tag:blogger.com,1999:blog-436024129575354145.post5761874909793519039..comments2024-03-28T12:41:21.857-07:00Comments on Estate Law Canada: Is money I get from an estate taxable?Lynne Butler, BA LLBhttp://www.blogger.com/profile/09790353197833765108noreply@blogger.comBlogger61125tag:blogger.com,1999:blog-436024129575354145.post-7085465394985680882018-07-31T04:44:03.585-07:002018-07-31T04:44:03.585-07:00My wife is the executor of her parents estate. Her...My wife is the executor of her parents estate. Her father passed in 2013 and her mother in 2014. The family home and land was left to the four children. It's been 4 years since her mother passed away and they are looking at selling the home and land. If the 2014 value of the home and land was $150,000 and the sale price is $200,000, how should any capital gains be handled? Should each child Anonymoushttps://www.blogger.com/profile/00966707414335659013noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-10912027556224686742017-10-18T14:42:15.265-07:002017-10-18T14:42:15.265-07:00Hi Lynne, my question is why do you need to fill o...Hi Lynne, my question is why do you need to fill out insurance forms for an inheritance. As my sister is the executor of my Mom's will and she is sending the forms to myself and my brothers to fill out. I'm not familiar with this and want to know the reason for this. ThanksAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-8735786577866752092017-10-04T08:31:55.625-07:002017-10-04T08:31:55.625-07:00Hi Lynne
My husband received a judge ordered cash ...Hi Lynne<br />My husband received a judge ordered cash amount in stocks as enforcement of a settlement with his Deceased Father's second wife. The judge wrote Susan Smith shall turn over to the Estate of Joe Smith x dollars in RBC shares. Our accountant said the shares were in her name she transferred them so she must pay the Capital gains tax as she is disposing of them. Everything else was Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-2663003264085895732017-10-01T15:55:59.412-07:002017-10-01T15:55:59.412-07:00Not being an accountant, I won't comment on &q...Not being an accountant, I won't comment on "obviously no capital gain on cash". I guess you assume this person has cash sitting in a bank account, un-invested.<br /><br />As I said in the article on which this comment is attached, a Canadian resident living in Canada who inherits from a Canadian estate does not pay tax on the money he or she inherits.<br /><br />LynneLynne Butler, BA LLBhttps://www.blogger.com/profile/09790353197833765108noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-62805706522240514252017-10-01T11:02:08.208-07:002017-10-01T11:02:08.208-07:00If a deceased left one million dollars cash and no...If a deceased left one million dollars cash and nothing else, had no relatives and left everything to a friend, and obviously no capital gain on cash upon death, is there any tax on the moneyAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-57317757512714116212017-07-19T17:43:49.015-07:002017-07-19T17:43:49.015-07:00The government can take from any account, regardle...The government can take from any account, regardless where you got the funds.<br /><br />LynneLynne Butler, BA LLBhttps://www.blogger.com/profile/09790353197833765108noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-39640318631755154332017-07-19T17:43:00.581-07:002017-07-19T17:43:00.581-07:00That depends on several factors. The main delay is...That depends on several factors. The main delay is usually the time before the application gets to court. Obviously the lawyer can't even start until someone - family or friend of the deceased - comes forward to volunteer for the job of estate administrator. <br /><br />After that, there is usually a matter of weeks while the lawyer and the administrator try to put together the information Lynne Butler, BA LLBhttps://www.blogger.com/profile/09790353197833765108noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-42757623585643654842017-07-19T03:34:58.417-07:002017-07-19T03:34:58.417-07:00If there is no executor at sudden death. How long ...If there is no executor at sudden death. How long does it take for a lawyer to confirm an executor in court ?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-90465994899747467882017-04-20T15:34:17.619-07:002017-04-20T15:34:17.619-07:00Our mother recently passed away and was receiving ...Our mother recently passed away and was receiving a portion of our father's pension that was left to the three of us rather than to him. Is this money that is being paid by the pension plan monthly taxable for us? Thank you!Kelly (oharakg@hotmail.com)noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-89454198002987028482017-04-19T13:03:27.107-07:002017-04-19T13:03:27.107-07:00If someone owes in back taxes and receives an inhe...If someone owes in back taxes and receives an inheritance, can the government take from the inheritance?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-84359233661205882372017-03-08T09:47:36.849-08:002017-03-08T09:47:36.849-08:00This comment has been removed by the author.szucsjohnhttps://www.blogger.com/profile/15888416018264676538noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-23641161792840389992017-03-08T07:03:17.266-08:002017-03-08T07:03:17.266-08:00This comment has been removed by the author.szucsjohnhttps://www.blogger.com/profile/15888416018264676538noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-48254143254355916642017-03-04T23:03:11.616-08:002017-03-04T23:03:11.616-08:00Usually when money is paid into court, it's be...Usually when money is paid into court, it's because someone holding money - such as an insurance company or bank - knew that it had to pay the money, but didn't know to whom to pay it. It is usually because there is a dispute over who gets it, or because there is some confusion such as paperwork with mistakes in it that makes it hard to figure out who is entitled to the funds.