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Does a Canadian citizen receiving an inheritance from a foreign

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Does a Canadian citizen receiving an inheritance from a foreign country need to report that money coming into the country? If so, what forms must be filed?
Submitted: 8 years ago.
Category: Canada Law
Expert:  Legal Ease replied 8 years ago.
There is no inheritance tax in Canada so you do not need to pay tax on the money you inherit. However, you should inquire about whether tax was paid on it in the other country because if you did you will be entitled to a foreign tax credit.

Also, even though you aren't taxed on inheritances you would be taxed on any money your inheritance earned after the death.

I hope that answers your question.

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