Alaa has died. In his will, he leaves everything to his wife, Priya. Here is a list
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Question:
Life insurance policy $500,000, estate is the beneficiary
RRIF $362,000, Priya is the direct beneficiary
House $900,000 - owned in Alaa's name only, mortgage of $150,000
TFSA $100,000, no direct beneficiary named
Calculate the value of Alaa's estate and the Estate Administration Tax that would be charged. For each asset, explain whether it would be part of the estate or not.
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