Not sure I would recommend taking more to pay off mortgage faster at current rates.

So sorry this happened to you. And good advice for others to double check.

@@ParallelWealth Yes it sucks! Everyone assumes, as we did, that no matter what the legal spouse is entitled to everything upon death. It’s not true and in Ontario it’s subject to succession law. Might want to make a video about these things because widows are left in the dark until their husbands die and then all of a sudden you get a rude awakening.

Can't you file the form T2019 to turn it into a refund of premiums and then transfer the amount to your RRSP. After you claim t4rsp as your income but also claim the transfer as a deduction.

Yes you are! Thanks for watching.

There are basic ones for free, but anything in depth is a few thousand dollars or more for the program. Just Google financial planning software for Canadians and find the right fit for you.

I'll have Stefan my editor look into it thx for the heads up

A few ways to avoid probate - but be careful because it often just muddies the estate waters...

www.parallelwealth.com/ffs for more details and link to book a call

You can add as beneficiary, but doesn't roll to them tax free. Just guides assets after tax to them.

I should specify that the beneficiaries are all named directly in the Registered accounts, not the Will. The Will mentions that monies from the investments would be distributed as outlined by the beneficiaries named in the registered accounts (Lif & Rif)

Yikes, my guess is the executor would/could be footing the bill here.

@@ParallelWealth I think I found my answer. Although I should have retained a portion of the funds as a hold back for taxes, if the estate still can't pay the taxes then the CRA does go after the named beneficiaries. Found this said similarly in different sites "a beneficiary who receives funds from an estate can be personally liable to the extent of the funds received for any unpaid income taxes related to what they received. For instance, if an individual receives proceeds from an RRSP directly by way of beneficiary designation, and the estate fails to pay the income taxes of the deceased that arise from the termination of the RRSP , then CRA seek to recover the unpaid taxes directly from the beneficiary. " I interpret this as since the Financial Advisor distributed the funds directly to all 4 named beneficiaries without involving the Estate, and the Estate has zero funds to pay, that the CRA will then go after each of the 4 named beneficiaries for the taxes owed on their portion of the funds. Am I wrong?

@@shaunmckinley1208 yes. I think I read this too. What you need to do is ask somebody HOW the CRA will come after the beneficiaries? If three of the four pay the tax and the fourth one holds back, will the CRA still come at the four of you equally, even though the 4th has not paid? It may be in your best interest to ALL hold back. Sorry you are going through this.

Shaun, as the executor, could you hold back on paying the RRSP or RIF to the beneficiaries? Or did the institution distribute it? This is going to be my life in the next year too and I'm worried about not having access to the funds I need to pay the taxes until the house is sold.

Yes

were stupid! LOL

Because you have no idea this happens until you are dead and then you don’t care!

@C M To where?

Because Canadians get the benefits from the taxes we pay, so we share our fortunes with less fortunate. But in recent past it is deteriorating due to selfishness of our politicians. Hope it explains😂