Finance news

An inheritance can raise questions about taxes, family law, and how to manage the money. This article focuses on the income tax considerations for married and common-law couples who invest inherited funds.Taxation of an inheritanceFirst off, the receipt of an inheritance is generally not taxable. Most or all tax is paid by the estate of the deceased, and the after-tax proceeds are distributed to the beneficiaries. There can be exceptions. If you inherit real estate and sell it later, subseq

Zena Amundsen didn’t realize how tight finances could be for a single-income household after she and her husband welcomed their first baby. She quickly had to learn to keep track of every dollar, recalled Amundsen, a Regina-based certified financial planner at Astra Financial Services.For the first seven years as a parent in the mid-90s, Amundsen stayed home to raise two young children while her husband became the sole provider for the household. About 30 years later, she still draws