Financial Planning Q 'n A

Should I be concerned with US Estate tax?

 Unlike Canada, the United States has a direct estate tax. In addition, some states have their own estate tax. If you own any property such as real estate, shares, pensions or other tangible property, you should be concerned about estate taxes. There are treaty exemptions available to Canadians for smaller estates, but U.S. returns must be filed even if no taxes are owed. The rules are complex and you should consult an accountant with knowledge in U.S. Estate taxes.