Published: September 22, 2021
Last Updated: September 22, 2021
In an article published at Canadian-Accountant.com, renowned Canadian tax lawyer and tax expert David Rotfleisch of Rotfleisch & Samulovitch PC explained what happens to the properties left by a Canadian taxpayer and what happens to the spouse who received their deceased partner’s properties.
“This spousal rollover treatment is normally beneficial when the deceased spouse had unrealized capital gains on the property transferred. This is because the rollover defers the payment of income tax on the capital gain until a later date, being the actual sale of the property or the death of the surviving spouse. Unless the property declines in value at some point in the future, eventually the property will be sold or otherwise disposed of which will result in the gain that existed at the time of the deceased spouse’s death being realized and taxed.” — Canadian-Accountant.com, “Electing out of spousal rollover on death”
"This article provides information of a general nature only. It is only current at the posting date. It is not updated and it may no longer be current. It does not provide legal advice nor can it or should it be relied upon. All tax situations are specific to their facts and will differ from the situations in the articles. If you have specific legal questions you should consult a lawyer."