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I am a resident of Alberta, I will receive an inheritance ...

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I am a resident of...
I am a resident of Alberta, I will receive an inheritance from my deceased other in Quebec. What type of taxation will be applicable to me. - Can it be transferred into RRSP or annuities? Thanks.   Monique Ibarra   [email protected]
Submitted: 9 years ago.Category: Tax
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Answered in 2 hours by:
8/10/2008
Tax Professional: Merlo, Accountant replied 9 years ago
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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Hello mibarra,

Is the inheritance that you will be receiving from your spouse?

 

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Customer reply replied 9 years ago
Dear Sir:

No, the inheritance is from my mother
Tax Professional: Merlo, Accountant replied 9 years ago

HelloCustomer

Canada does not actually have what they call an inheritance tax, so you personally would not be responsible for any tax on your inheritance. Instead, the property and assets which are left by the deceased, are taxed on the final tax return of the deceased which the personal representative or the executor of the will should arrange to have prepared.

This is done by the assumption of a "deemed sale" of all assets at death, except in the case of a bequest to a spouse. A deemed sale means that any capital gains are recognized and become taxable on the final return of the deceased. So as an example, if your mother held stocks, they would be valued as of the date of her death and taxed as if they had been sold at the value. Once those taxes are paid from the assets of the deceased on the final return, then the remainder of the assets pass to the heirs without further tax due.

If this was helpful please press the Accept button. Positive feedback is also appreciated.

Thank you.

 

Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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