I swear many people are too dumb to understand how taxation works
They got a huge tax bill for 2 reasons:
1) the rrsp is considered income and therefore taxed as much. Which makes sense. The parents didn't pay taxes on this money. The bill is worse because they'll get taxed at the highest rate. It would have been better to withdraw from it a little bit every year. Poor planning from the parents here. If the RRSP was 700k, then income tax would be around 300k if we really simplify.
2) capital gains on the cottage. That's the other 350k of taxes. That means this cottage has increased in value by a good 1.4m! (1.4m of capital gains, 50% inclusion rate and then 50% tax rate=350k)
So they end up at the end with 50k cash and a cottage worth over 1.4m! They can still it and there won't be taxes! (Unless it increases in value even more). The estate was worth over 2m and they'll net over 1.45m.
The story is absurd and many dumbasses here think they'll take only have 50k at the end. This is simply not true.
Do not be complacent, people.
Mark Carney hasn't won anything yet.
You need to vote for that to happen.
Pierre will win if you stay home bc you assume it's in the bag.
Vote vote vote.
Dear America,
We're not booing your hockey players.
We're not booing your country.
We're not even booing you.
We're booing your asshole of a president who keeps threatening our sovereignty for zero reason. Once he leaves us alone it'll stop.
Hope that clears it up for you.