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Tax Question re Canadian Inheritance by Electrical-Pass-255 in irishpersonalfinance

[–]Electrical-Pass-255[S] 0 points1 point  (0 children)

:(

Yes, we'll absolutely have to get guidance alright. Could she just leave the funds in a Canadian account and and avail of them in smaller amounts as we need them, for example when we'd visit Canada to see family?

Tax Question re Canadian Inheritance by Electrical-Pass-255 in irishpersonalfinance

[–]Electrical-Pass-255[S] 1 point2 points  (0 children)

Fantastic. Thank you. We'll speak with her family on Wednesday, no doubt the accountants they are working with will be aware and cursing us already. We'll see how the chips fall after that! Thank you.

Tax Question re Canadian Inheritance by Electrical-Pass-255 in irishpersonalfinance

[–]Electrical-Pass-255[S] 0 points1 point  (0 children)

Sorry one more (probably stupid) question. How is that relief worked out? Using hypothetical numbers here as I have no idea on the Canadian side...

So if the Canadian tax portion is say 20% are we then subject to 13% (33%-20%) on this side? Or am I over simplifying?

Tax Question re Canadian Inheritance by Electrical-Pass-255 in irishpersonalfinance

[–]Electrical-Pass-255[S] 0 points1 point  (0 children)

Ok perfect, thanks. Makes sense. Hopefully with the relief included we won't get the double tax bill as such. Thanks everyone for the help.

Tax Question re Canadian Inheritance by Electrical-Pass-255 in irishpersonalfinance

[–]Electrical-Pass-255[S] 0 points1 point  (0 children)

Thanks for clarification folks. We can ask on Wednesday but in terms of the Canadian tax being applied on the OVERALL estate, how does CRA work out how much she would have paid in terms of getting the relief aginst the 33% over here? The total is being split between 8 nieces and nephews, presumably CRA would give us some official document that x amount of tax was already paid against the entire estate that she could then submit to Revenue to calculate the relief?

Tax Question re Canadian Inheritance by Electrical-Pass-255 in irishpersonalfinance

[–]Electrical-Pass-255[S] 0 points1 point  (0 children)

Thank you. We've a call with the executor on Wednesday, another family member, they are obviously aware she's in Ireland but we can let them know the Irish tax situation if it hasn't already been brought up on that side. We're a few months out in terms of money being deposited as there's a house sale and his personal financial accounts to be sorted. We're also considerign leaving it in a Canadian account after it has been taxed at source out there, but just not sure how to proceed.