Thanks for the input all! Good to especially know that the tax had
already been paid before the final distribution.
On 2018-10-12 8:44 AM, R. Victor Klassen wrote:
Canada does not have inheritance tax. Presuming the executor got it right, the
estate paid all its taxes before releasing the last of the inheritance. I’m
not sure what happens if the executor screws up and distributes too much before
CRA has its final say on how much the estate owes (basically any capital gains
and the remaining value of any RRSP/RIF/LIF are treated as income in the year
of death, in addition to the usual income for that year, and these are taxable
just the same as if they had been sold the day before death). And there’s
probate, which is another tax - also to be paid by the estate before the final
distribution.
As far as GnuCash is concerned, that has already been answered.
On Oct 11, 2018, at 11:27 PM, Leo Bolta <lbo...@rogers.com> wrote:
How would one handle a transaction of inherited cash in GnuCash within Canada?
Can I expect to be paying taxes on the sum in the future?
Thanks,
Leo
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