Solution-Calculate the value of alaa estate

Calculate the value of alaa estate

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Reference no: EM133017299

Alaa has died. In his will, he leaves everything to his wife, Priya. Here is a list of the assets he owned at the time of his death:

- Life insurance policy $750,000, estate is the beneficiary

- RRIF $265,000, Priya is the direct beneficiary

- House $650,000 - owned in Alaa's name only, mortgage of $100,000

- TFSA $135,000, no direct beneficiary named

Calculate the value of Alaa's estate and the Estate Administration Tax that would be charged. For each asset, explain whether it would be part of the estate or not. Show your calculations.

Reference no: EM133017299

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Calculate the value of alaa estate

Reference no: EM133017299

Reference no: EM133017299

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