Advisors understand that on death, a Canadian resident is deemed to dispose of their assets at fair market value, often resulting in capital gains being triggered. However, in some instances, capital losses may result. The legal representative of the estate should seek tax advice early if capital losses are triggered…
Tag: capital losses
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Can an estate claim a loss for tax purposes if the estate sells the property for less than what it was valued for at time of death? Hard to imagine such circumstances in this current real estate environment but in the unlikely event it does occur, what are the rules?…