tag:blogger.com,1999:blog-436024129575354145.post7660577914659865276..comments2024-03-28T12:41:21.857-07:00Comments on Estate Law Canada: Do the beneficiaries have to repay funds if the executor doesn't keep enough to pay tax?Lynne Butler, BA LLBhttp://www.blogger.com/profile/09790353197833765108noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-436024129575354145.post-9942457462943417092018-01-15T11:54:53.875-08:002018-01-15T11:54:53.875-08:00You didn't actually ask me a question, which i...You didn't actually ask me a question, which is probably just as well because I don't understand a lot of your post. I don't know what it means to say that a will "had a 10 year life". I also don't understand why a tax return (T3) would only be filed if all beneficiaries agree. Since when is it up to the beneficiaries whether estate tax returns get filed? <br /><br />Lynne Butler, BA LLBhttps://www.blogger.com/profile/09790353197833765108noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-35921247168831074812018-01-14T15:08:35.743-08:002018-01-14T15:08:35.743-08:00Capital gains was paid on a property. The will had...Capital gains was paid on a property. The will had a 10 year life. Now the accountant says it sold at a loss. The executors want the beneficiaries to have a T3. This was only if all agreed. I was told there is no estate accountant so give your s.i.n. # to the tax specialist. I did not want to give my number to a stranger. They then said I likely had no investments so they would take the money outCurioushttps://www.blogger.com/profile/07702594335504959262noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-29316470642075712602017-07-24T20:41:06.649-07:002017-07-24T20:41:06.649-07:00hi my mom passed away three ad a half years ago. t...hi my mom passed away three ad a half years ago. trusts were set up for myself and girls from her. my brother who is the exectutor didnt pay first installment on time and now that estate has been closed he says we all owe back an overpayment to her pension ( which he never notified she passsed) do i have to pay my portion back? cuz hes saying hes going to take it without my consent from the Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-38658288991806297962012-10-14T19:10:57.841-07:002012-10-14T19:10:57.841-07:00Hi Blayne,
The beneficiaries don't pay the tax...Hi Blayne,<br />The beneficiaries don't pay the tax. The estate pays the tax. For example if there is a RRIF of $82,000 and say a bank account with $50,000, the tax comes out of the bank account. If there is no bank account, just the RRIF and a house, the house is to be sold to pay the tax. I know what you're thinking - same as everyone thinks since I hear this question all the time - butLynne Butler, BA LLBhttps://www.blogger.com/profile/09790353197833765108noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-79926750029162692722012-10-13T23:54:48.823-07:002012-10-13T23:54:48.823-07:00Hi Lynne, I am the Executor for an Estate belongin...Hi Lynne, I am the Executor for an Estate belonging to a gentleman who left a Canadian RRIF and named myself and his sister from England as its beneficiaries. Is it possible for each of us to pay tax on OUR portion of this RRIF of $82,000.00 to reduce the overall tax paid? How does an elderly woman holding only a British Passport pay her portion of tax on her portion of this RRIF to Canada Blaynehttps://www.blogger.com/profile/16229429847106445474noreply@blogger.com