Death, taxes and cryptocurrency
Everyone knows that you can’t avoid the tax collector, and death is no exception. Under the Canadian Income Tax Act, on the death of an individual subsection 70(5) will trigger a deemed disposition of all the deceased taxpayer’s capital property at fair market value thus taxing any accrued capital gains in the deceased’s final tax return. There is an exception to this deemed disposition rule which will defer the taxation….
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Estate Planning, Executors, Tax Issues