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You are here: Experts > Business > Corporate Law > Tax Law (Questions About Taxes) > estate tax on currency gains
Expert: MEdusa - 11/5/2009
Question
Hello,
My father passed away in Canada a couple of years ago. The amount of his estate is below the taxable level. I left some of the estate money in an interest bearing account in Canada to cover loose ends. I would now like to transfer the money to the US where I live. In the meantime, the Canadian dollar has gained against the US dollar. Would I need to pay taxes on the currency gain?
Thank you.
Answer
no. but you do have to pay income taxes on the interest or capital gains on the accounts (in canada, then credit for foreign taxes paid on your usa return assuming you are either a usa citizen or resident (either case you are taxed on your worldwide income - canada will tax you on the income in the account in canada, then you get a foreign tax credit on the same income in usa).
MEdusa
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