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New Member
posted Jul 14, 2020 8:26:48 PM

Do I need to declare my share of the family home outside Canada that I inherited from my father who is not a Canadian resident.?

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Moderator
Sep 15, 2020 9:20:20 AM

From the information you have provided, you should only need to complete the Schedule 3 - Capital Gains or Losses, when you file your tax return. You will need to determine the value of the property on the day you inherited it, then the proceeds upon sale. Any income earned on this sale will result in the Capital Gain.

I have attached information to support why the other forms associated with a Foreign Property Inheritance should not apply in your situation. If you feel your situation does apply and you need to complete either form, be advised that Form T1142 is not available in TurboTax and must be downloaded from the CRA site.

  • If you were still holding that property and your "total specified foreign property" exceeded $100,000, you would be required to complete and file Form T1135. 
  • As a "Trust" was not established, Form T1142 Information Return in Respect of Distributions from and Indebtedness to a Non-Resident Trust should not apply.

https://turbotax.intuit.ca/tips/declaring-inherited-overseas-property-6225

https://turbotax.intuit.ca/tips/rules-for-inheriting-foreign-property-476