The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Re: re:tax penalties Date:  11/2/2000  8:16 PM
Author:  ptheland Number:  41448 of 127542

The scenario is this. I've been left some money. It's in Cananda.

I'm not sure what you mean here. Did you inherit money from someone living in Canada?

The money is sitting in a bank account up there. It's over 50,000 Canadian. I'm not invested in anything yet. I don't really know what the tax penalties are, if there are any.

Again, I'm confused. Tax penalties are only assessed when you have a tax that was not fully paid by the appropriate due date. Are you aware of some tax that hasn't been paid?

I'm seeking suggestions or any feedback from anyone who has been in this same postion. I'm 55 years old, self employed and hopefully working for at least 10-15 years.

Perhaps a little more information will help you to get some helpful suggestions.

Tax deffered is what I'm thinking about. I'm new to the Fool, I've been working from TMF"Investment Workbook.

Once more, I'm not sure what tax deferred item you're thinking about.

Maybe a bit of reassurance will help. Cash inheritances (at least from a U. S. decedent) are not taxable income to the beneficiary. Any taxes should be paid by the estate before the money is distributed to you. A Canadian decedent would complicate things, as I no nothing about how inheritances work in Canada.

Sorry for the lack of help in the response.

Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us