NECPA in NEBRASKA Posted May 31, 2011 Report Share Posted May 31, 2011 Client called me today and said that his wife had received a $40,000 check with a letter that stated that is was a bequest from a relative's will and wanted to know how to increase his estimated payments. I told him that I would need more information as the letter doesn't state what kind of income it was from. Does anyone know if Canada sends K-1's like the US fiduciary returns? I know that I need to research to see if this has to be reported with a FBAR form. He said that it was a total surprise and that she didn't have any signature authority over any account. Thanks! Bonnie Quote Link to comment Share on other sites More sharing options...
MargaretMort Posted May 31, 2011 Report Share Posted May 31, 2011 I would suggest you get in touch with Canadian Tax, www.cra-arc.gc.ca/tax Several years ago a Brian Levy,a Canadian CPA, used to contribute. The email addresses I have for him are:[email protected] or [email protected] Earlier this tax year I got a phone number for CanadianTax but that seems to have disappeared. I have found them to be very helpful. MM Quote Link to comment Share on other sites More sharing options...
NECPA in NEBRASKA Posted May 31, 2011 Author Report Share Posted May 31, 2011 Thank you very much. Bonnie Quote Link to comment Share on other sites More sharing options...
OldJack Posted May 31, 2011 Report Share Posted May 31, 2011 >>bequest from a relatives will<< That would be a tax free inheritance. Quote Link to comment Share on other sites More sharing options...
NECPA in NEBRASKA Posted May 31, 2011 Author Report Share Posted May 31, 2011 That's what I am thinking, but I want to make sure that it's not coming out of an IRA or pension, before I tell the client anything. They are elderly and I don't want to confuse them. Quote Link to comment Share on other sites More sharing options...
OldJack Posted June 1, 2011 Report Share Posted June 1, 2011 A "bequest" is just that. It's a gift from the estate and not taxable. Quote Link to comment Share on other sites More sharing options...
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