A Money Coach in Canada

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If you are resident in Canada and receive an inheritance, you do not have to include it in your taxable income for the year. Canada has not had an inheritance tax since Mulroney’s government. The rationale behind this exclusion is that tax was paid on the income in the hands of the deceased.

Be aware, though, that the disposition of a deceased person’s assets can give rise to tax consequences for the estate. Death triggers a deemed disposition of all assets at market value (i.e. they are treated as if they have been sold), which is then subject to capital gains tax.


This accounting nugget brought to you by Mindy Abramowitz.  She’s very smart about all accounting matters, and other stuff too, plus, she’s terrific to work with  (trust me.  I’m a money coach.  You think I’m an easy client for her??)  If you want her contact info, ask me!

About the Author

Imagine if Canadians were known for being all over their money. Engaged. Proactive. Getting out of debt. Savvy. Saving. Generous. Nancy wants to help. Nancy started her own journey with money over 15 years ago, and formed her company “Your Money by Design” in 2004 to help others along the same path. It’s not the usual financial advising/investment stuff. It’s about taking control of day-to-day finances –managing monthly cashflow effectively, spending appropriately, getting out of debt, saving. If you're ready to take control over your finances, pop by her business site, YourMoneybyDesign.com

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