Canadian parents are no strangers to losing their kids to the US – some may leave Canada to study in the US never to return, while others are recruited by US companies and sponsored by them for immigration purposes.
Once becoming a US person, the child becomes subject to the dreaded US gift and estate tax regime. Click here for a review of these rules. While this may not have an immediate impact on a child whose assets are below the exemption amount of $5.34 million USD, the child may be impacted downstream once he or she has amassed some personal wealth and/or received an inheritance from mom/dad’s Canadian estate. Read the rest of this entry »
Recent Blog Posts
- Upcoming Radio Show: May 19, 2015
- The Montreal Gazette – Tax Strategy: Keep taxman apprised when converting a home into a rental
- Advisor.ca – New Trust Rules Impact US Citizens in Canada
- Cross Border Estate Planning: Gifting to US Resident Children
- Expatriate Tax Issues and Strategies: The IRS Eases Reporting Requirements for RRSPs