Do we have an inheritance tax in Canada? The answer is kind of, but not really. I recently had a question from a viewer who has a home. They own their home jointly with their spouse, and they have one child that they would like to have inherit that house when they pass away. And they'd heard from friends and colleagues that they might be subject to inheritance taxes.

And this gave them a lot of discomfort. And they wondered if there's anything that they could do to avoid. This inheritance tax. We don't have inheritance taxes in Canada. We do have capital gains taxes. And we do have a process called probate that can apply to some assets when somebody passes away. So in this video, I'm going to talk about the probate process, how it works in the event of somebody passing away who owns a home that wants their child to inherit that property, what the difference is between probate and capital gains taxes and other forms of tax that might be payable when someone passes away.

And hopefully some of this will relieve any concerns you might have about inheritance taxes and maybe help you avoid make. Planning mistakes as you try to avoid this inheritance tax that doesn't exist.