I am going to get about $130K from an inheritance coming from France (Mom passed away). I understand it will be tax free. However, how do I prove CRA it was inherited?
I am going to get about $130K from an inheritance coming from France (Mom passed away). I understand it will be tax free. However, how do I prove CRA it was inherited?
While it is true that there is no tax on inheritances that originate in Canada, if your inheritance comes from overseas, it may be taxable, depending on what you have inherited. Even if it’s not taxable, you may still need to declare it on your income tax (Form T1135 - Foreign Income Verification Statement).
So it would be a good idea to consult someone who is knowledgeable about foreign inheritance, or the Canada Revenue Agency (CRA) themselves on what documentation you will need and what other steps you need to take.
If you are in Canada or the United States, you can call the CRA at 1-800-959-8281. If you are elsewhere, you can call 613-940-8495. This page has more ways to contact the CRA: Contact the Canada Revenue Agency