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In his Les Affaires blog, Daniel Germain addresses the thorny issue of inheriting a stock portfolio.
From a tax perspective, the issue is complicated, however, there are options available to the estate. Before making any decisions regarding the shares, the executor should prepare an overview of the situation with the assistance of an accountant experienced in preparing estate tax returns. The capital gains on the stock portfolio could trigger significant taxes payable.
Luc Lacombe, Tax Expert for our firm says, “The tax authorities consider that there is a deemed disposition of all of the person’s property at the time of death, including the stock portfolio.”
Each estate is different. Daniel Germain invites heirs to call on tax advisors who specialize in this area to determine the best solution for their particular situation.