09 arctic cat m8
Active VIP Member
Heard from a friend truedope put in an inheritance tax anyone hear about this!?
Heard from a friend truedope put in an inheritance tax anyone hear about this!?
Double dipping. We already have capital gains tax. The goal is to have our kids/grandkids inherit our stuff. We leave our house to the kids. They have to sell it to pay the tax because they can not get a mortgage to buy it out from the estate. Capital gains is what %40 now?
What is the inheritance tax going to be? Another 40% ?
there's no fact checking on S&M budDoesn't anybody look anything up anymore? First thing that came up on Google:
https://turbotax.intuit.ca/tips/canada-inheritance-tax-laws-information-463
Doesn't anybody look anything up anymore? First thing that came up on Google:
https://turbotax.intuit.ca/tips/canada-inheritance-tax-laws-information-463
In Canada, there is no inheritance tax. Instead the CRA treats the estate as a sale, unless the estate is inherited by the surviving spouse or common-law partner, where certain exceptions are possible. This means that the estate pays the taxes owed to the government, rather than the beneficiaries paying. By the time the estate is settled, the beneficiary should not have to worry about taxes.
from the first line:
Sounds like a cleverly worded way to say, YES there is an inheritance tax.
Example...say I, a poor slob inherit my fictitious multi-billionaire uncle's house. OK...treat it like a sale and I get charged GST on a 7 million dollar house. Newsflash: I can't afford that.
I figured trudope wouldn’t go there as his fortune comes from inheritance. Capital gains already nasty in Canada.