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That's not entirely accurate: the CRA requires "deemed disposition" on all your assets at the time of death. Basically your estate has to pay up all pending ta
by parasubvert 11y ago
That's not entirely accurate: the CRA requires "deemed disposition" on all your assets at the time of death.
Basically your estate has to pay up all pending taxes / capital gains as if it sold all its property at the time of death.
- cmrdporcupine 11y agoBut held cash assets belonging to the estate and passed onto children/spouse are not taxed.
- hinkley 11y agoYou have a fundamental misunderstanding of the super rich if you think that hard currency represents any significant fraction of their assets, late in life. It's only a concern for the middle class, and there are other rules that cover them.
- refurb 11y agoRight, the estate just pays the taxes it would have paid if the person had been alive. That seems more fair.