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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 2602
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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I'am a Canadian that owns a house in Florida worth six

Customer Question

I'am a Canadian that owns a house in Florida worth six hundred thousand.if I die what would the state tax
Submitted: 1 year ago.
Category: Finance
Expert:  Lane replied 1 year ago.

Hi,

...

Wihout the advent of the US-Canada Estate tax treaty, you would have the normal deemed sale and inclusion of 1/2 of the gain included in your last ncime tax return in Canada AND estate taxes paid to th US becasue of the pproperty being US Situe (US located) property.

...

Fortunately, the treaty allows for Canadian citizens to apply the same exemption ($5,430,000 for those passing in 2015) as U.S citizens to the US estate tax n that US property.

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But there's one more piece to the puzzle.

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The exemption is pro-rated based on the RATIO OF THE VALUE OF THE US LOCATED ASSETS TO THE VALUE OF YOUR WHOLE ESTATE.

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So, without more information, I can't give you a specific number ... but that's how it works ...

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There's an excellent example of this on page 4 of this article: http://www.bdo.ca/en/Library/Services/Tax/Documents/Tax-Bulletins/US-Estate-Tax-Issues-for-Canadians.pdf