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5 Things to Know Today — September 27, 2026

  Sunday, September 27, 2026  |  MoneySavings.ca A milestone in the Canada-US trade war hits at midnight, the Bank of Canada's rate decision is now a near-coin-flip, and Canada's economic pivot to China is showing real results. Here are the five things that matter for your wallet today. 01 OF 05 The US Alcohol Import Ban Takes Effect Tonight at Midnight At 12:01 a.m. Eastern tonight, the United States stops accepting new shipments of packaged Canadian beer, wine, cider, and spirits. The ban was signed by President Trump on September 8 under Section 338 of the Tariff Act of 1930, escalating the trade dispute beyond the 50% tariffs that took effect on August 22. Everything already on US store shelves stays there and can still be sold — the ban stops restocking, not consumption. Goods imported before tonight but not yet cleared through customs remain subject to the 50% duty rather than the ban. Bulk spirits shipped in containers over four litres are exempt; consumer-sized bo...
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Inheritance Tax in Canada: Myths and Facts


Inheritance tax is a tax levied on the estate of a deceased person. In Canada, there is no inheritance tax. Money received from an inheritance, like most gifts and life insurance benefits, is not considered taxable income by the CRA, so you don’t have to pay taxes on that money or report it as income on your tax return. However, this doesn’t mean that an inheritance is immune from Canadian tax laws. The deceased person’s legal representative or estate may have to pay taxes on the estate’s income before the money is released to you.

When a person dies, their legal representative, the executor, has to file a deceased tax return to the CRA. The due date of this return depends on the date the person died. Any taxes owing from this tax return are taken from the estate before it can be settled (dispersed). Once the executor has settled the estate, they must ask the CRA for a Clearance Certificate which confirms all income taxes have been paid or that the CRA has accepted security for the payment. As a legal representative, it is important to get this clearance certificate before distributing any property. If you do not get a certificate, you can be held personally liable for any amount(s) the deceased owes.

If you invest your inheritance money, and earn income (such as interest or dividends) on that investment, you will be taxed on the income earned. The same rules apply if you sell a capital asset and it increases in value from the time you inherited it.

It is important to note that while there is no inheritance tax in Canada, there is an estate tax of sorts. After a person dies, the CRA makes sure that taxes have been paid on any income they earned up to the date of death. If there is a tax balance owing, the executor of the estate is responsible to file a deceased tax return.

In summary, there is no inheritance tax in Canada. However, the estate may have to pay taxes on the estate’s income before the money is released to you. It is important to file a deceased tax return to the CRA and obtain a Clearance Certificate before distributing any property.

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