Inheritance from Canada to US Permanent Resident

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

Inheritance from Canada to US Permanent Resident

Post by KJ1979 » Thu Feb 21, 2019 9:25 am

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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Re: Inheritance from Canada to US Permanent Resident

Post by nelsona » Fri Feb 22, 2019 2:01 pm

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. Search previous posts. Taking period between now and June off. Will only answer sporadically.

mydogsnameisbel
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Joined: Sat Mar 16, 2019 1:22 pm

Re: Inheritance from Canada to US Permanent Resident

Post by mydogsnameisbel » Sat Mar 16, 2019 1:26 pm

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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