Noront Resources

High-grade Ni-Cu-Pt-Pd-Au-Ag-Rh-Cr-V discoveries in the "Ring of Fire" NI 43-101 Update (March 2011): 11.0 Mt @ 1.78% Ni, 0.98% Cu, 0.99 gpt Pt and 3.41 gpt Pd and 0.20 gpt Au (M&I) / 9.0 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inf.)

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Re: TFSA info for succession-CORRECTIO...

Noront Resources

almost 15 years ago

in response to Sudbury Novice's message

I need to point out an error I made in yesterdays post.

I wrote the following:

In an RSP, the beneficiary inherits the RSP but it is considered "deemed disposed" on the date of death. Lets say it is worth $100,000 on the date of death. My beneficiary would then have a non-registered cash asset of $100,000 cash but would have $100,000 added to his income for that year. He would then pay tax at his marginal tax rate on the entire amount.

In fact the RSP is deemed disposed upon the death of the holder and the holder pays the tax, not the beneficiary.

The beneficiary receives only what is left over after the tax is paid by the estate of the deceased.