Summary policy

Date
September 3, 2003

Reference number
CSP-W02

Key words

Will - Bequest

Policy statement

A gift by will is made when an individual makes a bequest under a last will and testament. Under the Income Tax Act, an individual is deemed to have disposed of capital property just before dying.

For deaths on or after January 1, 2016, a gift by will is deemed to be made when the gift is transferred to the qualified donee. For deaths occurring on or before December 31, 2015, a gift is deemed to be made just before death.

References

• Guidance CG-010, Qualified donees
• P113, Gifts and Income Tax
• Income Tax Act, R.S.C. 1985 (5^th supp.) c. 1, ss. 118.1(5)