Own a US Property? The tax changes will affect you!
May 17, 2010 by Dania Spillett
Estate tax changes are coming to the US – and this can affect Canadians who own an investment or vacation property south of the border.
The tax cuts enacted by the Bush administration are scheduled to expire at the end of 2010, and estate taxes are expected to revert to higher rates that applied in 2001 and a lower estate tax exemption of $1 million.
A Canadian investor’s potential tax increase depends on the total value of their US- located property and the proportion of their US assets compared to your worldwide assets.
To learn more about US estate taxes for Canadians, read this report by BDO Dunwoody.
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