Pizzawheel

Anyone recommend an accountant, ideally east GTA, who would be able to advise on how to avoid going wrong with a UK inheritance?

JamesM

No recommendations.

However when your slush fund arrives you can buy me an overdue beer ;-)

Pizzawheel

Might even stretch to a lady cocktail.

How are you keeping?

JamesM

Doing well!

Moved to Parkdale (West) last March and it is easily the best part of Toronto to live.

Have launched a side business that is starting to get legs.

Haven't been to Hooters so often this calendar year!

And you?

Pizzawheel

Parkdale! All roads seem to lead there. Bit too vibrant for me in my dotage lol. Though the Kingston Road dive bars are no longer as cheap as they need to be.

The rhino is the big pub right?

JamesM

Fairly big. Has the pool table.

I tend to head in the other direction now.

It won't shock you or other regular readers to learn that I am a "member' at the local brewery. I have stein there with my name on that they serve me when I visit. I also get a growler of my chosen seasonal once per month. The 9% stuff gives me special powers.

Pizzawheel

OK sold when we going?

Norm_uk

Possibly but it depends. Is this about planning for inheritance tax at a future date or has the inheritance already been confirmed and paid?

N.

JamesM

I'm ready.

My number hasn't changed if you still have it???

If not but your number is the same I can WhatsApp you!

Pizzawheel

It's confirmed but not actually paid out yet.

withabix

The Estate pays Inheritance Tax in the UK, not the Beneficiaries. So when you get the money, it has already been taxed (if any tax was due).

There is NO Inheritance Tax in Canada.

When I went through this, all that happened was that the Forex company transferring the Inheritance for me had to to a FINTRAC Declaration (required for any money transfer over $10,000) and they just put "UK Inheritance."

The money arrived in my Scotiabank account and that's that.

I used TransferWise (now just called Wise), but there is a cheaper company doing it at the moment - will have to take a look for the name...

Wise gives you a physical Visa card (free) now as well - useful for fee-free foreign currency transactions. When you load money on to it, you can use it for international bank transfers too - handy for me to send money to family in the UK now that Barclays has decided to stop Expats having bank accounts....

Link to Wise: https://tinyurl.com/ywj3s685

Pizzawheel

Sounds good, for a one time transfer at least. I was pondering keeping the money over there but, that probably doesn't make any sense right?