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Welcome to ComeFromChina Community (CFC中文网)!
We are the largest Chinese Canadian community forum in Ottawa. Please to participate in discussions, post topics, view images, and access full community features. Join us today!
欢迎来到CFC中文网。请登录以参与讨论、发布主题并查看图片。
As there is no inheritance tax in Canada, all income earned by the deceased is taxed on a final return.
Non-registered capital assets are considered to have been sold for fair market value immediately prior to death. Any resulting capital gains are 50% taxable and added to all other income of the deceased on their final return where income tax will be calculated at the applicable personal income tax rates. They are taxed at the applicable capital gains tax rates.
The fair market value of a Registered Retirement Savings Plan (RRSP) or a Registered Retirement Income Fund (RRIF) is included in the deceased person’s income and taxed at the regular applicable personal income tax rates with nospecial treatment for any capital gains earned within the RRSP or RRIF.