WORLD WIDE WILL

Ontario law permits under certain circumstances wills of Ontario non-residents to transfer Ontario property. Assets of an Ontario resident located in a foreign jurisdiction require a will acceptable to the foreign laws

Does your appointment as an executor in Ontario give you jurisdiction to assets located outside Ontario?
Traditionally, an executor obtaining probate in Ontario does not have title to deal with assets located in a foreign jurisdiction. However, if the assets are removed by the executor from the foreign jurisdiction to Ontario after death, it would seem that title to the removed assets can be dealt with in Ontario.

What are the tax consequences of a Canadian resident inheriting assets from a foreign estate?
Where a Canadian resident inherits assets from a foreign decedent, the assets will take on a cost base equal to the fair market value. The Income Tax authorities deem the foreign property to have been acquired at fair market value(s). If the foreign estate is a trust, different rules apply.

Is there a common standard in the world for taxing decedents and heirs?
There is no common standard.
In Canada a deemed disposition is subject to a capital gains tax. There is no capital gain in New Zealand. Japan and France levy inheritance tax on the assets received by the heirs. USA, UK and Switzerland levy an estate duty on the assets. The Canadian tax issues involved in international estates are complicated and require tax specialists.