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Gulf on Edge as UAE Oil Hub Blaze Fuels Iran–US Tensions

  Smoke rises in the Fujairah oil industry zone, caused by debris after interception of a drone by air defences. A surge in regional tensions has followed a major fire at a UAE oil hub, sparked by debris from intercepted drones, as Iran vows retaliation for a recent U.S. strike on its Kharg Island oil facilities. The incident has intensified fears of broader conflict across the Gulf, with Iran warning that parts of the UAE could be considered legitimate targets.  A significant fire erupted at a major oil hub in Fujairah, United Arab Emirates, after debris from intercepted drones fell onto the facility, disrupting operations and sending plumes of smoke across the region. The blaze occurred amid escalating hostilities following a U.S. strike on Iran’s Kharg Island—Tehran’s primary oil export terminal. Iran responded with sharp warnings, declaring that U.S. “hideouts” within the UAE could be targeted as legitimate military sites. The threat came as Iran continued missile and d...
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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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