While Inheritance is Non-taxable, A Word of Caution
Inheritances are non-taxable for Canadian taxpayers regardless of whether or not the inheritance comes from a Canadian citizen or a foreign citizen. This non-taxable tax treatment is also consistent regardless of whether or not the inheritance is straight cash, a summer house, a rental building or shares of a company.
Before you become complacent, a word of caution! The non-taxable status of an inheritance doesn’t mean there aren’t ... Read More