Due to the interdependence of the modern world, it is fairly common for citizens of British Columbia to possess assets in many jurisdictions. When a BC resident dies with overseas assets and requests for an estate grant, two problems arise: Should foreign assets be revealed when applying for a British Columbia estate grant? As part of the application for a…
The majority of people are aware that when we die, legal procedures must be followed, and that these procedures are often complex, time-consuming, and costly. Although it is possible to decrease or remove many of these obstacles by diligent estate planning, the following is a quick overview of the actual expenses connected with the administration of an estate after death.…
As per Income Tax Act (“Act”), the tax base is a Canadian resident’s “taxable income” for each taxation year, plus additions and minus permitted deductions. The Act, specifically, states that any income from office, employment, business and property is taxable. However, this list is, in no way, exhaustive, which makes the discourse around taxable and non-taxable income a complicated one.…