One of the more commonly used estate planning tools to avoid or reduce Estate Administration Tax is joint ownership or a joint bank account. When two people own an asset jointly, and one owner dies, the remaining joint owner takes ownership of the entire asset by right of survivorship, thus causing the asset to pass entirely outside of the estate of the deceased person.
Believe it or not, even the long arm of the taxman can come up empty-handed from time to time. According to the latest federal public accounts, the Canada Revenue Agency wrote off $3.4 billion in uncollectible tax debts from 2013 to 2014.
Happy halfway through the year! How has your year been going financially? Did you get the promotion you were hoping for? Have you been paying down your debt and getting on top of your money? If the answer is no, that's OK, because we still have six more months to go until next year!
Everyone said I had to use LinkedIn when I was working to launch Zillidy. I currently have over 600 LinkedIn connections, which according to the website links me to over 10.5 million professionals. So why is LinkedIn such a powerful tool for small business? I believe it's because of the following reasons.
BMO's recent decision to lower its mortgage rates and potentially trigger yet another mortgage price war among Canadian banks. This has triggered a debate among analysts and commentators about the merits of debt -- one outlining this week why "it's a great time for Canadians to be in debt."
There's been a rise in the pawn industry as people look to sell off personal items in order to do any number of things from pay off debts to maintain lifestyle, to grow new businesses where other financing avenues are not available to them. Here are five situations where pledging personal assets as collateral can save you money.