My uncle passed away last year, and named me as a beneficiary, as well as an executor. My lawyer is on vacation so I can’t ask him my questions (for a couple weeks).
I was just wondering how much taxes we could expect needed to be paid out of the estate to the government. The estates assets are as follows:
RRIF: 98 000
GIC/stocks/bonds: 140 000
house sale (primary residence at time of death) 160 000
other stuff (personal vehicle, cash, house contents): 35 000
TOTAL VALUE: 430 000-ish
Now I understand the RRIF’s will be taxed heavily, but what about the other items, like the GIC’s, stocks, bonds, house, etc? Do they count as income, and if so, will the taxes due be really high? Any idea as to roughly how much will be taken by the government would be helpful.
Oh ya, I live in Ontario, Canada.
Thanks a bunch!!