Inheritance from Canada to US Permanent Resident

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KJ1979
Posts: 1
Joined: Thu Feb 21, 2019 9:13 am

Inheritance from Canada to US Permanent Resident

Post by KJ1979 »

US green card holder for decade+ - not likely to return to Canada anytime soon, though can't rule it out completely as a retirement option.

-Do not file taxes in Canada, no Canadian assets.

-Inheritance coming from Canadian family: real estate and approx $100k CDN dollars.

Best strategy for sheltering this inheritance from taxes? (And possibly 2019 exchange rates?) Would like to retain ownership of the real estate and rent it out. Would like the dollars in my US bank account, ideally.

Reviewed forum for similar scenarios prior to posting. Thanks for any insight in advance.
nelsona
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Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Inheritance from Canada to US Permanent Resident

Post by nelsona »

The inheritance of course is not taxable.
If you desire to keep the funds in Canada, your options are limited to bank or real estate, both of which would of course remain taxable in Canada and US.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
mydogsnameisbel
Posts: 1
Joined: Sat Mar 16, 2019 1:22 pm

Re: Inheritance from Canada to US Permanent Resident

Post by mydogsnameisbel »

But there is a non-resident withholding tax that may be applied before the estate assets are disbursed, correct? And you must file a Canadian tax return to get the assets back? I am in the same situation (US resident receiving inheritance from Canada) and was told that we must pay the NR withholding tax.
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