Reference no: EM132766921

Questions -

Q1. Jerome's will was created 30 years ago and provided for the distribution of his estate to his four children; Ted, Timothy, Tamara and Tony, in equal shares per capita. Last year, Jerome's youngest child, Tony, died leaving a ten year old son, Daryl. In December, Jerome died leaving a net estate of $722,260. What amount will Ted, Timothy and Tamara receive?

Q2. Mario was 78 years old and single when he recently died. He had the following assets at the time of his death:

House $803,525

RRIF portfolio $300,000 (Beneficiary: Omar, Adult son)

Life Insurance $100,000 (Beneficiary: Omar, Adult son)

TFSA $50,465 (Beneficiary: None)

What will Mario's estate have to pay in Estate Administration Tax?

Q3. Suzy, age 38, died suddenly in a car accident. She leaves behind her husband, Rick and her two teenage daughters, Sandra and Samantha. Suzy does not have a will and leaves behind the following assets:

House $1,000,000 (Joint Ownership with Rick)

Non-registered Portfolio $456,272 (Individually owned)

Life Insurance $542,274 (Beneficiary: Estate)

Assuming that Suzy lives in Ontario, how much will each of her daughters inherit from her estate?