i was a beneficiery of my brother pension but he had no will, His other assets became the estates money. who pays the taxes the pension the estate or the beneficiery

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December 10, 2024
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i was a beneficiary of my brother pension but he had no will, His other assets became the estates money. who pays the taxes the pension the estate or the beneficiary.

TurboTaxAniqua

Here's some information on being a beneficiary:

Inheritances themselves (i.e. assets at time of death) are generally not taxable in Canada, but any income earned by the estate is. Beneficiaries have to report income distributed to them, which are generally reported by the estate on a T3 (Statement of Trust Income Allocations and Designations).
Income you earn as an executor or trustee is taxable and must be reported.

Please review these CRA links for more information. Please contact CRA for further clarification.

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