<br /><br />Lynne Butler, BA LLBhttps://www.blogger.com/profile/09790353197833765108noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-79444166096227315482017-03-03T01:31:04.381-08:002017-03-03T01:31:04.381-08:00My father is Canadian I am a Canadian citizen. He ...My father is Canadian I am a Canadian citizen. He died 4 years ago without a will.. I found out there is a little money left from some assets to be split among my siblings and I. I however grew up in the unoted states with my mother and didn't have much contact with him. Now the funds have gone to the court and we need a lawyer to disperse it?? I'm confused how Canadian laws work how doAnonymoushttps://www.blogger.com/profile/17581614365818152180noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-66735251929172396592017-02-20T22:29:50.363-08:002017-02-20T22:29:50.363-08:00My grandfather died many years ago and my father w...My grandfather died many years ago and my father was a beneficiary along with his siblings. My father died a few years later while all this time the siblings have been fighting over inheritance. Everything has finally been settled and in the agreement it states the beneficiaries will pay the taxes on their portions. how does a person that's been dead for 5 years pay taxes.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-82365021048703855992017-02-10T20:34:13.137-08:002017-02-10T20:34:13.137-08:00That depends on whether the money is being paid as...That depends on whether the money is being paid as ongoing child support that's owing or whether it is strictly an inheritance. Since I haven't seen the will or know anything about the family, there is no way I can answer more precisely.<br /><br />LynneLynne Butler, BA LLBhttps://www.blogger.com/profile/09790353197833765108noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-52166993593723674672017-02-10T20:32:34.145-08:002017-02-10T20:32:34.145-08:00The will doesn't control RRSPs unless they are...The will doesn't control RRSPs unless they are part of the estate. So yes, if you want to use the will to impose a condition on the gift, it has to be payable to the estate and then left to a beneficiary in the will.<br /><br />LynneLynne Butler, BA LLBhttps://www.blogger.com/profile/09790353197833765108noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-15959937421596861702017-02-10T20:30:09.897-08:002017-02-10T20:30:09.897-08:00If you get it as a result of someone dying, it'...If you get it as a result of someone dying, it's clearly an inheritance. If you want to play with semantics, go ahead, but it's an inheritance.<br /><br />Inheritance is not taxable to you any more than it is for the next person.<br /><br />Why do you understand the taxes will be paid by you? Are the pension and the RRSP the only assets? Otherwise why would you be the one paying?<br /><brLynne Butler, BA LLBhttps://www.blogger.com/profile/09790353197833765108noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-81395255353476555802017-02-09T19:47:38.331-08:002017-02-09T19:47:38.331-08:00Hi Lynne
As the designated beneficiary of my frie...Hi Lynne<br /><br />As the designated beneficiary of my friends pension & rrsp Im curious about the above comment about not declaring it as income. As im a friend not family do I consider it to be an inheritance or a gift? Does it matter what its called?<br /><br />Im understanding taxes will likely be paid by me not by the estate do I claim it on my next taxes or wait to be taxed<br />By Sshttps://www.blogger.com/profile/03865408918791461845noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-28876720450494380712016-12-02T16:34:59.783-08:002016-12-02T16:34:59.783-08:00Interesting how you have decided to "say that...Interesting how you have decided to "say that he passed with no assets" even though he had assets. Doesn't matter if he had received his inheritance yet because it was still an asset.<br /><br />So basically you're ripping off the creditors. If they find out there were assets, I assume they'll sue. <br /><br />I don't know why your grandmother and father bothered making Lynne Butler, BA LLBhttps://www.blogger.com/profile/09790353197833765108noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-43614273393172145332016-12-02T16:32:14.391-08:002016-12-02T16:32:14.391-08:00If I understand the facts, then your friend is dea...If I understand the facts, then your friend is dead wrong. The rules are that all taxes from an estate must be paid before a beneficiary receives anything. If not, the executor who released the funds (or the house) is on the line personally for the taxes. The house itself could be sold for the taxes, and being an inheritance is certainly not going to prevent that. In fact, being an inheritance isLynne Butler, BA LLBhttps://www.blogger.com/profile/09790353197833765108noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-14674585572659155062016-12-02T16:28:16.268-08:002016-12-02T16:28:16.268-08:00The splitting of a partial amount that you mention...The splitting of a partial amount that you mention is called an interim distribution. Most executors agree to do that so the executors don't have to wait for the tax certificate, which takes many, many months. You'll find lots of info about that on this blog if you search "interim distribution" or "tax clearance certificate".<br /><br />No, you are not taxed on the Lynne Butler, BA LLBhttps://www.blogger.com/profile/09790353197833765108noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-13811801519000675872016-12-02T12:39:32.052-08:002016-12-02T12:39:32.052-08:00Hi Lynne,
My father passed away Oct/2015 and My m...Hi Lynne,<br /><br />My father passed away Oct/2015 and My mom passed away Nov/2015 and we are still waiting on the estate to be done but have been told that we could split a partial amount. Are we taxed on the money that we split and is it considered a personal income?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-62567035294021166492016-07-23T16:20:00.856-07:002016-07-23T16:20:00.856-07:00My friend inherited her mother's home. She rec...My friend inherited her mother's home. She recently sold it. She owes 50K towards her mother's taxes. She also purchased a new home which the funds from the sale will go towards the mortgage.<br /><br />She is on disability. She will also owe on her own taxes.<br /><br />Will the government ask her to pay the 50k within a period of time? Does the government look at her inheritance throughAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-30189854747001860392016-06-10T10:15:38.055-07:002016-06-10T10:15:38.055-07:00Hi Lynne,
My grandmother passed a year and a half...Hi Lynne, <br />My grandmother passed a year and a half ago. Her will stated that assets were to be equally distributed to my father and uncle. My father passed 6 months ago. My Uncle is proposing to split assets of my grandma's estate with my brother and I (we are also named in my grandma's will). This would avoid my father's will going through probate as we are saying that he Anonymousnoreply@blogger.com