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Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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I am a resident of Alberta, I will receive an inheritance ...

Resolved Question:

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   XXXXX@XXXXXX.XXX
Submitted: 8 years ago.
Category: Tax
Expert:  Merlo replied 8 years ago.

Hello mibarra,

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


Customer: replied 8 years ago.
Dear Sir:

No, the inheritance is from my mother
Expert:  Merlo replied 8 years ago.


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.

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Thank you.


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