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        Newsletter Page 3 - Toronto Certified General Accountant

      Newsletter #4 June 2009

Personal Income Tax (Page 3)


       RRSPs and RRIFs on Death (Cont'd)

      If you name others than those discussed as beneficiaries of your RRSP or RRIF plan, the value of
      your plan assets will be taxed in your final return. The estate will be faced with paying the taxes,
      even though it may not have sufficient funds to do so because the plan proceeds have been paid
      to the named beneficiaries. This could short-change other beneficiaries who did not receive
      registered plan assets, as the tax bill would have to be paid out of their inheritance.

      Stay Tuned....

      My next letter will continue to discuss the topic of death and taxes, including probate fees in Ontario.


                                                    Notice to Reader

      Dean Constand C.G.A. publishes this newsletter for information purposes only. Feel
      free to distribute to colleagues and friends. Although the material has been carefully
      prepared, it is not a substitute for professional advice.
Dean Constand (Toronto Certified General Accountant)                                       Email Contact: accountant@deanconstandcga.com

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