2017 Income Tax Deadlines (for 2016 tax year) – Canadians

Tax season is here and there are plenty of tax deadlines to keep in mind as we make our way into 2017, including: T1 personal tax return T1 personal tax return for self-employed Date of Death T1 personal tax return T2 Corporate tax return T3 Trust tax return Tax Slips – T3, T4, T4A, T5, T5013 […]

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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?

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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.

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