How much money can I inherit from overseas?

In Canada, there are no limits to the size of incoming money transfers, so you can receive an inheritance in any amount from overseas.

What's the safest way to receive an inheritance from overseas?

Bank wire transfers are generally considered the safest way to receive a large money transfer, like an inheritance, from overseas. However, bank wires can be slow and expensive. Dedicated international money transfer services are federally regulated in Canada typically adhere to industry-standard best practices for protecting personal data and money in transit. Consider using a service like this if you want to keep costs down.

Do I have to declare my inheritance to the CRA?

Generally, you don't need to declare inheritances on your tax return as income. This is because inheritances are already taxed with the deceased person's estate. Consult a tax professional to find out for sure if any assets you inherit should be declared on your tax return.

Home Authors Kate Steere

Kate Steere

Editor

Kate Steere is an editor at Finder, specialising in fintech, banking and cryptocurrency. She has previously written for The Motley Fool UK and Fitch Solutions, where she covered a wide range of personal finance topics and kept a close eye on market trends. Kate has a Bachelor of Arts in Modern History from the University of East Anglia. When not working, she can usually be found curled up with a good book or heading out for a run.

Expertise

Fintech
Banking
Cryptocurrency
Mortgages
Payments

Experience

Runs the UK programme of customer satisfaction awards and innovation awards at Finder
Quoted in the national press as a spokesperson on banking and mortgages
Runs the UK media partnership programme at Finder
Writes guides, provider reviews and provider comparisons
Analysed, ranked and scored the major UK banks to find our best banks of 2024.
Analysed, ranked and scored major cryptocurrency exchanges to find our best exchanges of 2024
Formerly responsible for producing analysis for The Nielsen Daily News Digest

Education

Bachelor of Arts, Modern History | University of East Anglia

Featured publications

Industry insights from Kate Steere

We spoke to Kate about the latest trends in financial education and the housing market in the UK.

What challenges does the UK face when it comes to financial education?

The need for meaningful, practical financial education for children in the UK is clear. Schools are stretched, so it’s falling to parents to teach their children about money. However, as our research found, most parents have low confidence about key financial topics. Collectively we need to develop a programme that’s delivered effectively in schools, but also supported by parents, businesses and the third sector. And parents need reliable resources to enable them to teach money confidently at home.

Will the increasing base rate contribute to a house market crash in the UK?

Landlords may find it unprofitable to continue due to increasing interest rates and sell up, creating downward pressure on house prices and leaving renters with even fewer options.

Latest articles by Kate Steere