Canadian PR inheriting from a US trust
Moderator: Mark T Serbinski CA CPA
Canadian PR inheriting from a US trust
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?