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Thread: US Inheritance- Accountant

  1. #1
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    Default US Inheritance- Accountant

    We received a US Inheritance and want an accountant who is familiar with this to ensure our duck are all in a row. Also we are officially land lords so want to minimize our taxes there too.

    Any beyond recommendations?

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    Congrats and Condolences

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    Quote Originally Posted by dubhead View Post
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    We received a US Inheritance and want an accountant who is familiar with this to ensure our duck are all in a row. Also we are officially land lords so want to minimize our taxes there too.

    Any beyond recommendations?
    I don't think you should have any tax liability on the inheritance aspect here in Canada... Not sure if it has changed but when my wife inherited a bit from her dad in the US when we came across the border with some items and told the border people what it was thinking we would have to pay something and from they said nothing would be owed in either duties on the items or taxes on the money later if it were to come through. That was almost 20 years ago though so who knows now.

    That said, you might definitely have some US liabilities there so you will want to talk to an accountant who deals with the US tax system and Canadian residents to be sure. Those are fewer ad farer between.

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    Double lettuce 4life.

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    Depending on where the inheritance came from can determine what and how it's taxed. If it's from a Roth IRA or a Pension, you'll almost certainly have some tax liability. The US will want a slice in form of a withholding tax, but you can get that reduced with a W8BEN if that happens. If it's just cash, it is much more simple.

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    I've known Warren Dueck personally for 10+ years. He is very good at this type of thing.

    https://ca.andersen.com/professional...pa-washington/

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    Quote Originally Posted by Hallowed_point View Post
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    I've known Warren Dueck personally for 10+ years. He is very good at this type of thing.

    https://ca.andersen.com/professional...pa-washington/
    Perfect this is exactly what I'm looking for. The inheritance came from a trust which seems like it can muddy the waters. US taxes were taken care at the trust level so should be no concerns there. Still outside my comfort level hence looking for an accountant.

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    Quote Originally Posted by dubhead View Post
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    Perfect this is exactly what I'm looking for. The inheritance came from a trust which seems like it can muddy the waters. US taxes were taken care at the trust level so should be no concerns there. Still outside my comfort level hence looking for an accountant.
    You're welcome. If for some reason Warren isn't able to take this on, I have no doubt that he will have a quality referral to assist.

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