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Thursday, August 2, 2012

Inheriting money from abroad? Understand the rules

I'm attaching a very good article from the Globe and Mail which talks about tax implications of receiving an inheritance from outside of Canada. The article says that people are often taken unawares by the tax hit, and I agree with that. We know that inheritances are not taxable in Canada, but not everyone realizes that income earned on investments made with inheritance money is taxable.

The article talks about using a "granny trust" and gives some information on how to set that up properly to shelter income. Click here to read the article.

2 comments:

  1. Yes, most of the things must be done according to rules and it includes the inheritance of money especially when it comes form abroad. Thanks for your post by the way.

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