Asked
Does inheritance count towards your income? Do you have to file an inheritance in your taxes??
Long story short, I worked for a bit in 2023 before going on medical leave, then maternity leave. I received a substantial inheritance from a family member that passed away. When I find my taxes, do I include that on them?
Clint’s answer
Canada does not have inheritance tax. Probate tax prior to the inheritance is provincial and varies province to province. Estate taxes occur between the death and the inheritance, so that all the money has been taxed prior to a beneficiary receiving the inheritance.
January 18, 2024
From Ask Clint: real questions from a Canadian public finance forum, answered by Clint Cole. Names are changed. This is general information, not advice for your situation, and rules and dollar figures may have changed since Clint answered. Terms