my mom recently passed away and she left me some money do i have to pay taxes?

Answer 1

Generally, if you receive the proceeds under a life insurance contract because of the death of the insured person the benefits are not taxable income and do not have to be reported. Any interest you receive would be taxable and would need to be reported just like any other interest received.

However, if the policy was transferred to you for valuable consideration, the exclusion for the proceeds is limited to the sum of the consideration you paid, additional premiums you paid, and certain other amounts.

Answer 2

Probably, yes
It depends. If you had a joint tenancy you are now the owner and would pay tax from the date the money/securities, etc were purchased. (capital gains).I fell into this trap. My mother had me as joint owner on some Series E bonds and when I cashed them in I paid about 90% in capital gains. If you inherited it you would pay inheritance tax. There is a ceiling on this--you pay the tax for amounts over something like 600,000. You really should talk to a tax expert.

Answer 3

If it's a cash inheritance, then you do will not have to pay tax on it in Canada.

The Canadian tax system only taxes dollars once. Your mom would have paid tax on that money when she first earned it.

You will however have to pay tax on any interest that this income generates.

In Canada cash inheritance and gambling winnings are NOT taxable.

Answer 4

Money that is inherited is not taxable. Same as lottery winnings.
You will only pay taxes in the following years on any interest that you earned when you are issued a T5.

Answer 5

It depends on what form the estate is in, the country you are in, and what the will says.
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In Canada, cash from a chequing account, probably not, but there is a chance that other assets in the estate would require tax to be paid, which would deplete the cash account when the taxes are paid.
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Answer 6

i think it depends on how much she left you. I remember hearing something in law and economy. Something like you dont have to pay taxes on inheritance on anything under either 5,000 or 500,000 dollars. Its a little fuzzy but i definitely remember it being something like that. I would haved checked online but i didnt know where to look at the moment.

Answer 7

Probably. Go to a local income tax preparer (Do they have H & R Block in Canada?) & tell them your situation. Not only will they be able to help you, but they'll make SURE you get to keep all the money you're entitled to... Good luck...-And I'm sorry to hear about your Mother's passing.

Answer 8

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Answer 9

Yes you do, but if you put the money into an IRA you can differ the taxes. Talk to your bank, they can help with this. =o) I'm sorry for your loss.
Good Luck!

Answer 10

Just phone the Taxation Department and ask them! They should be in the phone book under Government listings, or use your Canadian internet phone site.