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My Dad just passed and I am going thru his papers etc. I have

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My Dad just passed and I am going thru his papers etc. I have found he has a British pension that he kept in a bank account in England and as far as I can tell he has never had a T1(?) and so has never declared this income over here. What do I need to do regarding this?

Thanks,
Linda

Hi

 

Thanks for your question

 

Can you advise whether you are seeking UK tax advise or that of the British Columbia

 

Thanks

 

Sam

Customer: replied 3 years ago.


advice for British Columbia please

Hi there

British Columbian has no inheritance tax nor death taxes. However like all provinces, BC follows how Canadian Revenue Agency treats the estate as being disposed off and capital taxes are payable ie as a sale, unless the estate is inherited by the surviving spouse or common-law partner, where certain exceptions are possible. The estate pays capital taxes instead of the beneficiary. Therefore this is not the problem for the beneficiary.

When a person dies, their legal representative has to file a deceased tax return to the government. Any taxes owing from this tax return are taken from the estate before it can be settled.

Once the executor has settled the estate, the CRA issues a clearance certificate to confirm all income taxes have been paid or that the CRA has accepted security for the payment. The legal representative ensures all assets are taken into account and taxes correctly worked out before getting this clearance certificate and then distribute any property/assets/funds.

If there are some funds that were in UK - its worth finding out if these funds were included in the estate. If not then you may notify the executor or personal representative. If you are the personal representative/excutor then you notify CRA and a revised tax return will be issued including the untaxed funds. Its unlikely that there will any UK tax implications as your father seems to have been living in Canada for sometime. Inheritance tax in UK is paid by people domiciled in UK or deemed domicile in UK. This is one of the duties of the excutor/representative that all taxes are paid in any country.

To read more see this link: HERE and to notify CRA please go HERE.
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Hope this helps.
TaxVince, Accountant
Category: UK Tax
Satisfied Customers: 965
Experience: Chartered Accountant >20 years + Qualified IFA
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