Canada Tax

Canada tax questions answered by Experts

Connect one-on-one with {0} who will answer your question

Do you answer questions about paying tax in Canada and Japan…

Customer Question

Hi, do you answer...

Hi, do you answer questions about paying tax in Canada and Japan on inherited assets?

Accountant's Assistant: Hi there. Where are you currently located?

I reside in Japan, but visiting Canada right now. I'm the spouse of a Japanese national

Accountant's Assistant: How old are you? Do you have any dependents?

I'm 28, and no dependents

Accountant's Assistant: What is your typical filing status? Do you know roughly what you made this year?

Its complex - I work in a Shinto shrine (like a church, non profit religious) so I dont earn any salary, but all my living expenses are covered

Accountant's Assistant: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.

Well I guess my main question is I'm going to be inheriting 1/5th of a share of a property in Canada worth 1million and I'm worried about the taxes on that ;

Submitted: 1 year ago.Category: Canada Tax

Show Less

Ask Your Own Canada Tax Question

Answered in 1 minute by:

8/26/2021

Canadian Tax Expert: AndrewD914, CPA, CA, CFA replied 1 year ago

AndrewD914, CPA, CA, CFA

Category: Canada Tax

Satisfied Customers: 1,512

Experience: Expert

Verified

Hello and welcome to Just Answer, my name is ***** ***** and it would be my pleasure to try to help you with your Canadian tax question today.I can help you with the Canadian portion only. The inheritance that you receive. If it's cash, it will be taxed for you.

If it's a property that you receive directly, And ultimately decide to sell, the difference between the price that it sells out and the price that you inherited it at would be a taxable gain in Canada.

Customer reply replied 1 year ago

Hello! It's a little complex if I can explain some more -It's a home, that my uncle lives in. He inherited it with his brother and sister from my grandmother. His sister is my mother, who is terminally ill. So she owns 1/3rd, but wants to pass the inherited portion to me and my sister 50/50. She is planning to give it to us as a gift, but we won't recieve any cash until my uncle sells the home. I'm not sure what would be the best route

Canadian Tax Expert: AndrewD914, CPA, CA, CFA replied 1 year ago

My overall explanation does not change. You have to determine, as a rough idea, what the home is worth. The day that you receive it as a gift. The difference between the price selling price of the House and the value when it was gifted to you as what you would record as a gain in Canada for tax purposes.

Canadian Tax Expert: AndrewD914, CPA, CA, CFA replied 1 year ago

Thank you for coming to Just Answer

Was this answer helpful?

Yes

How JustAnswer works

Describe your issueThe assistant will guide you

Chat 1:1 with a canadian tax expertLicensed Experts are available 24/7

100% satisfaction guaranteeGet all the answers you need

Related Canada Tax Questions

Can I ask you questions about the IT221R3 Determination of

Can I ask you questions about the IT221R3 Determination of an Individual's Residence Status form in Canada and have an expert cover these answers with me one by one?… read more

Gagan, CPA

Certified Public Accountant (CPA)

Bachelors Degree in Accounting and Finance

193 satisfied customers

I'm employed by an Australian company. I moved to Quebec in

Second Opinion] I'm employed by an Australian company. I moved to Quebec in MArch. We're here for 2 years in total. I have some questions about my tax return … read more

AndrewD914

CPA, CA, CFA

Bachelor's Degree

1,512 satisfied customers

I have a question about capital gains. My mom passed away, I

I have a question about capital gains. My mom passed away, I am joint Will Administrator. My brother and I sold her primary home (right now it's pending conditions) but as I understand there's no capi… read more

Robin D.

Vocational, Technical or Trade School

25,080 satisfied customers

I will get paid for my internship in US unvested stock.

I will get paid for my internship in US unvested stock. According to HR team, i don't need to pay tax for unvested stock. I need to pay tax when it will be changed for vested stock to only US governme… read more

AndrewD914

CPA, CA, CFA

Bachelor's Degree

1,512 satisfied customers

I am an Indian citizen living in Vancouver, BC, Canada. I am

I am an Indian citizen living in Vancouver, BC, Canada. I am also now a Canadian permanent resident. I have the following questions:1. I work for a company in Canada (fully owned subsidiary of US comp… read more

AndrewD914

CPA, CA, CFA

Bachelor's Degree

1,512 satisfied customers

If I wanted to take the money that I would have declared as

If I wanted to take the money that I would have declared as dividends from the business as salary, am I able to do that without registering as an employee? What does that process look like? Do you think it would be easier for me to transfer ownership of my wife's shares to me so that we don't have to worry about all this dividend withholding stuff? It will put me in a higher tax bracket but maybe that is the easiest path. If I owned all of the shares, then I would not need to pay the government when a dividend is paid to me, only at the end of the year, since I am technically still a Canadian resident, is that correct? Do you have any other suggestions on how I can make this simple for us? … read more

