Deceased’s Principal Residence – But I thought it wasn’t taxable!

Tax treatment of a principal residence after the owner dies is discussed.

Most Canadian homeowners are aware that generally they are not taxed on the increase in value of a property that qualifies and is designated as their principal residence. There are a number of criteria to be met in order for a property to qualify as a principal residence for all years owned which I will not be going into detail here. I would specifically like to discuss how a person’s principal residence is taxed after death where the property is sold and the cash proceeds distributed to the beneficiaries.

Tags: , , ,
Posted in Estate taxation, Taxation | Add a Comment »

Tax on RRSP/RRIF’s at Death – Does the Estate or RRSP/RRIF beneficiary pay?

General tax treatement of RRSP/RRIF’s upon death and the liability for those taxes is discussed.

The fair market value of your RRSP/RRIF account is included in income on your Date of Death T1. I am often asked who is responsible to pay the income taxes relating to the RRSP/RRIF – the Estate or the designated beneficiary of the RRSP/RRIF?

Tags: , , , , ,
Posted in CRA, Estate, Estate taxation, Income Tax, Taxation | Comments Off on Tax on RRSP/RRIF’s at Death – Does the Estate or RRSP/RRIF beneficiary pay?

What is the deadline for my 2016 personal taxes?

The deadline for personal income tax is April 30 of each year (unless you are self-employed – more below).  However this year April 30th falls on a Sunday, Canada Revenue Agency (CRA) will consider your return filed on time and you However this year April 30th falls on a Sunday, Canada Revenue Agency (CRA) will […]

Posted in CRA, Income Tax, Personal Income Tax, Taxation | Comments Off on What is the deadline for my 2016 personal taxes?