Words from the Heart for Tuesday May 30th, 2017
Don’t get too upset when other people become rich. Don’t be troubled when they become more and more wealthy. They won’t take anything with them when they die. Their riches won’t go down to the grave with them.
Psalm 49:16-17 (NIRV)
You Can’t Take it With You
This verse describes the reality of life. It doesn’t matter how rich someone is here and how many things they possess, they will leave it all behind. For the believer, we live our lives with eternity in view. We want to give ourselves to lasting riches. That is a decision you can make today.
There is no inheritance tax in Canada. The Canadian Revenue Agency treats the estate as a sale which means the estate pays any taxes owed to the government. By the time the estate is settled, the beneficiary of the estate should not have to worry about taxes. All income earned by the deceased is taxed on a final return that must be filed be the executor of the estate. Non-registered capital assets are considered to have been sold for fair market value immediately prior to death. Any resulting capital gains are 50% taxable and added to all other income of the deceased on their final return. On that return, income tax will be calculated at the applicable personal income tax rates. They are taxed at the applicable capital gains tax rates.
When this world is all a person has, then all they can do is work hard for everything that this world offers. All of which has a “best by” date and eventually is of no use any longer. No matter how hard you work to get ahead in this world, eventually life will end, and there is no truer axiom that “you can’t take it with you.” This is a solidly Biblical principal. Psalm 49:16-17 says “Don’t get too upset when other people become rich. Don’t be troubled when they become more and more wealthy. They won’t take anything with them when they die. Their riches won’t go down to the grave with them.” I heard the story of a wealthy man who packed up all his gold and arrived at the pearly gates with it. When he was met there, one of the angels said “look at this fellow. He brought a case full of paving stones with him.” This story drives home an important lesson – the wealth of this world has no lasting value. It has always been human to covet that which someone else has. It is too easy to work for the things of this world. It’s why God including coveting in the Ten Commandments. As in, Do Not! They are not going to take it with them. How much wiser to heed the words of Jesus to lay up for ourselves treasures in heaven. How are you going to do that today?
These have been words from the heart.