revenue canada revenue tax canada?

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revenue canada revenue tax canada?

do i pay taxes when you inherit money

2007-01-10 07:30:30 · 2 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ Canada

2 answers

No. Well, in some circumstances. Check out:

http://www.cra-arc.gc.ca/tax/individuals/topics/income-tax/return/completing/reporting-income/nottaxed-e.html

2007-01-13 07:28:11 · answer #1 · answered by Mick 3 · 0⤊ 0⤋

No. In Canada, most gifts and inheritances are not taxed. However, you do have to pay tax on any money that you earn on it - either from an investment or bank account or sale of shares or property.

If you just inherited cash, you just have to claim any interest as "other income" on your tax return. I believe it's line 130. Usually you will receive a tax form for any interest over $50.

2007-01-10 19:59:35 · answer #2 · answered by LaLa 6 · 0⤊ 0⤋