Inheritance

Inheritance is property a person receives from someone who has died, whether under a will or under the intestacy rules where there is no will. In BC the estate is administered by an executor or administrator, and beneficiaries receive what remains after debts, taxes and expenses are paid.

How BC law treats it

Neither Canada nor BC has an inheritance tax. At death there is a deemed disposition of capital property under s. 70(5) of the Income Tax Act, BC charges probate fees under the Probate Fee Act, SBC 1999 c 4, and spouses and children may apply to vary a will under Part 4 of the Wills, Estates and Succession Act, SBC 2009 c 13.

What it means for your business

Business owners should plan for the tax on deemed disposition of their shares at death and for how control of the company will pass.

Risks and common mistakes

Without a will and succession plan, a business interest can pass under intestacy rules to people unable or unwilling to run the business.

Fulcrum's corporate lawyers can help with these issues.

General information about British Columbia and Canadian law, current to October 2026. It is not legal advice.