I am a US/Canadian dual citizen living in QC for 30+ years. My brother died in the US in 2016 and I expect to receive some money (maybe $30K) this year, now that (the estate) his home is sold, all the bills paid and things are settled.
Will I have to report this as a distribution (i.e. inheritance) received from the foreign estate of my brother and fill out a T1142 – Information Return in Respect of Distributions from and Indebtedness to a Non-Resident Trust? Does it matter if I leave the money in my US bank? I already file a T1135. How about if I transfer it to my bank in Canada or am I required to report it regardless of where the money is deposited?
Rules for Inheriting Foreign Property T1142
Moderator: Mark T Serbinski CA CPA