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So how do I avoid capital gains tax on inherited property in Canada? There are exceptions to tax liability for your money that can save you tax. For instance, capital gains on your principal residence won't be taxed. Death benefits paid to a life insurance policy beneficiary are generally tax free. The deemed disposition rule does not apply when non registered capital property is transferred to your spouse or common law partner after your death. This is known as a spousal rollover. Tax will be deferred until your spouse or common law partner dies.

So how do I avoid capital gains tax on inherited property in Canada? There are exceptions to tax liability for your money that can save you tax. For instance,…