1. 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 $600,000, estate is the beneficiary
• RRIF $375,000, Priya is the direct beneficiary
• House $900,000 owned in Alaas name only, mortgage of $250,000
• TFSA $150,000, no direct beneficiary named

Calculate the value of Alaas 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.