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posted Oct 31, 2019 3:49:08 AM

I recently received an inheritance from my recently deceased brother's RRSP. Do I need to claim it as income if I did not receive the T4RSP?

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Level 15
Oct 31, 2019 3:49:10 AM

The T4RSP was likely issued in your brother's name and reported on his final tax return. Canada does not have an "inheritance tax", and any funds you receive are tax-free. Only if you were to invest these funds, or they earn income are you required to report the income earned on your own tax return.

1 Replies
Level 15
Oct 31, 2019 3:49:10 AM

The T4RSP was likely issued in your brother's name and reported on his final tax return. Canada does not have an "inheritance tax", and any funds you receive are tax-free. Only if you were to invest these funds, or they earn income are you required to report the income earned on your own tax return.