Kevyn Nightingale, a leader in cross-border tax planning at Levy Salis LLP, was recently featured in an insightful article by Rudy Mezzetta for Globe Advisor.
The article highlights an important topic for Canadians with U.S. assets: the obligation to file a U.S. estate tax return, even as exemption thresholds shift.
Rudy Mezzetta
Globe Advisor
November 20th, 2024
The content below is just an excerpt. For full insights and to ensure compliance with the latest regulations, download the complete report by clicking the link below.
Canadians who die owning U.S. real estate or shares of U.S. corporations worth more than US$60,000 will have to file a U.S. estate tax return even if President-elect Donald Trump’s incoming administration extends legislation that doubled the U.S.estate tax exemption amount.
For 2024, the U.S. estate tax exemption amount for individuals is US$13.61-million, increasing to US$13.99-million in 2025. However, the amount will be effectively halved the following year to about US$7-million if no legislation is passed before the end of 2025.
Kevyn Nightingale provides clarity on the situation:
“Only very rich Canadians will be faced with the prospect of paying U.S. estate tax – that’s how it is today, and I predict it will continue to be like this after 2025. But you still have to file [a U.S. estate tax return].”
For full insights and to ensure compliance with the latest regulations, download the complete report by clicking the link below.
If you have any questions regarding your specific circumstances or need guidance on navigating cross-border tax obligations, please don’t hesitate to contact us for personalized advice.
The comments offered in this article are meant to be general in nature and are not intended to provide legal advice regarding any individual situation. Before taking any action involving your individual situation, you should seek legal advice to ensure it is appropriate for your circumstances.
About the author
Kevyn is a cross-border tax practitioner with over 35 years’ experience focusing on the intersection between individuals and entities with international tax issues.
His work spans the practical and the academic. He speaks and writes on Canadian and US tax issues, most regularly for Wolters Kluwer (CCH), the Society for Trust and Estate Practitioners and the Canadian Tax Foundation. He has published over 100 papers, including three in major journals that were peer-reviewed.
With more than 30 years of combined experience, we are proud at Levy Salis LLP to provide our clients with tailored services to meet their Canadian, US and Israeli tax and estate planning, US real estate, Quebec real estate and US immigration needs.