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Inheritance law in Ontario is governed by the Succession Law Reform Act (SLRA). The SLRA sets out the rules for how property is distributed when someone dies without a will (intestate) and how to probate a will. The Act provides for certain family members to be entitled to a portion of the deceased's estate, including spouse, children and parents.
The Henson trust was first used in Ontario in the late 1980s. It became of wider interest when the Supreme Court of Ontario ruled in 1989 that the trust assets were not vested in the beneficiary and thus could not be used to terminate government benefit programs. A Henson trust can be established as either a living trust, or a testamentary trust.
The Canada Revenue Agency (CRA; French: Agence du revenu du Canada; ARC) is the revenue service of the Canadian federal government, and most provincial and territorial governments. The CRA collects taxes , administers tax law and policy , and delivers benefit programs and tax credits. [ 4 ]
Benefits promised, US$250, US$500, US$1,000, US$1,500, or US$2,000, payable at death. For age disability after 75, one-fifth of certificate annually for five years. For permanent total disability, one-tenth of certificate annually for five years, remainder at death. Death benefit limited by proceeds of one assessment.
The appeal process starts when a taxpayer formally objects to the CRA assessment, on prescribed form T400A. The objection must explain, in writing, the reasons for the appeal along with all the related facts. The objection is then reviewed by the appeals branch of the CRA. An appealed assessment may either be confirmed, vacated, or varied by ...
The Pension Benefits Act C.C.S.M. c. P32: Office of the Superintendent - Pension Commission Ontario: Pension Benefits Act R.S.O. 1990, C. P.8: Financial Services Commission of Ontario Quebec: Supplemental Pension Plans Act R.S.Q., c. R-15.1: Régie des rentes du Québec New Brunswick: Pension Benefits Act C. P-5.1: Office of the Superintendent ...
The distinction between a LIRA / LRSP and a registered retirement savings plan (RRSP) is that, where RRSPs can be cashed in at any time, a LIRA / LRSP cannot. Instead, the investment held in the LIRA / LRSP is "locked-in" and cannot be removed until either retirement or a specified age outlined in the applicable pension legislation (though certain exceptions exist).
Succession duties have been held to be valid "direct taxation within the province," and can apply in the following scenarios: [1]. property of a deceased person, whether he was at the time of his death domiciled in the Province or domiciled elsewhere, situate within the Province passing to any person for any beneficial interest