Will

Summary Policy

Date
September 3, 2003

Reference number
CSP-W02

Key words

Will - Bequest

Policy statement

A gift by will is made when an individual makes a bequest under a last will and testament. Under the Income Tax Act, an individual that makes a gift by will to a qualified donee is deemed to have made a gift immediately before the individual died.

References

• Summary Policy CSP-B04, Bequest
• Summary Policy CSP-D09, Direct Designation
• Guidance CG-010, Qualified Donees
• Pamphlet P113, Gifts and Income Tax
• Income Tax Act, R.S.C. 1985 (5^th supp.) c. 1, ss. 118.1(5).