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Inheritance

If I’m the beneficiary of registered assets, like an RRSP or RRIF, do I not have to pay taxes on those funds, since they bypass the estate?

This is a common misconception, but no, the estate is liable for the tax. Note that if you’re the spouse of the decedent, the funds can be rolled to your own registered account without triggering taxes. Talk to a Certified Executor Advisor to learn more.

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August 17th, 2022