Joel DyckReal Broker SK Ltd.
Saskatoon · From the topic map

Do I owe capital gains tax on a Brevoort Park house I inherited?

Usually not right away. Canada has no inheritance tax; the Income Tax Act treats the deceased as having sold the Brevoort Park home at death, so gains up to that point are the estate's problem, and you, as heir, generally owe capital gains tax only on growth from the date of death to your eventual sale.

Because Brevoort Park is an older, established neighbourhood, the more common issue for an inherited house there is a renovation done without a City of Saskatoon permit, which an online estimate cannot see and which affects both the value at death used for tax purposes and the price a buyer will actually pay.

The Court of King's Bench first has to grant Letters Probate before title transmits to the executor at Information Services Corporation, and Saskatchewan probate fees are charged per $1,000 of estate value, a comparatively low cost against Ontario or British Columbia.

Getting an accurate, hand-reviewed number at the date of death protects the estate's tax position as much as it protects the eventual sale price. Get your hand-reviewed valuation from Joel Dyck.

Get your hand-reviewed valuation from Joel Dyck.

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