Irene Salomon died in 2022. At the time of her death, she owned the following assets:

• Antique furniture: fair market value (FMV) – $30,000; cost – $10,000 

• Rental property—land: FMV – $100,000; cost – $60,000; building: FMV – $60,000; cost – $50,000; UCC – $45,000 

• RRSP: FMV – $80,000 • TFSA: FMV – $50,000

In her will, Irene directed her executors to transfer the antique furniture to her spouse and the rental property to her son. Her spouse was the named beneficiary on her RRSP and TFSA.