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What will James estate have to pay

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Reference no: EM132921412

Question - If Frank has no other income in the year of death. What amount of taxes would he owe assuming his tax rate is 35% in the year of death.

James was 77 years old and single when he died. He lived in Ontario, Canada. He had the following assets at the time of his death:

1. House 770,000

2. Life Insurance $100,000 (beneficiary adult son)

3. TFSA 26,550 (no beneficiary)

4. RRIF portfolio 330,000 (beneficiary adult son)

Required - What will James's estate have to pay in Estate Administration Tax?

Reference no: EM132921412

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