Serbinski Accounting Firms

Question 1: Canadian citizen sells real estate in the US. I understand that she will be subject to long term capital gains in the US, but how do these taxes get applied to any Canadian tax that is due. i.e. is there a credit, and if so, what percentage can be applied? Question 2: To complicate the m...

Thanks for the replies. I have a couple of quick follow up questions: 1) If also taxable in the US on the real property, would there be any offset for the taxes paid in Canada? 2) Assuming the Canadian resident is also a US citizen, I assume that this would subject him to US estate taxes as well (as...

Thanks for the replies. I have a couple of quick follow up questions: 1) If also taxable in the US on the real property, would there be any offset for the taxes paid in Canada? 2) Assuming the Canadian resident is also a US citizen, I assume that this would subject him to US estate taxes as well (as...

Scenario: Canadian resident inherits $5M worth of cash, real and investment property from a US citizen/resident. Canadian resident dies 20 years later and has invested the $5M in such a way that is is worth $10M at the time of death. Question 1: I understand that there is no inheritance tax in Canad...

So that I'm clear: in this scenario, the Canadian tax resident would not pay a penny of taxes to the Canadian government (from any gift or bequest), and the US citizen's estate would be liable only to the US government for any taxes on the estate? Also, I read that the NDP has been recently advocati...

If a Canadian tax resident (who is a U.S. citizen) inherits a sizeable amount of money from a deceased parent, who at all times (including the time of death) was a U.S. citizen and U.S. resident, are there any Canadian tax implications to the inheriting Canadian tax resident child? Does this answer ...

Thank you for the response. I did mean taxes on the proceeds from the life insurance payout, so thanks for the answer. Are there any other ways to avoid taxes on estates (I'm including any vehicle where income/wealth is passed from parent to child upon death)? For example, are there any unified tax ...

Scenario: A US citizen is the beneficiary of a life insurance policy that was set up through irrevocable trust, etc. by the grantor in the way that the beneficiary would receive the proceeds completely tax free at the time of death. If at some point that US citizen then moves to Canada and becomes a...

Thanks Nelson. I did read that: such a trust might actually be able to be set up after death, provided it's within nine months of the date of death, and the favorable tax results can still be obtained. Is this true? and if so, do I need to set anything up now, in advance, to grant to someone the pow...

Three years ago, I married a Canadian citizen. I never created a will thinking that if I die in Illinois in-testate that she will get everything (which is pretty much what I would have my will say) so why bother. However, I recently discovered that if an American citizen dies, the money to a survivi...

Thanks Nelosna. A few follow-up questions: 1) would my mother-in-law nonetheless be saved by statute of limitations given that her husband died 10 years ago? 2) are the amounts in question low enough that they would be subject to some deminimus safe harbor exepmtion? 3) If no to both of the above, t...

Hi. My mother-in-law is and at all times been a Canadian citizen and Resident. 10 years ago, her husband, also at all times having been a Canadian Citizen and Resident, passed away and bequeathed all of his assets to my mother-in-law. Included in the estate, was a condo located in Florida (bought fo...

Thanks Nelson. What I'm really trying to do is live in the US (job, home, social ties, etc.) but also appease my wife and spend close to 50% of our time (much more than a few weeks, but slightly less than 6 months) in Canada where the bulk of her family and friends are. Based on your answers, while ...

I am an American citizen who works for a U.S. company. My wife, who is not working, is a Canadian citizen who is a permanant resident of the U.S. (green card) and has lived outside of Canada for the past 8 years. We are thinking of buying a vacation home in Canada (under our name) and spending signi...