Hello
What taxes are applicable on my father's Estate once he passes away. He has owned our familial home since 1973 when he had landed immigrant status, but has never settled long enough inCanada to get residency status. My father's name is on the deed and we would like to know what estate or other taxes would apply in the event of his death. Since I am assuming that he is no longer a landed immigrant in canada, does the profit (this is considerable because the house is in vancouver) from his capital gains on the house get taxed. If so, what would be the rate, approximately?
As his heir, there is another complication in that both his sons live in the US under a green card and have not filed any Canadian tax returns for over a decade. Would any proceeds from the possible sale of our home be doubly taxed then by uS and Canadian governments?
Finally, I think it may be possible to call the home my father's principal residence in canada, although my mother who has been divorced from him for 30 years, has been allowed to live in the home nearly rent free.
Complicated, I know, but I'd like some direction if someone has a firm opinion or knowledge of these matters.
Thank you
Edward
What taxes are applicable on my father's Estate once he passes away. He has owned our familial home since 1973 when he had landed immigrant status, but has never settled long enough inCanada to get residency status. My father's name is on the deed and we would like to know what estate or other taxes would apply in the event of his death. Since I am assuming that he is no longer a landed immigrant in canada, does the profit (this is considerable because the house is in vancouver) from his capital gains on the house get taxed. If so, what would be the rate, approximately?
As his heir, there is another complication in that both his sons live in the US under a green card and have not filed any Canadian tax returns for over a decade. Would any proceeds from the possible sale of our home be doubly taxed then by uS and Canadian governments?
Finally, I think it may be possible to call the home my father's principal residence in canada, although my mother who has been divorced from him for 30 years, has been allowed to live in the home nearly rent free.
Complicated, I know, but I'd like some direction if someone has a firm opinion or knowledge of these matters.
Thank you
Edward