Canadian PR inheriting from a US trust

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Smcl
Posts: 1
Joined: Mon May 29, 2017 5:04 pm

Canadian PR inheriting from a US trust

Post by Smcl » Mon May 29, 2017 5:15 pm

I've heard that Canadian will establish cost basis for capital gains on an inheritance from a US trust based on the original cost of the item not on the value at death. So if my mother's house was originally bought for $30,000, valued at $500,000 at death and sold for $600,000. The US will assess capital gains on $100,000 but Canada will assess capital gains on $570,000. Is this true?

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