As a Financial Planner, you have just met with your grieving client, Jim. Jim's wife, Bianca passed
Question:
As a Financial Planner, you have just met with your grieving client, Jim. Jim's wife, Bianca passed away earlier this month.
These are their Assets and Liabilities:
Their Principal Residence valued at $589162 with an ACB of $350,000
Jim's Non-Registered Investments worth $271117 with an ACB of $125,000
Bianca's Non-Registered Investments worth $197812 with an ACB of $85,000
Jim's TFSA with Bianca as the beneficiary $93802
Bianca's TFSA with the estate as beneficiary $80180
Jim's RRSP with no named beneficiary $365534
Bianca's RRSP with Jim as the beneficiary $463220
Furniture and personal effects totaling $971
A secured line of credit on their home of $19314
Credit cards with balances totaling $8799
An unsecured line of credit worth $6300
Assuming Bianca died in Ontario with a will, how much would her estate pay in Estate Administration taxes?
Round to the Nearest Decimal.
Expert Answer:
In Ontario the Estate Administration Tax EAT is calculated based on the total value of the assets in ... View the full answer
