What amount of taxes would she owe

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Question - Eleanor is a 82 year old widow. Her husband died about 5 years ago. Eleanor died peacefully in her sleep and left the following assets in her estate:

-Principal residence $919,500 (Individually owned; ACB - $400,000)

-Cottage $308,240 (Individually owned; ACB - $150,000)

-RRIF $343,338 (Beneficiary: Adult Daughter; ACB $212,000)

-Life Insurance $225,000 (Beneficiary: Adult Daughter) Assuming that Eleanor has no other income in the year of death.

What amount of taxes would she owe assuming her tax rate is 45% in the year of death?

Reference no: EM132924101

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