NPVAdvisor : Are you a US citizen?
NPVAdvisor : in the is, taxes are levied against the estate (estate taxes) I'm some places, there's an inheritance tax (a tax on the person RECEIVING the money) ... In Canada ...
NPVAdvisor : Sorry, that first sentence should have started with "In the US..."
NPVAdvisor : now ...
NPVAdvisor : In Canada the CRA treats it as a sale, where Customer:
I am a Canadian citizen
NPVAdvisor : Unless the estate is inherited by the surviving spouse , or common-law partner, the estate itself pays the tax ... A little different scheme that in the US, BUT still essentially an estate tax
NPVAdvisor : paidtax paid by the estate
NPVAdvisor : soestate so, you own no taxes
NPVAdvisor : owe
NPVAdvisor : in Canada, by the time the estate is settled, no beneficiary has to worry about taxes
NPVAdvisor : nowtaxes now, once the money is in your name (once you have received the check from whomever is settling the estate) you will, of course, have to pay tax on the interest or profits generated from that money, in Canada
NPVAdvisor : Make sense?
NPVAdvisor : so your OK, BY THE TIME YOU RECEIVE THE CHECK, THE ESTATE HAS BEEN SETTLED
THank You Happy New Year.
NPVAdvisor : YOU ARE WELCOME, HAPPY NEW YEAR
NPVAdvisor : Positive rating is appreciate ,,, that's how we're are paid SOME of the money you give to just answer. Thanks so much!
Pme last thing .... in Portugal itself, there should have been a fixed 10% paid on the estate. (No tax at all to spouses or children)
See this from http://www.gekkoportugal.com/inheritance%20tax%20in%20portugal.htm Until recently the rules on inheritance tax were very complicated in Portugal, with rates varying according to the value of the inheritance and how you were related to the beneficiary. However recently they have been overhauled and they are now much simpler to understand.
You can now leave your property to a spouse, child or parent without them incurring any inheritance tax. If you leave it to a third party, they will have to pay a fixed rate stamp duty (Imposto de Selo) of 10%.
You may want to enquire from whoever is handling the estate in Portugal about that 10%.
I do non know whether it will apply, as you are not a citizen of Portugal
Looks like you're offline now. I will change to Q&A mode so you'll get an email .. to be sure you saw the last piece of information.