tag:blogger.com,1999:blog-436024129575354145.post9195543878379293423..comments2024-03-19T01:26:39.791-07:00Comments on Estate Law Canada: Reynolds painting accepted in lieu of 4.7 million inheritance taxLynne Butler, BA LLBhttp://www.blogger.com/profile/09790353197833765108noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-436024129575354145.post-27911596920360768952016-08-30T00:05:21.491-07:002016-08-30T00:05:21.491-07:00Thank you for your clarifying response. I wasn...Thank you for your clarifying response. I wasn't thinking of a house I guess, -- more like RRSPs and other liquid assets. The bank forwards those on to whoever is named beneficiary(s) without the funds ever becoming part of the estate. Banks do this without deducting any tax. <br /> <br />I used a small example, but it would not be unusual these days for a beneficiary to receive a share Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-38674498412312295462016-08-26T16:12:25.641-07:002016-08-26T16:12:25.641-07:00Not "everything - no matter how small the am...Not "everything - no matter how small the amount - is taxed". For instance, everyone is allowed to own a home which they can pass on or sell without being taxes. Their children can receive the home or the proceeds of the home without paying any tax on it. This is critical for a lot of lower income people who, when they pass away, only have their home and a small bank account.<br /><br Lynne Butler, BA LLBhttps://www.blogger.com/profile/09790353197833765108noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-59894616085896866112016-08-26T16:08:01.082-07:002016-08-26T16:08:01.082-07:00Oops! I missed a decimal point. An important one. ...Oops! I missed a decimal point. An important one. Thanks for pointing it out. I'll edit my post :)<br /><br />LynneLynne Butler, BA LLBhttps://www.blogger.com/profile/09790353197833765108noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-26232088988973433062016-08-26T12:50:38.638-07:002016-08-26T12:50:38.638-07:00The thing about tax in Canada is that it is not CA...The thing about tax in Canada is that it is not CALLED "inheritance tax" but on the day we die everything we own is presumed to be sold on that day, -- no matter what we leave to whom or the dollar value amount. <br />As such, everything - no matter how small the amount - is taxed at a rate of 48%, and that is basically an inheritance tax by another name. <br />I just wish the Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-34730747985957825952016-08-26T11:03:45.635-07:002016-08-26T11:03:45.635-07:00closer to $8M CADcloser to $8M CADAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-85037083991566943662016-08-26T07:55:22.736-07:002016-08-26T07:55:22.736-07:00Quick comment....4.7 million GBP = almost $8 milli...Quick comment....4.7 million GBP = almost $8 million Canadian.Paddyhttps://www.blogger.com/profile/02481374369488852053noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-48527589452064661162016-08-26T07:08:21.432-07:002016-08-26T07:08:21.432-07:004.7million pounds is actually about $8million Cana...4.7million pounds is actually about $8million Canadian dollars.Not Just the Grammar Policehttps://www.blogger.com/profile/06529795352112594846noreply@blogger.com