Cardinal Point’s Terry F. Ritchie talks to Rob Carrick about the latest changes in U.S. estate taxes and what they mean for Canadian snowbirds who own property in the U.S. For many years, snowbirds had to worry about U.S. estate taxes, but it’s not an issue for most anymore, as the threshold is much higher ($5.23 million USD each). A married couple with a worldwide estate valued at less than $10.5M would have no U.S. tax exposure. According to Ritchie, the estate tax exemption will continue to rise with inflation. For most Canadians, these changes are good news, as estate taxes are not the big concern they once were.The other issue to be aware of is the need to file a U.S. estate tax return upon death if the Canadian has property worth more than $60K.
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