Inheritance Tax Canada 2024. If you receive property as a gift, you are generally considered to have acquired the property at its fair market value (fmv) on the date you received it. The canada revenue agency (cra) will not require bare trusts to file a t3 income tax and information return (t3 return), including schedule 15 (beneficial ownership.
Instead, after a person is deceased, a final tax return must be prepared on income they earned up to the date of death. But since the estate itself is taxed before those inheritances are.