September 3, 2003
Will - Bequest
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 is deemed to have disposed of capital property just before dying.
For deaths on or after January 1, 2016, a gift by will is deemed to be made when the gift is transferred to the qualified donee. For deaths occurring on or before December 31, 2015, a gift is deemed to be made just before death.
- Guidance CG-010, Qualified donees
- Pamphlet P113, Gifts and Income Tax
- Income Tax Act, R.S.C. 1985 (5th supp.) c. 1, ss. 118.1(5)
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