Family Inheritance into Canada
Hello David Ingram,
Do you know what tax implications, if any, are there for receiving family
inheritance into Canada from abroad?
I will appreciate your advice/ response.
david ingram replies
There are no Canadian ramifications if you just receive cash.
There may be a small amount of interest earned on it between its being awarded to you and your receipt. In this case that little bit of interest would be taxable to you
Sometimes, particularly from the US, you will receive a share of an IRA or US pension plan which will be taxable as you receive it in both the US first and Canada second. In this case, it is taxable in Canada and you will claim credit for the tax paid to the states on Canadian Federal form T2209.and (if needed) Provincial form T2036
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