The Canadian and US boarder is becoming more and more porous in today’s world. With the freedom to travel between Canada and the US never greater than today, Canadians are frequently purchasing property in the United States. The same can be said about US citizens purchasing property in Canada. Because customs and laws of both countries differ, life changing events such as death or incapacity can be complicated when an individual owns real and personal property in more than one country. In addition, Canada and the US have tax schemes that vary greatly and interlace exposing Canadians to double taxation. At Crest Key, we guide our clients to an optimal position through the use of techniques such as international wills, trusts when appropriate, structuring how title to property is held, and electing treaty positions to achieve positive tax efficiencies, and minimize difficulties during incapacity or after death.
While the discussion herein is focused on Nevada law, many US tax concepts apply to other states in the Union. We are happy to help you with your tax planning.
Everyone’s situation is different, and as such, discussions herein are not meant to be all inclusive.