U.S. Estate Tax Returns for Candadians

Catherine Eberl, of Hodgson Russ LLP has written about US estate tax return filing requirements for Canadians.  Her article begins as follows:

US estate tax return filing requirements surprise many Canadian executors. Often, the executor is in the throes of administering the estate when the lawyer or accountant sees a brokerage account statement and notices that the decedent had a sizable holding of shares of stock in a US corporation. The adviser informs the executor that because the decedent owned more than $60,000 of US stock, the executor must file a US estate tax return even though the shares are traded on the Toronto stock exchange and are owned in an RRSP. Moreover, the decedent was a lifelong Canadian citizen and resident and was never required to file a US income tax return during his or her lifetime.

Read more at “U.S. Estate Tax Returns” | Hodgson Russ LLP – JDSupra.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.