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!

Purchasing a vacation property in the US

Many Canadians are thinking about buying vacation homes in the USA. If you're one of them, would you be interested in knowing what a Canadian accountant with 25 years of experience might say about it? If so, click here to read this article by Mark Goodfield, an accountant who blogs at http://www.thebluntbeancounter.com/ . Photo from http://www.dreamstime.com/ .

How long can snowbirds avoid US tax?

Do you spend time in the US, either for  business or for pleasure? Many of my clients spend quite a bit of time at their recreational properties in Arizona and other sunny American places. If you're one of them, you should read this article from Terry F. Ritchie at http://www.capitalmagazine.ca/ . Click here to read it.

Is a US tax return due?

This link leads to a very useful and straightforward article from All About Estates that will be very helpful if you are the executor of an estate with  a US property. Click here to read it.

If you own a vacation home in the USA, read this

You may or may not know that the estate tax in the US has been in limbo this last year due to a re-vamping of their tax system. It has caused uncertainty for advisors and consumers alike, but now the Americans have got their new system in place for 2011. This column in today's Financial Post talks about how the new estate tax will affect Canadians who own property in the US when they pass away. Click here to read it.

All Canadians with US property, read this!

This article from All About Estates gives detailed information about what happens tax-wise when a Canadian resident dies owning US property. This is relevant for so many readers, as they own condos in Florida or Arizona or other nice warm places. This is information you need to know as you think about your estate planning. Click here to read the article.

So you think you can avoid Uncle Sam...

Tax issues are always a big part of estate planning. In particular, cross-border issues for both Canadian and US residents who own property across the border can be difficult and intricate. In this article, Corina Weigl talks about tax implications of property in Canada on the death of a US resident. It also helps to make sense of the current confusing state of US estate taxes. Click here to read the article.

Homeowners moving to a job outside Canada face new tax implications

This article from National Post talks about unexpected consequences of moving temporarily to the USA for work reasons. This has new information I didn't know before and I thought it worth sharing with you. Click here to read the article.

RRSPs and moving to the US

This article is a couple of months old, but I'm putting up a link to it anyway as it contains some pretty specialized information for Canadians who are thinking about moving to the US for retirement. Click here to read the article from Canadian Tax Resource Blog.

Health bill opens doors to Canadians seeking U.S. retirement

The US government has made legislative changes that will allow Canadians to more easily get health care coverage in the US, according to this article in today's Globe and Mail. Definitely food for thought, but my own addition to this article would be to make sure you get expert tax advice to know how these provisions will affect you.

Snowbirds beware! Canadians and the American IRS

Attached is a very good article for Canadians who own property in the US and spend considerable time there to escape our snowy winters. Ever think about whether using that property will get you into trouble with American tax authorities? Read this article from Moodys LLP Tax Advisors for some very good information.