- Teks
- Sejarah
Death TaxesThe purpose of the artic
Death Taxes
The purpose of the article of the Treaty is to coordinate the death taxes of the two countries. Without the Treaty, there would be double tax because Canadian’s death tax is an income tax and the US death tax is an estate tax (tax on assets) so barring the Treaty, there would be no way to take a foreign tax credit or otherwise eliminate double tax.
US death taxes include estate, gift and generation-skipping transfer tax. It does not include state death taxes.
The US estate tax system provides an exemption from tax on the first US$5,430,000 of net assets. That exemption is referred to as the Applicable Exclusion Amount (AEA). The Treaty provides a pro rata Applicable Exclusion Amount equal to the deceased’s US assets, divided by worldwide assets, times the AEA (US$5,430,000 per person in 2015 and indexed for inflation) and will no event be less than US$60,000.
The Treaty also provides a special Martial Credit allowance for transfers to spouses. The deceased is allowed a doubling of the amount from above, if:
The property passing is “qualifying property.”
Decedent must have been a resident of either Canada or the US, or a Canadian or US citizen at the time of death.
The surviving spouse must have been a resident of either Canada or the US, or a Canadian or US citizen at the time of the decedent’s death.
If both the decedent and the spouse were residents of the US at death, at least one of them has to be a Canadian citizen.
Must irrevocably waive the benefits of the unlimited marital deduction.
Canada agrees to give Canadian residents that are not US citizens or green card holders a credit for US federal and state inheritance tax on US property. This credit is allowed against Canadian tax paid. The US agrees to give credit against federal estate for Canadian federal and provincial income taxes imposed at death.
© Copyright Cross Border Tax & Accounting. All Rights Reserved www.cbta.net
In summary, this means that if you have worldwide assets that are less than the AEA (US$5,430,000 in 2015 or US$10,860,000 for a couple), there will be no US estate tax. If however, your worldwide assets exceed the AEA, you could be subject to US nonresident estate tax.
Let’s take an easy example. You are single and your worldwide assets are equal to US$10,000,000. Included in the US$10,000,000 is a home you own in your own name in Florida that is worth US$1,000,000. You would be able to exclude US$5,430,000 times US assets over worldwide assets, or 1,000,000/10,000,000, or 10%. Ten percent of $5,430,000 is $543,000. So $543,000 would be excluded and you would owe tax on $457,000. If you were married to a Canadian, the entire amount would be excluded and there would be not tax.
Note: There are planning techniques that can be used prior to death that could prevent the house, in this example, from being included as a US asset and therefore not subject to nonresident estate tax. Also, any tax you pay in the US can be taken as a credit against your final Canadian income tax.
Note: That as long as the assets are considered US assets and the total US assets exceed $60,000, you must file a US estate tax return. The practical explanation as to why you will have to file a US estate tax return is quite obvious, you are claiming that your worldwide assets are less than the AEA; the IRS is not simply going to take your word for it, they will need you to provide substantiation and a signed return claiming the amounts to be true.
Final comment
The last thing to note is that if you are using any provision of the Treaty to alter the tax that would otherwise be owed under domestic law, you must file a return and disclose the fact you are using a provision of the Treaty to reduce your tax. As explained above in the estate tax example, just because you have no tax due, does not mean that you have no tax return due.
The purpose of the article of the Treaty is to coordinate the death taxes of the two countries. Without the Treaty, there would be double tax because Canadian’s death tax is an income tax and the US death tax is an estate tax (tax on assets) so barring the Treaty, there would be no way to take a foreign tax credit or otherwise eliminate double tax.
US death taxes include estate, gift and generation-skipping transfer tax. It does not include state death taxes.
The US estate tax system provides an exemption from tax on the first US$5,430,000 of net assets. That exemption is referred to as the Applicable Exclusion Amount (AEA). The Treaty provides a pro rata Applicable Exclusion Amount equal to the deceased’s US assets, divided by worldwide assets, times the AEA (US$5,430,000 per person in 2015 and indexed for inflation) and will no event be less than US$60,000.
The Treaty also provides a special Martial Credit allowance for transfers to spouses. The deceased is allowed a doubling of the amount from above, if:
The property passing is “qualifying property.”
Decedent must have been a resident of either Canada or the US, or a Canadian or US citizen at the time of death.
The surviving spouse must have been a resident of either Canada or the US, or a Canadian or US citizen at the time of the decedent’s death.
If both the decedent and the spouse were residents of the US at death, at least one of them has to be a Canadian citizen.
Must irrevocably waive the benefits of the unlimited marital deduction.
Canada agrees to give Canadian residents that are not US citizens or green card holders a credit for US federal and state inheritance tax on US property. This credit is allowed against Canadian tax paid. The US agrees to give credit against federal estate for Canadian federal and provincial income taxes imposed at death.
