Estate planning for non-resident beneficiary

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AkhenatenNew Member
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Joined: 21 Sep 2011

Estate planning for non-resident beneficiary

Post Wed Sep 21, 2011 2:35 am

I am a Canadian citizen and non-resident for tax purposes, living abroad for over 20 years. My mother’s health is deteriorating and we’re reluctantly planning the estate. As the only child of a single mom, I am the executor and sole beneficiary in her will. It’s a small estate, just her condo, car, bank accounts and RRIFs.

Upon her passing, I am considering three possible scenarios. What are the pros/cons, cost and tax implications of each? Which makes the most fiscal sense?

1) I remain abroad, sell her condo and transfer the money abroad
2) I remain abroad, hire a property management firm and rent out the condo
3) I immediately return to Canada and assume residence in the condo, try to find a job in Canada

In addition, would there be any advantage to putting my name on the condo title now as a joint owner? Am wondering if it would cost less to simply pay the probate fee and capital gains tax then, rather than expose myself to taxation and jeopardize my non-resident status now?
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AkhenatenNew Member
Topic author
Posts: 2
Topics: 1
Joined: 21 Sep 2011

Re: Estate planning for non-resident beneficiary

Post Thu Sep 29, 2011 1:12 pm

anybody? *nudge*
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AGNCanuckAbroad VIP
Posts: 818
Joined: 21 Jun 2011

Re: Estate planning for non-resident beneficiary

Post Thu Sep 29, 2011 1:26 pm

I can ignore this as easily at forums.serbinski.com, which is a site designed for these questions, unlike this one. :)
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