Sent: Sunday, January 07, 2007 1:14 PM
To: taxman at centa.com
Subject: capital gain information needed
I am just trying to find information on Capital Gains in British
Columbia. I am in a situation where I will be inheriting property
in Vancouver area and I am a resident of Washington State. I have
been looking on the web and trying to find anything and came
across this one site and it linked me to this email. If you could
give me any direction I would appreciate it
Sincerely
---------------------------------------------
david ingram replies:
In general terms, you will not pay any tax on the inheritance.
Under Canadian law (unless you are a spouse of the deceased) you
will inherit the property at the fair market value on the date of
death.
If you should decide to sell it later, you will pay tax on
one-half of the increase in value.
So, if you inherit a $600,000 piece of property and sell it for
$800,000, you will have a $200,000 profit and have to pay tax on
$100,000 which is 50% of $200,000.
At the moment, the tax on $100,000 for a non-resident is about
$30,000. After $100,000, in general the tax is 40 to 44%.
You will then report the profit on Schedule D of your US 1040 and
claim any tax paid to Canada as a credit on form 1116.
You will find 27 pages about Capital Gains in Canada by going to
www.centa.com, click on Tax Guide in the top left hand corner and
then click on Capital Gains. This is 15 years old now but the
only difference is that Canada is now taxing 50% rather than the
75% when it was written.
Hope this helps.
--------------------------------------
David Ingram's US / Canada Services
US / Canada / Mexico tax, Immigration and working Visa
Specialists
US / Canada Real Estate Specialists
My Home office is at:
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North Vancouver, BC, CANADA, V7N 3L7
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Calls welcomed from 10 AM to 9 PM 7 days a week Vancouver (LA)
time - (please do not fax or phone outside of those hours as
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email to taxman at centa.com
www.centa.com www.david-ingram.com
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