Search the Community
Showing results for tags 'estate tax'.
Found 1 result
Which best describes your view of the estate (inheritance) tax? Canada, there is no inheritance tax at the federal level. Instead, the Canadian government imposes an estate tax, which is essentially a tax on the value of the deceased person's estate at the time of their death. Ontario does not have a separate inheritance tax. However, when someone dies and their estate is settled, the estate may be subject to estate administration tax, also known as probate fees, which are calculated based on the value of the estate. A fee of 1.5% is charged on the first $50,000 of an estate's value and 0.5% on the value of the estate above $50,000. United States. As of 2023, the federal estate tax exemption is $12.06 million per person. If an estate is valued at less than this amount, no federal estate tax is owed. If an estate is valued above this amount, then the excess is taxed at a rate that varies depending on the value of the estate. It's worth noting that some states also have their own estate or inheritance taxes. Options: Status Quo The inheritance tax should be eliminated entirely Make it less, but don't eliminate it The wealthiest need to pay a higher percentage of their inheritance Other, add a comment