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Tax on inheritance
Hi everyone,
I'm going to recieve a fairly modest amount of money from an inheritance due sadly to a death in the family back in England. I'm a little unsure of the tax implications with regard to receiving this money here in Canada and I wondered if anyone could give a little insight on this. Many thanks! |
Re: Tax on inheritance
No inheritence tax in Canada. If there is any IT due in the UK this has to be paid to HMRC but whatever you receive here is not taxable and does not need to be reported on your tax return. However, keep some sort of record in case you have to prove it was an inheritence and not taxable income.
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Re: Tax on inheritance
Originally Posted by JonboyE
(Post 10284076)
No inheritence tax in Canada. If there is any IT due in the UK this has to be paid to HMRC but whatever you receive here is not taxable and does not need to be reported on your tax return. However, keep some sort of record in case you have to prove it was an inheritence and not taxable income.
Thank you very much for this helpful information. I really appreciate your help. |
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