Which of the following are not exempt from probate fees? Select one: a. Real property held by the testator as a tenant-in-common. b. Assets held in trust. c. RRSPs with named beneficiaries. d. Life insurance policies with named beneficiaries.
Daniel and Daisy are getting a divorce. Daniel owns a cottage valued at $120,000, a car valued at $15,000, an RRSP valued at $90,000, and shares that have a fair market value of $135,000. Daniel was injured in a workplace accident and received a personal injury award of $100,000 which he used 2 years ago to pay off the mortgage on the cottage. Daisy owns a car valued at $20,000, a GIC valued at $15,000, and she is a member of a defined benefit pension plan which has a commuted value of $200,000. Daisy received an inheritance of $200,000 from her grandmother; and she received $100,000 in life insurance proceeds when her mother passed away. She keeps the money received from the inheritance and the life insurance policy in a separate investment account. The matrimonial home, which was purchased by Daniel for $300,000 before he married Daisy, is currently worth $450,000. They do not have a marriage contract or separation agreement and have acquired all their possessions, except the matrimonial home, since they married.
a. Which property is excluded from the division of property rules? (2 marks)
b. Which property is to be divided? (4 marks)
c. How much is the equalization payment? Who pays it? (4 marks)