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Taxation at Death
Sonia and Kyle are married and own the following assets:
Asset
Title
ACB
FMV
Home
Joint
$200,000
$450,000
QSBC Shares
Sonia
$50
$850,000
RRSP
Kyle
$225,000
$31,000
Mutual Funds - non-registered
$490,000
$255,000
Sonia and Kyle have each written a will that leaves their entire estate to the other.
Questions: Show all reasoning and calculations
1. If Kyle dies first, what is the taxable income to include in his final tax return? Assume no other income.
2. If Sonia dies soon after, what is the taxable income to include in her final tax return? Assume no other income or change in asset values.
3. What will the probate fees be on Sonia's estate? Assume she lives on Ontario.
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