When someone dies, their final tax return is subject to a number of special rules. The deemed disposition rule in particular can have a major impact on the final tax bill. What is a deemed disposition? It's a form of capital gain To understand deemed disposition it's first important to understand the basics of what [...]
As a general rule, inherited property is non-taxable in Canada. At the time you receive your inheritance, you don't need to report its value on your return at all. But be warned: that doesn't mean that there are no tax consequences and nothing you need to do.