At Death, It Is Necessary to _____________

question 37

Multiple Choice

At death, it is necessary to _____________.

• A)to file a final (terminal) tax return.
• B)pay estate taxes in Canada.
• C)report only the earned income of the deceased up to the date of death.
• D)report only the partial value of any registered assets.
• E)ensure your survivors have money.

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Definitions:

Liquidated Damages

An amount, stipulated in the contract, that the parties to a contract believe to be a reasonable estimation of the damages that will occur in the event of a breach.

Remedy

The means by which the enforcement of a right or the redress of a wrong is obtained.

Breach Of Contract

Occurs when one party fails to fulfill their obligations under a contract, leading to legal consequences for the defaulting party.

Contract Price

The total financial compensation agreed upon by all parties involved in a contract for the sale, purchase, or delivery of goods or services.