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Death and Taxes

In this world nothing can be said to be certain, except death and taxes.-Benjamin Franklin

Coping with death of a loved one, or contemplating the great leveler, that sooner or later will visit all of us is a matter that must be approached in a measured and sober manner. We at Tax To Go make every effort to ease your burden in contemplating the tax consequences of the loss of a loved one or in preparing for that unfortunate event.

The Canada Revenue Agency has created some very good informational resources to help you through the process. Here are several other informational items that will ease the way.

Tax Tips

Many Canadians are looking abroad when adopting a child but it can be an expensive process. However, there is now some tax relief for adopting parents. You may claim a non-refundable tax credit for expenses relating to the adoption of a child up to a maximum of $10,445. The credit can only be claimed in the year the adoption is finalized but may include eligible expenses from previous years.

Turning 65 doesnít mean you canít contribute into an RRSP. The rules do allow you to contribute to your own RRSP up until the end of the year in which you turn 71, or to your spouse or common-law partner's RRSP. But remember, you will need available contribution room.

RSS News: Canada Revenue Agency

Interest rates for the fourth calendar quarter September 7, 2010
Minister Keith Ashfield announces the winners of the second CRA YouTube video contest August 6, 2010
Reminder: TFSA return deadline extended to August 3rd July 26, 2010