi Anon<br /><br />I think limited is a better word. The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-80993639769376973802015-01-20T08:49:01.235-05:002015-01-20T08:49:01.235-05:00First Mark, thanks again for the 3 part African ex...First Mark, thanks again for the 3 part African excursion updates. On cold days, warms me up just reading through them.<br /><br />I concur with something you had mentioned last year in a post, something I mentioned to my tax prof in my graduating year: personal tax planning is a fallacy (for those who work within the guidelines). <br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-77952868075722132142015-01-19T16:27:59.967-05:002015-01-19T16:27:59.967-05:00Hey Richard
There is planning and tax minimizatio...Hey Richard<br /><br />There is planning and tax minimization and especially tax deferral based on existing income tax rules. Personally, I don't think there are many tax exempt situations for those willing to play within the legal boundaries.The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-53606507243613007552015-01-19T13:05:05.149-05:002015-01-19T13:05:05.149-05:00It would be very hard to argue against the first o...It would be very hard to argue against the first one, although the scientists are working on delaying it at least, but as to taxes?? Well, with a devious financial wizard, sorry Mark ( I don't think this applies to you) some people and companies have and do manage to delay, reduce and in some cases, exempt themslves from the tax man. You konw, little brown envelopes and those types of things. Mind you, even Al capone evemtually paid his dues but things have gotten a lot more complicated since then and, after all, rules are made to be broken.<br />RichardAnonymousnoreply@blogger.com