Inheritance

-TSS- · June 6

I think in all western countries inheritance works in a way that if there is no will or testament made the property of the deceased is equally shared between the descendants but there are variations between countries how much power a will has.

In Finland you must leave at least half to your children and you can order in your will the other half to be given where you want.

In the UK there is no such obligation to leave a half to your children. You can make a will and leave your children without anything at all.

I think that must be the case in most other countries too. The Finnish system is a remnant of the agricultural past whereby the eldest son inherited the house and the farm therefore the other children would have become destitude if there was no legal requirement to leave anything to them.

I think there are also variations between countries as to the right of a widow to stay living in the couple's house as long as she lives.

I would like to hear how are things concerning inheritance-matters in Canada.

nly

herbie · June 7

Give everything away on your deathbed and let the CRA figure out the rest themselves. Then if you owe them taxes, you're dead and they're f*cked.

Aristides · June 7

The CRA will get it's cut of any investments you give away when they are sold. If you have anything left in your RIFF it will be taxed as income. If your estate is more than 25K it will be subject to probate.

herbie · June 7

They get the standard witholding tax when it's cashed, any remainder when tax is due. If your cash and assets are gone and you are too, it's their problem.
So give them away before Dec 31 and die before Apr 30 to maximize the f*ckery.

Aristides · June 8

On 6/7/2025 at 1:46 PM, herbie said:

They get the standard witholding tax when it's cashed, any remainder when tax is due. If your cash and assets are gone and you are too, it's their problem.
So give them away before Dec 31 and die before Apr 30 to maximize the f*ckery.

They will be taxed when they are cashed in, regardless of who does it. CRA will get its share regardless.

herbie · June 8

That's what I said. The withholding tax when it's cashed. But if your other income is enough that might nor cover the actual tax.

I had to cash in my entire RRSP in the 1990s. Added to my other income it left me $40,000 short and took a decade to pay off. If I'd croaked the next year they'd have only got the witholding...