Inheritances themselves (i.e. assets at time of death) are generally not taxable in Canada, but any income earned by the estate is. Beneficiaries have to report income distributed to them, which are generally reported by the estate on a T3 (Statement of Trust Income Allocations and Designations).
Income you earn as an executor or trustee is taxable and must be reported.
Inheritances themselves (i.e. assets at time of death) are generally not taxable in Canada, but any income earned by the estate is. Beneficiaries have to report income distributed to them, which are generally reported by the estate on a T3 (Statement of Trust Income Allocations and Designations).
Income you earn as an executor or trustee is taxable and must be reported.
aidan_lawson
New Member
cclingwall-bdo-c
New Member
pepita0516
New Member
dktax22own-
New Member
mlackenbauer
New Member
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.