Estate Tax Update

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Owning a U.S. Vacation Property (Revised Edition, January 31, 2011)

The estate of a Canadian resident may be required to pay U.S. estate tax on a U.S. vacation home owned by the deceased. However, the Canada-U.S. Tax Treaty (the Treaty) provides some relief. As a result, Canadian residents will have a U.S. estate tax liability only if their worldwide assets are valued at more than U.S. $5 million.

While U.S. estate tax applies to other U.S. assets, such as U.S. securities, this Estate Tax Update discusses the estate tax only as it applies to U.S. real estate.

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