You are to present the results of your calculation, the. total cost to the customer, the steps the service manager would oversee the. technician performing, and an outline of how the service manager would determine. if the work had been performed to the customerâs satisfaction.
Inherited cash is not considered taxable income for federal tax purposes. The inheritance of stuff - property in your case - is also not considered income for federal tax purposes. Generally the fair market value of the property at the date of death becomes the beneficiary's basis for calculating gain or loss when it's sold.
There are some financial advantages to giving it away while you are alive. Even though there is no inheritance tax in Canada, the general thinking is the estate does pay because it is faced with capital gains taxes on assets. At the time of death assets are considered sold and taxes owed on gains. Some provinces also charge probate fees of as much as 1.5% on an estate.