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Before making a major financial decision you
should consult a qualified professional.
When a person dies, there are many tasks to be performed.
The Canada Benefits web site, which is produced by the Government of
Canada, provides a great deal of help in dealing with the many tasks to be
handled in the event of a death. Go to the Dealing
with death page of the Canada Benefits site.
When executor, liquidator, or administrator fees are being
paid out of an estate, the estate must register as an employer with Canada
Revenue Agency. This is the responsibility of the executor. All
applicable income tax and Canada Pension Plan contributions (not EI premiums) must be withheld
from the payment. This only applies if the executor, liquidator, or
administrator does not act in this capacity in the regular course of business.
You should familiarize yourself with the
responsibilities of the executor of an estate before accepting this
position, or before dealing with any estate assets.
It is advisable to have your will reviewed occasionally by a notary or
lawyer, in particular if the legislation in your province regarding has
been revised in recent years. A review can help to ensure that your
wishes will still be upheld under the latest legislation.
faster and easier to administer small
estates (less than $50,000)
new legislation will not invalidate
wills made before it comes into force, but will apply to the interpretation of existing wills
existing wills should be reviewed to
ensure your wishes will be upheld
getting married no longer revokes a will
the revocation of gifts to an
ex-spouse as the result of a divorce is extended to
persons in marriage-like relationships of at least 2 years duration,
so that if the
marriage-like relationship breaks down, the gift in the will is