[GNC] Inheritance of Cash

[R. Victor Klassen]

There may have been a small amount of earnings between the death and distribution. Not sure about the treatment here but the US does charge the heirs tax on their part of those gains. 

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> On Oct 12, 2018, at 5:34 PM, Leo Bolta <lbolta at rogers.com> wrote:
> 
> Thanks for the input all!  Good to especially know that the tax had already been paid before the final distribution.
> 
> 
>> On 2018-10-12 8:44 AM, R. Victor Klassen wrote:
>> Canada does not have inheritance tax.  Presuming the executor got it right, the estate paid all its taxes before releasing the last of the inheritance.  I’m not sure what happens if the executor screws up and distributes too much before CRA has its final say on how much the estate owes (basically any capital gains and the remaining value of any RRSP/RIF/LIF are treated as income in the year of death, in addition to the usual income for that year, and these are taxable just the same as if they had been sold the day before death).  And there’s probate, which is another tax - also to be paid by the estate before the final distribution.
>> 
>> As far as GnuCash is concerned, that has already been answered.
>> 
>>> On Oct 11, 2018, at 11:27 PM, Leo Bolta <lbolta at rogers.com> wrote:
>>> 
>>> How would one handle a transaction of inherited cash in GnuCash within Canada?  Can I expect to be paying taxes on the sum in the future?
>>> 
>>> Thanks,
>>> 
>>> Leo
>>> 
>>> 
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>