Quote:
Originally Posted by hulkrogan
How do the taxes on inheritance work? Just paying the capital gains on all liquidated investments?
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Well registered accounts (like RRSPs, TFSAs) are taxable. So if a guy has $500k in an RRSP and dies his kids end up with roughly $305k. I know...we'd all head to the bank machine and cash that cheque. I'm not trying to paint a picture that this is chump change. But there are a lot of factors here.
When you look at the balance sheet for a lot of people in Calgary, $300k in debts isn't a lot. Are there some of us who are much better off and have less than that, absolutely. But lets be honest here; prudence and moderation aren't really a hallmark of a lot of people here either.
Oh and yes, paying capital gains on the inherited stuff. I forgot to mention that you have that right.