Claire passed away during 2020. At the time she passed away, she owned her home which had a cost of $100,000 and a fair market value of $160,000, and an RRSP account with a cost of $30,000 and a fair market value of $70,000. Both of these assets were left to her children. Calculate the income to be reported on Claire's personal tax return as a result of her passing?

Answer rating: 100% (QA)

When someone passes away their estate is deemed to have disposed of all of its assets at their fair ... View the full answer