i just inherited a residental property in canada. i live permanently in the US but may return to canada in a couple years and would like to keep this property for myself.
are there any tax implications in having inherited this property while living in the US?
tax implications on property inheritance in canada
Moderator: Mark T Serbinski CA CPA
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terryberry
- Posts: 1
- Joined: Fri Sep 29, 2006 4:06 pm
There is no "inheritance" taxin either US or Canada, so you have no worry on that score.
However, themoment the property became yours, you are now on thehook for any income it generates in both Canada and US. That woiuld include rental income, and/or capital gains it grwoth after you acquired it, when you sell.
Simply owning this property, so long as you do not make it yourpermanet home, will not make you taxable in canada on your foreign income.
However, themoment the property became yours, you are now on thehook for any income it generates in both Canada and US. That woiuld include rental income, and/or capital gains it grwoth after you acquired it, when you sell.
Simply owning this property, so long as you do not make it yourpermanet home, will not make you taxable in canada on your foreign income.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best