AndrewD914

CPA, CA, CFA

Bachelor's Degree

1,512 satisfied customers

I was hoping to get some tax advice from a professional on

Hello,I was hoping to get some tax advice from a professional on my current business situation in Canada.I am a Canadian citizen and resident who opened a corporation in BC in April 2021. My wife is a… read more

AndrewD914

CPA, CA, CFA

Bachelor's Degree

1,512 satisfied customers

United Arab Emirates. 32, no. I am not filing. I am a

I am a Canadian citizen living in the UAE at the moment, I want to move back to Canada. My father just passed and I inherited a share of a family business in Syria. Is it ok if I move back to Canada and still get income from Syria?… read more

AndrewD914

CPA, CA, CFA

Bachelor's Degree

1,512 satisfied customers

My daughter bought a prop in 2002 because she could not get

my daughter bought a prop in 2002 because she could not get a mortgage we but it in our name(parents) she has paid all upkeep taxes mortgage never claimed and deduction ,once she paid of mortgage and … read more

AndrewD914

CPA, CA, CFA

Bachelor's Degree

1,512 satisfied customers

My co-founder and I are starting a company. We are trying to

My co-founder and I are starting a company. We are trying to minimize the tax burden for ourselves when we incorporate. I'm located in Canada and he is located in the UK. We are wondering where the be… read more

AndrewD914

CPA, CA, CFA

Bachelor's Degree

1,512 satisfied customers

I am a Canadian resident. This year, the company I work at

Hi there - I am a Canadian resident. This year, the company I work at whom I also had shares in, was acquired by an American company. The share purchase agreement provided a Rollover Seller (me) the r… read more

AndrewD914

CPA, CA, CFA

Bachelor's Degree

1,512 satisfied customers

Though I am not sure if this is the right place to ask my

Hi though I am not sure if this is the right place to ask my question … read more

AndrewD914

CPA, CA, CFA

Bachelor's Degree

1,512 satisfied customers

I moved to Canada in October 2019. I started working on 1

Hello. I moved to Canada in October 2019. I started working on 1 December. They payed me only with check and told me to invoice them. I will get finally a contract starting March. How should I check w… read more

Arthur Rubin

Tax Preparer

Doctoral Degree

63 satisfied customers

Do you have experience with accounting in Canada? Can i talk

Hi there, do you have experience with accounting in Canada? … read more

Jeffrey Horning

Senior Information Technology Auditor

Master of Business Administration (MBA)

654 satisfied customers

I have a daughter with physical and psychological challenges.

I have a daughter with physical and psychological challenges. I have a house that she lives in and I live with my new husband in his house. His house is not my house and I won't inherit it if he prede… read more

Barbara

Enrolled Agent, Paralegal

26,856 satisfied customers

My name is ***** ***** Armstrong and I'm a Canadian. I have

My name is ***** ***** Armstrong and I'm a Canadian. I have a National Insurance Number Card from the British Department of Health and Social Security for my time working in Britain. Can I claim any p… read more

Arthur Rubin

Tax Preparer

Doctoral Degree

63 satisfied customers

I have a question regarding CFC laws. I have an online business

I have a question regarding CFC laws. I have an online business with no physical presence and am looking to reduce my Canadian tax legally. If I register my company in an offshore jurisdiction, with o… read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

23,955 satisfied customers

Hi. I am a literary agent. My job is to sell authors work

Hi. I am a literary agent. My job is to sell authors' work to publishers. My current specific problem is this: I am based in the UK. I have a Canadian author. I sell her work to a French publisher. In… read more

TaxVince

Senior Accountant

Master's Degree

899 satisfied customers

Disclaimer: Information in questions answers, and Show Less

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

JustAnswer in the News:

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...
T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.
BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.
JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.
OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.
Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!
AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.
GPHesperia, CA

< Previous | Next >

Meet the Experts:

Arthur Rubin

Tax Preparer

63 satisfied customers

Tax preparer with 23 years experience, including US/Canada tax returns.

AndrewD914

CPA, CA, CFA

1,512 satisfied customers

Expert

Gagan, CPA

Certified Public Accountant (CPA)

193 satisfied customers

Expert

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Richard

Tax Attorney

6,083 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

Attorney-at-Law

878 satisfied customers

B.A., M.B.A, J.D.

Loren

Attorney

840 satisfied customers

Over 25 years practicing law

< Previous | Next >

Show MoreShow Less