The term "accumulated income payments (AIPs)" refers to funds withdrawn from a Canadian Registered Education Savings Plan (RESP) if the beneficiary decides not to attend college. In this case, thereturnsgenerated in the RESP aren't forfeited as long as the subscriber fulfills certain criteria.1...
However, any income realized from a gift or inheritance is considered income to the beneficiary—most notably rents, interest, and dividends. In addition, most scholarships, fellowships, student loans, and other forms of financial aid for education are not included in gross income, perhaps to ...
In relation to RRSP's, RRIF's, LIF's, Annuities and of course life insurance, if the beneficiary is a spouse, parent, offspring or grand-child, they are considered to be a preferred beneficiary. If the insured has named a preferred beneficiary, the death benefit is invariably protected ...
It is the amount that can be claimed by beneficiaries as an IRD deduction (Step 3). This example assumes a person dies in 2015 with a gross estate of $5.43 million, of which $1 million is IRD assets.Claim only the amount you are entitled toUsing this example, if the beneficiary ...
income- the financial gain (earned or unearned) accruing over a given period of time Based on WordNet 3.0, Farlex clipart collection. © 2003-2012 Princeton University, Farlex Inc. Want to thank TFD for its existence?Tell a friend about us, add a link to this page, or visitthe webmast...
Younger Than 59½: Earnings are subject to taxes and penalties. You may be able to avoid taxes and penalties if you use the money for a first-time home purchase or have a permanent disability. If you pass away, yourbeneficiarymay be able to avoid taxes on the distribution. ...
"trustees of trusts where the niit applies can reduce or avoid paying the niit tax by distributing income to beneficiaries, so long as doing so is in accordance with the trust's terms," foster says. however, when income is distributed from a trust, the beneficiary becomes responsible for ...
The income statement GAAP net income, we only want to include the variable portion of manufacturing overhead in this part of the Contribution Margin Income Statement. To get only the variable overhead allocated to each type of bike, we take the variable overhead rate, available in the Overhea...
The amounts so deferred and amounts credited thereon shall be distributed to the Participant or the Participant’s Beneficiary (in the event of the Participant’s death) at the earliest possible date, as determined by the Employer in good faith, on which the deductibility of compensation ...
Fringe benefit means health insurance, a retirement benefit received under a pension plan or defined contribution plan, a paid vacation day, a paid holiday, sick leave, or any other similar employee benefit provided by an employer. Accrued Benefit have the meanings specified in ERISA. Monthly Bene...