Canadian tax question about canadian cap gains

Question

i inherited a property from my sister in canada who passed away. how do i value the cost basis of the property for purposes of sale. do i get up a stepped up cost basis to fair market value on the date of death, like here in the u.s. or is there another way of establishing cost basis

thanks

Answer 1

Yes, you should have the property appraised as of the day you received it, and that becomes your cost basis..

Answer 2

Your cost base of that property for cdn capital gain purposes is the fair market value of that property on the day transferred to you.