Hello:
I am the executor of my son's estate. The estate was insolvent - no money and a list of creditors. He owned a Condo which was sold with a loss and the bank excepted the loss and signed off. It is my understanding that the out of pocket expenses of the executor, such as funeral and testamentary expenses come before the creditors except secured creditors. He also owed CRA (income tax and HST). All the other creditors (credit cards, loan etc.) signed off.
My question, if there is any money at all, does Rev. Canada come before the funeral costs and other expenses I paid out of my pocket?
I would appreciate any feed back.
I am the executor of my son's estate. The estate was insolvent - no money and a list of creditors. He owned a Condo which was sold with a loss and the bank excepted the loss and signed off. It is my understanding that the out of pocket expenses of the executor, such as funeral and testamentary expenses come before the creditors except secured creditors. He also owed CRA (income tax and HST). All the other creditors (credit cards, loan etc.) signed off.
My question, if there is any money at all, does Rev. Canada come before the funeral costs and other expenses I paid out of my pocket?
I would appreciate any feed back.
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