Gallagher Inglis Logo

Specializing exclusively in:

REAL ESTATE – purchases, sales, mortgages, transfers, severance deeds

ESTATES – Wills, Powers of Attorney, Administering Estates

CORPORATE – Incorporation, Maintaining Minute Books, Amendments, Amalgamations, Share Purchases, Asset Purchases

Our professional, courteous staff are ready to assist you!

TIPS – INHERITANCE TAXES

We have had many people contact our office wondering about “inheritance tax”. First of all, there are no inheritance taxes in Ontario. Beneficiaries of an estate do not pay tax on the money they inherit from an estate. However, any interest earned as a result of investing those funds needs to be claimed on your personal income tax return for the applicable years.
The Estate is responsible for payment of income tax, which some people may mistake as “Estate Tax”. It is the responsibility of the Estate Trustee to ensure that all tax returns are filed with Canada Revenue, including the income taxes due for the year of death (the personal income tax of the deceased), any tax return necessary for any trust income (e.g. Death Benefit, any interest earned on bank accounts or investments, the sale of a property, or any income of any kind earned after the date of death), which would be the final tax return, usually called a T1 Return.

Contact Us

Office Hours – Monday – Friday
8:30 a.m. to 12:00 p.m. & 1:00 p.m. to 4:00 p.m.
Closed weekends and holidays

Office Address
33 Renfrew Avenue East
Renfrew, Ontario K7V 2W6

Telephone: 613-432-8537
Fax: 613-432-8538
Email: info@gallagheringlis.ca

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Gallagher & Inglis Professional Corporation

© 2018 Gallagher & Inglis Professional Corporation, All Rights Reserved.

33 Renfrew Avenue East, Renfrew, Ontario K7V 2W6 Canada
Tel: 613-432-8537 - Fax: 613-432-8538 - info@gallagheringlis.ca



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