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.
 
Regards
 
xxxxxx



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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2 comments

The following comments are owned by whomever posted them. This site is not responsible for what they say.
Authored by: Anonymous User on Tuesday, February 15 2011 @ 08:44 AM PST Family Inheritance into Canada
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Authored by: Anonymous User on Friday, March 04 2011 @ 02:01 PM PST Family Inheritance into Canada
These kinds of things can be a bit tricky. It might be a good idea to have a lawyer look at it. When you are dealing with tax resolution issues, going with a pro is not a bad idea. I hope that you can figure all of this out.
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