Cross-posted from USxCanada because of embedded perspectives of interest: Canada easy U.S. not; low threshhold for estate concerns; Canadian banks preparing to capitulate.
Cross-border issues complex: proper planning saves fortunes in estate taxes
Windsor Star (1 Nov 2012)
“A very stable tax system in Canada” is contrasted with the U.S., where “changes can be very dramatic from one year to the next.” Estate planning is seen as required for assets “anywhere near” $1 million. “Canadian banks are becoming less hesitant to share information with the IRS.” This infomercial-tinged “special to the Star” relies on input from an accountant and an attorney whose contact information is listed at the end. No mention is made of severing ties to the United States.
I imagine that this article will catch the attention of some USP’s who were previously aware of tax filing requirements, let alone the necessity to estate plan with the US in mind. This is a valuable piece for those just starting on the learning curve who have yet to realize that the best step in estate planning may just be renouncing.