Does Canada Have Death Taxes Or Inheritance Taxes?
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Technically, the marital deduction just defers the estate tax and does not prevent it. While an outright bequest of decedent’s entire estate to a spouse will do away with estate tax at the decedent’s death, the surviving spouse’s estate will be taxed on all of the assets transferred from decedent (that is unless the surviving spouse consumes or gifts away the assets).
As a reminder, the estate tax exclusion, which is the value of an estate that earns a credit against the tax due (the simple exclusion amount”), was set to revert to $1 million …
Does Canada Have Death Taxes Or Inheritance Taxes? Read More