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Tag: adjusted costs base

Death Tax, Probate Tax, Estate Tax, Inheritance Tax, Wealth Tax and Final Income Taxes; which of these should we Canadians be concerned for?

Unlike some other countries in the world, Canada does not impose taxes on wealth or the value of an inheritance upon death; but in its place Canada taxes the deceased’s income for its final year. Canada, unlike the United States, does not charge an estate tax on the value of the capital of an estate. Although there are only taxes on income in Canada, certain specific rules make the tax more burdensome in the year of

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