I’ve lived in Japan for 25 years.
I have a PR.
I don’t own any property in Japan or have a massive bank account.
In 2021, a family friend passed. He was like a father to me and my sisters. A brother to my mother and father. But not a blood relative (I don’t know that that matters)
In his will, he left us all some money. My sister was the person that dealt with it, I believe she was labeled the executor of the estate.
After all assets were sold, taxes in Canada paid, and funds ready to go, it looked like this approx:
2.1 million dollars
Divided into 2 shares.
The first share went to my mother, 2 sisters, and the deceased sister.
His sister received 352,000 dollars
My mother, 2 sisters and I received 176,000 dollars.
In the other share, their were 4 recipients all getting about 250,000 dollars.
For my 176,000 dollars, I paid 7,000 dollar executor fee and an annual management fee of 2,100 dollars (I don’t know what this fee is really).
Last month 167,000 was deposited into my account in Canada.
・・・・・・
I have an accountant who does my taxes each year. I asked him about inheritance tax but he said I didn’t need to worry.
Then I started to read and I said I think I need to worry. He’s now doing the research to see what might be necessary.
I’ve read posts here talking about inheritance tax but the numbers confuse me as does some of the language. I’m not a child of the deceased, I don’t know if that matters. I don’t know what, if any, percent of the money I received is taxable or if it falls within the limits of not getting taxed.
I didn’t know I would get inheritance until just recently. And I certainly didn’t know how much.
Based off of this, how much would I be expected to pay? Should I be looking at getting documents such as death certificates, from Canada? Any advice would help.
by outrawater