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Jax Tax
Jax Tax, Tax Attorney
Category: Tax
Satisfied Customers: 1408
Experience:  JD, LL.M in Business and Taxation, IRS Enrolled Agent. Expert in Business and Tax Transactions
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I am a dual citizen who lived in the U.S with my parents (Canadian)

Customer Question

I am a dual citizen who lived in the U.S with my parents (Canadian) during my pre teen years. My parents returned to Canada and I have worked here my entire life. I have been advised it is much better for me to renounce by U.S. duality for future planning purposes.
My tax situation with the U.S. is in order. I have mixed feelings but my accountant and legal adviser suggest doing so.
Your guidance would be much appreciated.
Submitted: 5 years ago.
Category: Tax
Expert:  retireddebra replied 5 years ago.

Debra Thal (username) :

Are you asking about the law in the US or Canada?

Customer:

In the U.S. I've live most of my life in Canada and worked only here. I would like to know what effect the dual citizenship would have on my estate? I know the Canadian effect but there is a big question with

Customer:

the us and the IRS.

Customer:

In the U.S. I've live most of my life in Canada and worked only here. I would like to know what effect the dual citizenship would have on my estate? I know the Canadian effect but there is a big question with



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the U.S. and their IRS.

Debra Thal (username) :

I will move this question to the US list then.

Expert:  Jax Tax replied 5 years ago.
The first question I have is whether you plan on continuing to work in the US. This will be determinative of my response.
Customer: replied 5 years ago.
As indicated I do not plan to work in the US or else I would not be asking the question?
Expert:  Jax Tax replied 5 years ago.
From a purely tax perspective regarding estate planning and estate tax, it is beneficial for you to give up your US citizenship. As a US citizen estate taxes apply to assets worldwide. Assuming your gross estate is beyond the exempt amount, this would be financially sound.

Keep in mind, you will not be able to enter the US for more than 30 days in any year, and the estate may well be taxed by the US if you pass within 10 years or in any year you have spent more than 30 days in the US.
Jax Tax, Tax Attorney
Category: Tax
Satisfied Customers: 1408
Experience: JD, LL.M in Business and Taxation, IRS Enrolled Agent. Expert in Business and Tax Transactions
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