BIL passed away in Feb. His remaining RRIF balance transferred to his spouse (my sister) by the trustee. Ages 83 and 78 respectively. No dependents.
Sister subsequently died in June.
Question: Does Sister have to take the combined RRIF amount into her taxable income? Is it possible to elect to have BIL take his RRIF balance at date of death into his income in order to reduce my sister’s estate final tax burden. I am executor for each estate.
thanks
Sister subsequently died in June.
Question: Does Sister have to take the combined RRIF amount into her taxable income? Is it possible to elect to have BIL take his RRIF balance at date of death into his income in order to reduce my sister’s estate final tax burden. I am executor for each estate.
thanks