Interest, prohibited in Islamic law.
In Islamic law
Relevant to an estate holding interest-bearing accounts or an interest-based mortgage. Scholars differ on how heirs should treat accrued interest.
In Canadian law
Interest income is taxable on the final return regardless of religious treatment, so the tax and the religious question are separate.
We have not yet researched whether the four Sunni schools differ on this term, so we are not going to tell you either way. Where a specific case turns on it, ask a qualified scholar rather than relying on a general summary.
Canadian legal detail
Treadstone Law, an Ontario firm with a wills and estates practice, covers the Canadian side of this in more depth:
- Deceased final tax return estate taxes ontario
- Disability tax credit deceased persons final return canada
- Foreign tax credit deceased persons final return canada
This is legal information only. For advice on your own circumstances, speak to a lawyer.
Citations & sources
Every factual claim on this page traces to a source below. Details change — check the original source before relying on any figure, fee or legal position. Anything under “further reading” is related material, not a source for what is stated here.
- Shari'ah Standards — AAOIFI
- International Islamic Fiqh Academy — Organisation of Islamic Cooperation
- Deceased final tax return estate taxes ontario — Treadstone Law
- Disability tax credit deceased persons final return canada — Treadstone Law
- Foreign tax credit deceased persons final return canada — Treadstone Law
- Filing a t3 trust income tax return canada — Treadstone Law
- Wills & estates practice — Treadstone Law