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What is inheritance tax?

What is the inheritance tax for an inheritance from the US to Canada?

  • I am a dual citizen and live in Canada. My grandmother is leaving me some money, in US dollars, and I am worried about getting taxed up the yin yang by the Canadian government. Anyone know how it works? Do they take a percentage? Does being a dual citizen give me any exemption to the tax? Please help:)

  • Answer:

    Your grandmother's executor will pay any estate taxes owing when she dies, before paying out any amounts due to beneficiaries under the will. You will not need to worry about any other taxes, since there is no inheritance tax, either in Canada or the US. Of course, if you invest the money once it's yours, you will pay regular income tax on the income, in both countries.

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There are no inheritance taxes in Canada. The country of origin does not matter. However, that does not absolve you of any US state or federal taxes.

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