J
jeremyr
Guest
I am currently a resident of the US and my family is residing in Canada. They are Canadian citizens and are permanent residents of Canada.
I was wondering whether I need to plan to potentially avoid an inheritence tax on any future inheritence that may be granted to me from Canada. Will the US gov't tax me on "foreign inheritence"? I am pretty sure that the US Estate Tax will not apply because the estate will be in Canada and will fall under the tax laws of Canada but I am liable for the inheritence tax?
Also, I am curious what the inheritence tax is in a nutshell? What is the tax rate? I tried researching this online but came up empty-handed.
Thanks in advance for any replies - I appreciate your help,
Jeremy
I was wondering whether I need to plan to potentially avoid an inheritence tax on any future inheritence that may be granted to me from Canada. Will the US gov't tax me on "foreign inheritence"? I am pretty sure that the US Estate Tax will not apply because the estate will be in Canada and will fall under the tax laws of Canada but I am liable for the inheritence tax?
Also, I am curious what the inheritence tax is in a nutshell? What is the tax rate? I tried researching this online but came up empty-handed.
Thanks in advance for any replies - I appreciate your help,
Jeremy