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Owing revenue Canada but diagnosed with terminal illness? |
My Dad owes revenue Canada a fair chunk of $, but has just been diagnosed with a terminal illness. His prognosis for life expectancy is 6 months to a year. I am getting power of attorney this week for his finances. Is there any way to apply for an absolution of debt with revenue Canada? If he owes the CRA money, he can't get around that. His Estate will have to pay any tax liabilities. You can minimize the amount of money that will be directed to his estate by selecting a Beneficiary on his Life Insurance and Critical Illness Policies. RRSP Bene should also be his Spouse. RRSP can be rolled-over to his Spouse's RRSP. Segregated Fund investments (RRSP/RSP) should have a Bene as well. But his other assets in his name will be part of his Estate. The Executor is responsible to pay off any of his creditors. I recommend talking to an Estate Lawyer over this as its far too complicated for this forum. Best of luck through this difficult time! |
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