The practical effect is similar to what some buyers expect from that other rule, in that value up to the date of death generally is not taxed again in your hands, but the mechanism and the paperwork are Canadian, not the concept some people ask about by its American name.
Getting the fair market value at date of death right matters because it is the number the entire later calculation rests on. A hand-reviewed valuation catches renovations an assessment record misses, and settling an estate still runs through a lawyer, with legal fees typically $800 to $1,500.
Joel Dyck provides that kind of documented valuation for estates settling a Saskatoon property. Get your hand-reviewed valuation from Joel Dyck.