Question
T3 Tax Rates Help
Hello,
Completing my first T3 return for a client... I wanted to confirm that the same tax brackets and treatment of capital gains apply to an estate.
For example.. principle residence at time of death was valued at $1.75 million, was sold 1 year later for $2 million, capital gain for the estate is then $250,000, assuming only 50% is taxable... so $125,000 taxable capital gain? Is it taxed at the same Federal/Provincial rates as individual T1 tax returns?
Thanks!
