Question
Sonia and Kyle are married and own the following assets: Asset Title ACB FMV Home Joint $310,000 $575,000 QSBC Shares Sonia $1,000 $805,000 RRSP Kyle
Sonia and Kyle are married and own the following assets:
| Asset | Title | ACB | FMV |
| Home | Joint | $310,000 | $575,000 |
| QSBC Shares | Sonia | $1,000 | $805,000 |
| RRSP | Kyle |
| $310,000 |
| RRSP | Sonia |
| $430,000 |
| Mutual Funds non-registered | Kyle | $270,000 | $40,000 |
Sonia and Kyle have each written a will that leaves their entire estate to the other.
- If Kyle dies first, what is the taxable income to include in his final tax return? Assume no other income.
- If Sonia dies soon after, what is the taxable income to include in her final tax return? Assume no other income or change in asset values.
- What will the probate fees be on Sonias estate? Assume she lives on Ontario.
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Accounting Principles Volume 2
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
9th Canadian Edition
978-1119786634, 1119786630
