– You can reduce the possibility of executor fraud by requiring two signatures on all cheques written on the estate account.
– Do you expect your executor to be compensated? If so, the fee should be outlined in your will. This can avoid nasty surprises later
– If you expect your retirement income to exceed $120,000 annually, do not apply for your old age security payment until you are 70. This maximizes the pension and avoids the clawback while the individual is in his or her sixties
– The cost of the travel expenses can qualify as a medical expense for income tax purposes. This includes accommodations, meals, and parking when a person needs to travel at least 80 kilometers (one way) from their home to get medical services. The easiest method to claim an expense is known by CRA as the simplified method. You are allowed to claim:
Parking – Actual expenses
Meals – $17 per meal to a maximum of $51 per day
Mileage – Claim 54 cents per km
Don can be contacted at firstname.lastname@example.org