Tax planning for foreign inheritance

rdx wrote: ↑ If my parents who are not Canadian resident/citizen and they want to add my name on their properties, I assume I will need to pay tax on it when I inherit it in the future. I just wonder what is the best way to handle this for tax planning purpose/minimize the future tax liability.

Thanks for any advice.

There is no estate tax in Canada. So no tax until you sell it and the value has gone up since your name is added.

rdx wrote: ↑ Thanks. Just curious, how does CRA when my name was added and when we sell it. Honestly, I don't even know when my name was added, but just my parents told me they added both my name andt sister's name (who is not Canadian resident either).

CRA will probably never know if nobody tells or if you never receive large amt of cash.

CRA doesnt know your name is added. The canadian tax system is based on self assessment "honest" system, and you only get penalised when caught not reporting the income upon sale.

rdx wrote: ↑ Thanks. Just curious, how does CRA know when my name was added and when we sell it. Honestly, I don't even know when my name was added, but just my parents told me they added both my name andt sister's name (who is not Canadian resident either).

Properly when the proceed is in the bank? Cash everything.

To the OP - very important question - where are these properties (Canada or a foreign country)?

If it is foreign, and If your share is more than $100K CAD you will be required to file a disclosure with your income tax filing as of the date you became a part owner. If you don't do this you could be hit be heavy penalties if CRA every finds out about this foreign property (especially if you ever get some large foreign income from the future sale of such property that gets deposited in an account in Canada).