Archive for the ‘Estate Administration’ Category

DEDUCTIBILITY OF EXECUTOR EXPENSES

Monday, April 21st, 2014

Generally speaking, an executor who earns fees in the course of carrying on a business may deduct the expenses net of any estate reimbursement against the fees in computing net income for tax purposes. An executor who is not performing their duties in the course of carrying on a ...

Eyes Wide Open II

Thursday, April 17th, 2014

In my March 14th blog, Eyes Wide Open, I asked the question - why did the named executor ever agree to take on the administration. My blog was followed by a rhetorical answer meant to remind all of us – advisors and potential executors alike – we ought to ...

Forgotten Bank Accounts

Tuesday, April 15th, 2014

Sometimes we come across “unclaimed balances” including deposit account, bank drafts, certified cheques, deposit receipts, money orders, GICs, term deposits, credit card balances, or traveller's cheques. Where there has been no activity regarding an “ unclaimed balance” for a period of 10 years and the owner cannot be contacted the financial institution ...