CRA is always your first beneficiary. It’s the Canadian way.
That’s why your last will and testament only applies to the “residue” of your estate. We don’t have an “inheritance tax” in Canada, taxes are paid by the estate of the deceased. Almost everything you own is a deemed disposition on death, sometimes much your accumulated wealth passes to your spouse on a tax DEFERRED basis. But the CRA always gets paid…eventually.
Same thing happened with my Dad. Refused to spent his retirement savings in an RRSP, died with a large balance and the CRA took half of his life savings. Once you retire, withdraw and live your best life. https://t.co/V9WXOtpoMK
— Chris Patrick Bacon (@CanadianRs3) September 27, 2025
