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The United States has estate tax - a tax Canadians generally tend to be unfamiliar with. Canada and some provinces had the same thing, but it was completely removed 1981, on the belief that it is an inefficient way to tax.
In Canada, U.S. estate tax primarily affects U.S. citizens residing here and Canadians with U.S. real estate and / or stocks in U.S. companies.
On January 10, 2017, Rep. Kristi Noem (R-SD) introduced a
bill [HR 631-115] to repeal the estate tax. Interestingly, this bill was co-sponsored by a Democrat.
This bill, a duplicate of one that passed the House in 2015, provides that:
On January 11, a separate
bill [HR 451-115] was introduced by Robert Latta (R-OH) that is even simpler. It repeals the estate tax without altering any other portion of the Internal Revenue Code. So the gift tax would remain as is. However, there are many references to the estate tax in the gift tax chapter, such as the rate of tax.
U.S. Republicans have wanted to repeal their estate tax for the same reason for a long time. Under George W. Bush, they were able to gradually reduce estate tax and finally eliminate it for 2010. Because of Congress’ budgeting rules however, the estate tax returned in 2011. Since that time, Republicans have passed several repeal bills, all of which have been stymied by Congressional Democrats or vetoed by President Obama. With an entirely Republican Congress and a President committed to repeal, it is expected the estate tax will successfully be repealed.
For more information, contact Kevyn Nightingale, CPA, CA, CPA (ILL), TEP at 416.596.1711 or
Related Topics:U.S. Tax
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