The following TurboTax information will provide you with a more definite answer as to whether you need to declare this property or not.
https://turbotax.intuit.ca/tips/declaring-inherited-overseas-property-6225
The following TurboTax information will provide you with a more definite answer as to whether you need to declare this property or not.
https://turbotax.intuit.ca/tips/declaring-inherited-overseas-property-6225
Thanks -- any advice you can offer on the question of total cost? There are no costs to us at the moment. Do we put in estimated value of the land in the maximum cost question?
This information - "the cost of property acquired by gift, inheritance or bequest is its fair
market value at the time received. Appraisals or valuations may be necessary to establish
the value", was found in this link: http://www.mkwtaxlaw.com/files/news/file_link_1400005600_The_Lawyers_Weekly_Kepes_April_25.pdf
Specified foreign property that must be declared on your Canadian tax return includes "any real estate you own held outside Canada" and you should be completing Form T1135 when you file your tax return.
https://turbotax.intuit.ca/tips/declaring-foreign-property-on-your-tax-return-6217