An individual passes away on November 20, 2023, owing the following assets: Cost FMV Cash $20,000...

 

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An individual passes away on November 20, 2023, owing the following assets: Cost FMV Cash $20,000 $20,000 Investments- shares in public companies $310,000 $500,000 Principal Residence (owned and lived in from 2001) $350,000 $400,000 RRSPs (beneficiary child, aged 45) $ 100,000 $2,000,000 The taxpayer's Will specifies that all assets will be inherited by the 45 year old child. What are the tax implications on the taxpayer's death on November 20, 2023, including the types of tax returns that should be filed; their due dates; and, approximately how much taxes will be owed for each tax return? Assume the taxpayer is at a 50% tax bracket. An individual passes away on November 20, 2023, owing the following assets: Cost FMV Cash $20,000 $20,000 Investments- shares in public companies $310,000 $500,000 Principal Residence (owned and lived in from 2001) $350,000 $400,000 RRSPs (beneficiary child, aged 45) $ 100,000 $2,000,000 The taxpayer's Will specifies that all assets will be inherited by the 45 year old child. What are the tax implications on the taxpayer's death on November 20, 2023, including the types of tax returns that should be filed; their due dates; and, approximately how much taxes will be owed for each tax return? Assume the taxpayer is at a 50% tax bracket.

Answer rating: 100% (QA)

Upon the taxpayers death there are several tax implications and filings to consider 1 Final Individual Income Tax Return T1 Return Due Date Generally ... View the full answer