Tax on inheritance
Sep 16th 2012 | 9:53 am
#1
Thread Starter
BE Forum Addict
Joined: Sep 2003
Posts: 1,153
From: Ontario, Canada
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!
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!
Sep 16th 2012 | 10:06 am
#2
Binned by Muderators
Joined: Jul 2007
Posts: 11,708
From: White Rock BC
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.
Last edited by JonboyE; Sep 16th 2012 at 10:08 am.
Sep 16th 2012 | 11:51 am
#3
Thread Starter
BE Forum Addict
Joined: Sep 2003
Posts: 1,153
From: Ontario, Canada
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.
Thank you very much for this helpful information. I really appreciate your help.
