Skip to main content

Featured

5 Things to Know Today: Inflation Data, a Tariff Countdown, and a Big Energy Deal

  August 17, 2026 Inflation data lands this morning, the clock on the U.S. tariff deadline is down to two days, and a long-running provincial energy dispute is about to be settled. Here's what's moving your money today. 1. Today's Inflation Report Could Set the Tone for September Statistics Canada releases July's Consumer Price Index this morning. Economists are expecting the annual rate to tick up to roughly 2.9%, from 2.8% in June, mainly because gasoline prices swung higher again in July after the Middle East conflict pushed oil prices back up. Core inflation measures, which the Bank of Canada watches most closely, aren't expected to move much. What it means for you: A hotter-than-expected print would make it less likely the Bank of Canada cuts rates at its September 2 meeting, which matters if you're renewing a variable-rate mortgage or carrying a line of credit. A softer number keeps a cut on the table. 2. The Tariff Deadline Is Two Days Away, and Talks Are...
Post a Comment
Read more

article

Labels

Navigating Inheritance Tax: Understanding and Planning for Your Legacy

 

Inheritance tax is a levy on the assets bequeathed by a deceased person to their heirs. While many countries have specific inheritance taxes, Canada does not impose such a tax. Instead, the Canadian Revenue Agency (CRA) treats the estate as having been sold at fair market value immediately before death, which may result in capital gains taxes that the estate must pay before distribution to beneficiaries.

Who Pays Inheritance Tax? In jurisdictions where inheritance tax exists, it is typically paid by the beneficiary who receives the assets. However, in Canada, beneficiaries do not pay taxes on received inheritances directly. Any taxes owed are usually settled by the estate of the deceased before the inheritance is distributed.

How to Avoid Inheritance Tax Since Canada does not have an inheritance tax, Canadian residents need not worry about avoiding it. However, it’s important to plan for potential capital gains taxes on the estate’s assets. Strategies such as designating a principal residence, planning withdrawals from retirement accounts, and setting up trusts can help minimize the tax burden on an estate.

Understanding the implications of inheritance and estate taxes is crucial for effective estate planning. By being informed and prepared, you can ensure that your legacy is passed on to your loved ones with minimal tax impact.

Labels:

Comments

Post a Comment