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“Death and taxes – two sure things in life.

Did you know that even if you’re resident in Canada when you die, if you own property in the U.S. you may be subject to U.S. estate tax?” Perhaps you have some beachfront property down south, or you might own some assets used in a U.S. business activity. It is quite likely that for diversification purposes you hold U.S. securities within your Canadian brokerage account. Many Canadians are unaware that for U.S. estate tax purposes, these types of property are taxed at their fair market at death, potentially resulting in an unnecessarily large tax bill without the proper planning.

us-estate-tax-for-Canadisn-BDO-Mar2014-covercapAccounting and tax advisory firm, BDO, has put together a brief but very useful guide covering U.S. Estate Tax Issues for Canadians. It provides an overview of how U.S. estates taxes work for Canadians, various exemptions and treaty relief, and also highlights some estate planning ideas to minimize U.S. estate tax liability. Click here to view.

Barrett Lyons

Barrett Lyons is a part of the client service team at Northwood Family Office LP, which looks after the investments and integrated financial affairs of wealthy families with $10 million or more. He is also responsible for managing tax and accounting services for clients. Barrett is a Chartered Professional Accountant (CPA, CA), a Certified Financial Planner (CFP), holds the Chartered Investment Manager (CIM) designation, and is a member of the Toronto Estate Planning Council (TEPC).

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