Prince Rogers Nelson

The musician known as Prince passed away in April of 2016, but the contentious battle over his estate and assets continues. Aside from numerous individuals  proclaiming their lineage with Prince, there are also squabbling relatives arguing over how much the late musician’s assets are worth. It’s been estimated that Prince’s estate is actually worth far less than initial $300 million dollar fortune than it was originally valued at, and to make matters worse, without a Will in place, the estate tax costs are set to rise higher than expected. 

Read on to find out why: 

The Taxes levied on Prince’s Estate.

 

Plan for your end of the year taxes

Please note: This article does not pertain to residents of Québec.

Are you thinking of adding your adult child as a joint owner to any of your property? If so, you should be familiar with the legal and tax consequences of joint ownership.

Joint tenancy vs. tenancy in common

The common law, which applies in all Canadian provinces except Québec, recognizes the following two forms of joint ownership:

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