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If a property is inherited and the inheritor has and still…

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If a property is...

If a property is inherited and the inheritor has and still intends to live in said property, does the capital gains tax still apply?

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Submitted: 1 month ago.Category: Tax
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Answered in 5 minutes by:
3/16/2018
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 month ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,633
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 month ago

Please disregard I did not see this is Canada. I will opt out and have this sent to Canada tax

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Tax Professional: Barbara, Enrolled Agent replied 1 month ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,801
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Inherited property is not subject to tax in Canada. The value of the inherited property is not reported on the tax return of the inheritor.

Capital gains tax may become due when and if the person who inherited the property sells it.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,801
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