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BC man fights $140,000 tax nightmare with CRA after wife’s death

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A B.C. man is sharing his tax filing nightmare after the Canada Revenue Agency claimed he owed over $139,000 in taxes.

“It terrified me. I mean this is government. What’s the next step?” Brian Kirkham told Global BC's Consumer Matters.

In 2016, Kirkham’s wife passed away.

Her RRSPs were transferred to Kirkham’s RRSPs as spouse and beneficiary. The transfer of funds results in a neutral tax situation where no tax is payable, but Kirkham says the CRA insisted he owed income tax on those transferred funds which were approximately $240,000.

The retired banker says the CRA claimed he owed over $139,000 in tax. “I was shocked. I was in finance for 38 years. I dealt with this all the time. It’s a routine transaction,” Kirkham added.

For more info, please go to: https://globalnews.ca/news/8266686/bc-man-fights-tax-nightmare-cra-wife-died/

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#GlobalNews #GlobalBC #ConsumerMatters #Taxes
Category
U.S. & Canada
Tags
global news, canada, canada revenue agency
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