@calmmoneycoach: Most of us will inherit something. Most of us aren’t ready for it. 34% of millennials and Gen Z who expect to inherit feel completely unprepared (Money Wise Institute, 2025). 80% of parents plan to leave something. 52% have never talked to their kids about any of it. The conversation that should be happening at the kitchen table is happening on Reddit at 2am. A few things nobody tells you: Canada has no inheritance tax. The estate paid. But income and gains after that are yours to report. Section 160.2 of the Income Tax Act makes RRSP beneficiaries jointly and severally liable with the deceased. Sylvia O’Callaghan inherited $274,050. She walked away with $81,346. Real Tax Court case, 2016. In Ontario, your inheritance is protected in a divorce under Family Law Act s.4(2). Put it in the matrimonial home and the protection is gone. Forever. First few weeks: do nothing. First few months: run the math. First year: build the plan. This isn’t a financial event. It’s a death with paperwork attached. The math matters. The grief matters more.

Brian | Calm Money Coach
Brian | Calm Money Coach
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Region: CA
Sunday 10 May 2026 21:39:02 GMT
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lisatronn
lisatron :
Inherited a great head of hair
2026-05-29 11:48:14
6
mmmadkat
Madeline :
Wondering if you can make a video on RRSP and TFSA for people getting into investing in their late twenties/early 30s… currently have both through CIBC in their managed “growth” portfolios… most advice I’m seeing online is to take both TFSA+RRSP and out and move it to somewhere like wealth simple, with a similar bank-managed portfolio where the annual management fees are much less, OR move to wealth simple (etc) and do self directed investing by purchasing ETFs like XEQT etc..any advice would be so appreciated as it is so difficult to know what the “right” decision is while trying to become more financially literate
2026-05-15 18:21:30
1
flipflopfinance
Flipflopfinance :
Got $500 from my grandma 👌
2026-05-11 00:08:40
9
bostich_tt
Bostich 🇨🇦 :
“Inherited” a small Trust for my kids - can’t wait until that nightmare is over.
2026-06-14 03:48:05
0
nadinehoshwa
Nadine Hoshwa🇨🇦 :
We plan on spending all our money
2026-05-12 23:04:09
5
boobytrap_backwards
Partyboob :
My mother passed in March 2024 - I only just last week received the notice of reassessment on her terminal return that we submitted in April of 2025, submitting the request for clearance certificate shortly so I know that’ll be another long wait. It takes a long time to settle this stuff!
2026-05-10 23:35:17
6
tanyaewa
TanyaGo :
Some really good advice. Taking time, breathing, grieving is turning out to be very important
2026-05-11 06:28:55
3
alwayshope1111
alwayshope1111🇨🇦 :
can you back out if you are an executor??
2026-06-04 15:36:29
0
geometrydash7801
Ldk 🇨🇦 :
My mom had a severe stroke 20+ years ago and has been living in a geared to income home. Shes been giving us cash for 20+ years. Tax free.
2026-05-13 01:02:00
2
brampton_vodden
Brampton_Vodden 🇨🇦 :
Yeah but when can I buy my sno-cone machine? 😁
2026-05-19 14:36:20
2
ajade2484
Ashley J. Kreze :
This is so important and nobody talks about it enough. As a Registered Psychotherapist who has personally navigated a parent's estate, I can tell you the financial shock is real, but what hits just as hard is the emotional weight nobody prepares you for either. Grief, family conflict, guilt, resentment: it all surfaces at once while you're also trying to make massive financial decisions. The kitchen table conversation needs to happen, and so does the one about how to actually cope when it doesn't. 💙
2026-05-11 04:41:37
2
karlmamer1
Karl Mamer :
I would add that an inheritance, like any large cash windfall, is not recurring income. I was in tech during the Internet boom and saw too many people cash in huge amount of options, buy a lot of stuff like an expensive house and a Lamborghini, and then realize they can’t support those purchases on their salary. So, don’t run out and buy something you will not be able to support. If you are young and the inheritance is substantial, put it away for your own retirement. You will be able to live very well knowing you’ve already paid for your retirement and you don’t have to scrape and save as much for that retirement.
2026-05-11 10:36:57
1
sammisam01
Sam🇨🇦 :
how do we know if we will owe a tax.
2026-05-13 01:17:41
1
remigiogiancola
Remigio Giancola :
Father in law sold his condo before moving to a retirement home. We took the money and invested in a segregated fund, which is kinda like a life insurance plan. When he passed the money went directly to his kids. He was single. No probate was needed.
2026-05-11 14:07:46
1
simply_life_hacks
simply_life_hacks :
what should we do then if we inherit an rrsp ?
2026-05-11 10:23:57
1
janicesierzant
janicesierzant :
Why did the CRA go after the sister for more $$$? I thought the executor was responsible?
2026-06-14 18:19:18
0
dannarussell2
Danna Russell472 :
As appointed executor, can we distribute funds earlier to avoid paying income tax?
2026-05-12 15:47:16
1
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