Death taxes - How is it calculated?

[wantoplay]

Hi All,

How is the death tax calculated?? Is it a certain percentage up to a certain dollar amount, and then does it grow??

What percentage is it??

 

[Mongrel4u]

are you talking about estate taxes?

 

[Aardvark154]

Even as JFK asked Canadian or American?

The U.S. has a regime of both Estate Taxes and of the Tax Payer and their estate each paying a proportion of the taxpayer's final year of income tax.

 

[wantoplay]

Ontario Canada. An example. Recent death, house for sale, to be split be heirs. Who much does the government take? There is a will and executor.

 

[alan9080]

If the house was a principal residence then there
are no capital gains taxes to be paid.

 

[wantoplay]

If the house was a principal residence then there
are no capital gains taxes to be paid.

of the deceased?? Would you have a link to this?? Cannot show person who asked this thread.

 

[K Douglas]

Ontario Canada. An example. Recent death, house for sale, to be split be heirs. Who much does the government take? There is a will and executor.

The estate will be subject to probate fees on the value of its assets at the date of death. Probate fees in Ontario are 0.5% of first $500,000 and 1.5% of excess. There will also be executor fees the max. allowable is 2.5% of the estate's capital disbursements.

 

[Moraff]

Ontario Canada. An example. Recent death, house for sale, to be split be heirs. Who much does the government take? There is a will and executor.

From CRA website: http://www.cra-arc.gc.ca/tx/ndvdls/lf-vnts/dth/dmd/menu-eng.html