You can name whomever you want, but it’s probably not a good idea to pick a non-resident. Plus: What happened to free transit for seniors?
Can Quebecers name someone from out of province to be liquidator of their estate? And does a move elsewhere affect Quebec Pension Plan payments? These were among the latest reader questions.
Q: In Quebec, does an executor (liquidator) of a will have to be a resident of the province?”
Sign up to receive daily headline news from the Montreal Gazette, a division of Postmedia Network Inc.
A welcome email is on its way. If you don’t see it, please check your junk folder.
The next issue of Montreal Gazette Headline News will soon be in your inbox.
We encountered an issue signing you up. Please try again
A: He, she or they don’t have to be, but it probably would make things easier, said David Edey, Montreal-based financial adviser and author of the book Executor Help — How To Settle an Estate, Pick an Executor and Avoid Family Fights (www.davidedey.com).
“While you are free to name whoever you want, it is probably not a good idea to name non-residents,” he said. “For one thing, naming a non-resident could trigger some tax issues.”
Before asking and designating someone from out of province or country to be a liquidator, Edey suggests speaking to an estate professional who could spell out the “what if” scenarios so there are no unpleasant surprises down the road.
Understand, also, that it generally takes 100 hours and 18 to 24 months to settle an estate, Edey said, so you want to make it as uncomplicated as possible for the person or persons doing the work.
“Asking someone to be your liquidator is a real big favour,” he said. “The time factor and responsibility are not something the majority of people are prepared for. You need an executor when you’re dead, but you need to prepare them when you’re alive.”
Q: I’m a senior and noticed that the price of my transit tickets went up this month. Wasn’t Montreal supposed to be going in the other direction with transit fares for seniors?
A: It was almost exactly a year ago that Valérie Plante pledged that seniors would travel for free on public transit in 2023 if she was re-elected as mayor. We’ll see if that happens. As it stands, the Société de transport de Montréal quietly increased transit costs for seniors as of July 1. The monthly pass rose to $28.25, up from $27 a year ago. Ten tickets now cost $10.50, up from $9. But those are still lower than the $53 and $17.50 they respectively cost before seniors got a higher discount in 2021.
Q: Thanks for your recent discussion of the effect of foreign residence on OAS (Old Age Security) payments. Could you please tell me whether foreign residence affects QPP (Quebec Pension Plan) payments?
A: It does not. Workers who contributed to QPP (or Canada Pension Plan in other provinces) will get the monthly amount they’re entitled to, with annual cost-of-living adjustments, wherever they choose to live.
If you’re wondering whether you’ll be getting QPP or CPP when you apply after age 60, your province of residence at the time of application (or the last province you lived in if you move abroad) determines which of the two plans will pay you.
Q: I receive OAS because when I moved to the U.S., I had resided in Canada for 20 years, four months. My wife, on the other hand, was informed that she is 10 days short of the 20-year residency requirement. (OAS is cut off after six months for those who leave Canada if they hadn’t lived here at least 20 years.) Is there a way for her to make that up? We live in Israel now.
A: So close and yet so far. Yes, it could be made up if you moved back to Canada to live. The rules allow the accumulation of additional years of residence toward meeting the 20-year portability rule. But that’s a lot of trouble for not all that much money. (Even if she met the requirement, she’d only be getting about half the maximum OAS amount available to those who lived here at least 40 years after age 18, or roughly $4,000 a year.)
The Montreal Gazette invites reader questions on tax, investment and personal-finance matters. If you have a query you’d like addressed, please send it by email to Paul Delean at gazpersonalfinance@hotmail.com.
Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings.
365 Bloor Street East, Toronto, Ontario, M4W 3L4
© 2022 Montreal Gazette, a division of Postmedia Network Inc. All rights reserved. Unauthorized distribution, transmission or republication strictly prohibited.
This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Service and Privacy Policy.