Monday, February 18, 2013

Beware taxes on your US estate

If you own a condo in Florida or Arizona, as so many Canadians do, you may wonder whether you'll have to pay U.S. tax on it when you pass away. The U.S. estate tax system was in a state of flux during 2012, making it very hard for professional advisors to give their clients certainty about what would happen tax-wise upon their deaths, but the tax rules have now been settled. Click here to read a column by Jamie Golumbek in the Financial Post that explains very clearly whether or not you'll have to pay tax in the U.S. if you own that vacation home when you pass away. Yes, you heard right - an article about tax that will give you a clear answer!

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