Canada and the U.S. have two distinct tax and legal systems. When a Canadian owns assets in the U.S. he is now subject to a combination of laws on both sides of the border.
One of the key questions that we address is how a client should take title of his U.S. residence in Florida. Many owners currently have the property in their name personally which may expose their family to unwanted and costly problems upon their passing.
Another important issue that can create potential confusion and stress for our clients is U.S. estate tax. A Canadian may be subject to up to 40% of U.S. estate tax on his U.S. assets depending when he passes away and how much his U.S. assets / worldwide assets are worth at the time of death. Our firm specializes in calculating the U.S. tax exposure, providing recommendations and implementing a cross border tax plan to defer, reduce or eliminate the tax burden for the client.
With proper planning, a Canadian may avoid a host of legal issues. Our attorneys analyze the facts specific to each situation and then recommend and implement a customized tax and estate plan that ensures a smooth transfer of assets to the next generation in a tax effective way.
- Representation of Canadians and other non-U.S. citizens in buying and selling U.S. real estate
- Foreign Investment in Real Property Tax Act (“FIRPTA”) issues
- Obtaining U.S. mortgages
- Structuring investments in U.S. real estate