October 2017
Post-mortem planning: reprieve for the pipeline?
Bob Boser, CPA, CA, B.Comm, is a partner, tax, in the Red Deer office of Collins Barrow
When individuals die, they are deemed to have disposed of all of their assets at fair market value at the time of death. This deemed disposition applies to capital property such as vacation properties, rental properties and shares of public and private corporations. An exception to this rule applies where there is a surviving spouse, in which case the assets may be transferred to the surviving spouse with no tax consequences. If there is no surviving spouse, any income resulting from the deemed dispositions is included in a final tax return filed on behalf of the deceased.
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Collins Barrow periodically publishes Tax Alert for its clients and associates. It is designed to highlight and summarize the continually changing tax and business scene across Canada. While Tax Alert may suggest general planning ideas, we recommend professional advice always be sought before taking specific planning steps.