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Tuesday, March 12, 2013

Your chance to ask an accountant a question

Sometimes the questions I'm asked by the readers of this blog are more suited to an accountant than a lawyer. Now you have a chance to ask an experienced Canadian accountant your questions! Mark Goodfield, author of the Blunt Bean Counter blog, will be holding an online session tomorrow with the Globe and Mail, and you can send in your questions. Click here to learn more.

10 comments:

  1. This site is excellent and so is how the subject matter was explained. I also like some of the comments too.Waiting for next post.

    melbourne accountant

    ReplyDelete
  2. Lynne, in 1992 my wife and I purchased a very old cottage at a Saskatchewan lake for about $30,000.00. Since then we have removed the old building and constructed a new cottage with a detached double garage. How does one calculate the capital gain on our holdings? Is the land value now what we look at, or is the value of the buildings AND the land value vis-a-vis the original purchase price what we use?

    ReplyDelete
  3. Can you sell your home to your son for $1.00? What tax concerns would I have?

    ReplyDelete
  4. I pay 100% of costs for everything for my children - daycare, school, medical, clothing etc. I pay money directly to the childcare for 100% of the cost of that.

    My ex husband is saying that his personal tax accountant says he can claim a portion of the childcare off his taxes. Even though technically he doesn't pay a cent of it.

    Can he do that?

    He already asked my dayhome provider for a receipt with his name on it.

    Note, we share time with our children: I have them 60%, he has them 40%. I am listed as primary responsible for care and decisions for the kids and sole financial provider. I also pay my ex child support payments because that's what we had to calculate for the divorce (I earn a higher income than him).

    ReplyDelete
    Replies
    1. Since I am neither an accountant nor a family law lawyer, I would be doing you no favours by trying to answer this question. A blog that might be really useful to you is called The Blunt Beancounter, which is written by an experienced and very smart Canadian accountant.

      Lynne

      Delete
  5. My mother recently passed away and I am the executor of her will and a beneficiary with my brother. She had RRSP's, Non Registered RSP's, TFSA and Registered Pension Plan. The investments I took the option of cashing out and received lump payments for all. Will this money have to be taxed in any way - as a beneficiary or will the estate have to cover tax for them? If there isn't enough money in the estate to cover them then what do I have to do?

    ReplyDelete
    Replies
    1. Hi kdr,
      I answered your question in a new blog post on Feb 17 2015. Here is the link: http://estatelawcanada.blogspot.ca/2015/02/ive-cashed-in-estates-registered-assets.html

      Lynne

      Delete
  6. My Dad recently passed and left me as beneficiary of his workplace insurance policy. My brother is the executor of the will. My sister, me and my brother are the only ones named in the will. My brother expects me to deposit the insurance money into the estate to be divided. Is this what should be done?

    ReplyDelete
    Replies
    1. Hi Sue,
      Legally, the insurance policy belongs to you alone. This is because the will only directs what is to happen with assets that are in the estate, and the insurance policy is not part of the estate. Legally, it's yours to keep.

      I'm basing this answer on the bare fact that your name is the only one on the policy. However, you might want to take into consideration extra information, such as any verbal instructions from your father to you directly about what he expected you to do with the insurance money. This would not be something your siblings could force you to do, but you might feel a moral obligation to do.

      This is the place where you have to decide how hard you want to stick to your guns. You may decide that your relationship with your siblings is more important than the money. On the other hand, you may decide that carrying out your father's wishes the way he set them up with you receiving the policy is more important than your siblings' expectations.

      Lynne

      Delete

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