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The answer is no, in general your inheritance will not be subject to income taxes. However, if you inherited something that subsequently appreciated, the appreciation could be taxable. As the recipient of the inheritance, you donât have to pay income taxes. But, taxation can be a factor when you look at the big picture. There is an estate tax in place, but there is a $5.43 million exclusion in 2015.
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.