How does this even make sense? This is Canada.

We are ruled by criminals.... There is no accountability and no democracy in this country. This country is an oligarchy, we can pretend to be something else but anyone that actually pays attention knows this is a tax farm and we are being sucked dry.

Liberals and CRA need your money for Ukraine, Free food and housing for immigrants and CBC

You really wonder why there aren’t more Killdozer type rampages.

I went through this and it was a nightmare! I found out the govt was a 25% partner in my inheritance, and they want their cut in the first year! 2016, the year I no longer found anything redeeming about this country.

Stop participating Yes. It’s just that easy. Everyone just STOP THATS HOW WE WIN

Just another “you’re screwed and there isn’t much you can do about it” tax.

Dumbass told CRA VOLUNTARILY Treat them like the census morons

If you run a business in canada, you need a very good tax lawyer. Find one who is libertarian.

This whole fucking country is backwards 😒

That’s why I sold everything and gave it to my adult children before I die along time ago and now I have nothing that the government can take , small bank account just enough to cover insurance, phone , cable that’s it and take out cash for the month, funeral paid

What’s even the incentive to own any business or create value if this is the case?

We had to get a lawyer to get scotia to release my parents savings, and that s just a bank

They don't need your money. They just don't want you to have it. How can the people of Canada get poorer and more dependent on the govt if they are prospering? Duh!

It's not a "deemed disposition tax" Her limited understanding and her mother's failure to plan are what the government banks on. At death, unless you have a spouse to transfer assets to on a tax deferred basis, the government mandates that fair market value of your assets is assigned. "deemed disposition" is technical jargon meaning that assets are theoretically sold. The assets are then taxed. Seeing as it is the sum total of all you own...a large tax bill will ensue. For example....you die single with $700,000 in your RRSP. That adds $700k to your income in your year of death. Your beneficiary gets what's left after taxes are paid, the "residue".

Also never put your wealth in RIF. Taxed at 50% upon death.

Makes perfect sense when you look into Carney's history (and Canada's as a whole) As I am sure you know, Carney was at one time Governer of the Bank of Canada, and at another point, the Governer of the Bank of England. (I am not a Poilievre fan as I have learnt too much about how politics is a farce) Respect to any Canadians reading this. Your Freedom Convoy was a light to the world. Much love from South Africa.

Elbows up eh? Also make sure your asses are up too because you are going to get fucked.

Hey, at least she is not American! Woo whoo go Canada!

This country punishes entrepreneurship. What do I know? I’m just a stupid American who moved to Canada.🤷🏾‍♂️

Im sure its as screwball as shit - however I am also sure there are good ways to plan for a business succession after a death.

Yup. Helped my grandparents wrap up their company before death to avoid this. Another option is life insurance in the company to pay the tax without being forced to liquidate assets immediately. Not nice, but better than the UK’s inheritance tax regime.

There is a topic called "Post-Mortem Tax Planning" which can help avoid the deemed disposition rule, if you can continue to operate the businesses that belonged to the deceased. Consult a specialist accountant, or search for this term. Example:

That's when you make sure your insurance premiums are paid up in case of an accidental fire.

This is why you put everything into something like a trust and make your children the controllers of the trust. You die, they are responsible for the trust. Then they put all their stuff in the trust, they die give it to their kids and so forth.

Just went through this. Sent a cheque for millions to Carney before any of his children have even thought of disbursements.

@GadSaad exit tax is just one form of deemed disposition. It is madness.

People should look into a Blind Living Trust to protect their assets.

CRA and Revenue Quebec are literally criminal organizations for real.

unelected officials, primarily chubby Karens sort all this kinda thing out for you. Dont dare disagree or you will be getting audited till the cows come home.

Oh my word! This is such an eye opener. Now it seems it’s safer not to run a business alone or better still, put your house in order before death comes knocking 😬😬😬

Under fair market value to their friends and family.

If you die, don't tell anyone.

This sums up CRA PERFECTLY!! Makes zero sense and the next time you call, they are going to tell you something different anyway….

Yes, it’s predatory. But like everything else in life, planning is essential. Be careful of getting info from the internet. Child in BC nearly lost everything after both mum and dad passed and figured that selling their principal residence and moving to their cabin would help. Nope. CG tax up the wazoo.

The government facks you coming and going.