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.
No significant difference between the four Sunni schools is recorded on this point in the sources reviewed. 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:
- Estate tax on rental property ontario
- Dependant support award effect on estate tax ontario
- Us estate tax exposure ontario resident us property
This entry is general information, not legal or religious advice. Inheritance turns on the exact family circumstances. Confirm Canadian law with a lawyer in your province, and any religious ruling with a qualified scholar.
Citations & sources
Every factual claim on this page traces to one of the references below. Legislation and dollar thresholds change — verify against the primary source before relying on any figure.
- Shari'ah Standards — AAOIFI
- International Islamic Fiqh Academy — Organisation of Islamic Cooperation
- What to do when someone has died — Canada Revenue Agency
- Income Tax Act, RSC 1985, c 1 (5th Supp) — Justice Laws Canada
- Disability tax credit deceased persons final return canada — Treadstone Law
- How cra values assets deemed disposition death canada — Treadstone Law
- Adding co owner triggers partial deemed disposition ontario — Treadstone Law
- Deemed disposition at death all assets — Treadstone Law
- Estate deemed disposition ontario — Treadstone Law
- Wills & estates practice — Treadstone Law