© Copyright Cross Border Tax & Accounting. All Rights Reserved www.cbta.net
In summary, this means that if you have worldwide assets that are less than the AEA (US$5,430,000 in 2015 or US$10,860,000 for a couple), there will be no US estate tax. If however, your worldwide assets exceed the AEA, you could be subject to US nonresident estate tax.
Let’s take an easy example. You are single and your worldwide assets are equal to US$10,000,000. Included in the US$10,000,000 is a home you own in your own name in Florida that is worth US$1,000,000. You would be able to exclude US$5,430,000 times US assets over worldwide assets, or 1,000,000/10,000,000, or 10%. Ten percent of $5,430,000 is $543,000. So $543,000 would be excluded and you would owe tax on $457,000. If you were married to a Canadian, the entire amount would be excluded and there would be not tax.
Note: There are planning techniques that can be used prior to death that could prevent the house, in this example, from being included as a US asset and therefore not subject to nonresident estate tax. Also, any tax you pay in the US can be taken as a credit against your final Canadian income tax.
Note: That as long as the assets are considered US assets and the total US assets exceed $60,000, you must file a US estate tax return. The practical explanation as to why you will have to file a US estate tax return is quite obvious, you are claiming that your worldwide assets are less than the AEA; the IRS is not simply going to take your word for it, they will need you to provide substantiation and a signed return claiming the amounts to be true.
Final comment
The last thing to note is that if you are using any provision of the Treaty to alter the tax that would otherwise be owed under domestic law, you must file a return and disclose the fact you are using a provision of the Treaty to reduce your tax. As explained above in the estate tax example, just because you have no tax due, does not mean that you have no tax return due.
0/5000
Death TaxesThe purpose of the article of the Treaty is to coordinate the death taxes of the two countries. Without the Treaty, there would be double tax because Canadian’s death tax is an income tax and the US death tax is an estate tax (tax on assets) so barring the Treaty, there would be no way to take a foreign tax credit or otherwise eliminate double tax.US death taxes include estate, gift and generation-skipping transfer tax. It does not include state death taxes.The US estate tax system provides an exemption from tax on the first US$5,430,000 of net assets. That exemption is referred to as the Applicable Exclusion Amount (AEA). The Treaty provides a pro rata Applicable Exclusion Amount equal to the deceased’s US assets, divided by worldwide assets, times the AEA (US$5,430,000 per person in 2015 and indexed for inflation) and will no event be less than US$60,000.The Treaty also provides a special Martial Credit allowance for transfers to spouses. The deceased is allowed a doubling of the amount from above, if: The property passing is “qualifying property.” Decedent must have been a resident of either Canada or the US, or a Canadian or US citizen at the time of death. The surviving spouse must have been a resident of either Canada or the US, or a Canadian or US citizen at the time of the decedent’s death. If both the decedent and the spouse were residents of the US at death, at least one of them has to be a Canadian citizen. Must irrevocably waive the benefits of the unlimited marital deduction.Canada agrees to give Canadian residents that are not US citizens or green card holders a credit for US federal and state inheritance tax on US property. This credit is allowed against Canadian tax paid. The US agrees to give credit against federal estate for Canadian federal and provincial income taxes imposed at death.© Copyright Cross Border Tax & Accounting. All Rights Reserved www.cbta.netIn summary, this means that if you have worldwide assets that are less than the AEA (US$5,430,000 in 2015 or US$10,860,000 for a couple), there will be no US estate tax. If however, your worldwide assets exceed the AEA, you could be subject to US nonresident estate tax.Let’s take an easy example. You are single and your worldwide assets are equal to US$10,000,000. Included in the US$10,000,000 is a home you own in your own name in Florida that is worth US$1,000,000. You would be able to exclude US$5,430,000 times US assets over worldwide assets, or 1,000,000/10,000,000, or 10%. Ten percent of $5,430,000 is $543,000. So $543,000 would be excluded and you would owe tax on $457,000. If you were married to a Canadian, the entire amount would be excluded and there would be not tax.Note: There are planning techniques that can be used prior to death that could prevent the house, in this example, from being included as a US asset and therefore not subject to nonresident estate tax. Also, any tax you pay in the US can be taken as a credit against your final Canadian income tax.Note: That as long as the assets are considered US assets and the total US assets exceed $60,000, you must file a US estate tax return. The practical explanation as to why you will have to file a US estate tax return is quite obvious, you are claiming that your worldwide assets are less than the AEA; the IRS is not simply going to take your word for it, they will need you to provide substantiation and a signed return claiming the amounts to be true.Final commentThe last thing to note is that if you are using any provision of the Treaty to alter the tax that would otherwise be owed under domestic law, you must file a return and disclose the fact you are using a provision of the Treaty to reduce your tax. As explained above in the estate tax example, just because you have no tax due, does not mean that you have no tax return due.
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Kematian Pajak
Tujuan dari artikel Traktat adalah mengkoordinasikan pajak kematian kedua negara. Tanpa Perjanjian tersebut, akan ada pajak ganda karena pajak kematian Kanada ini adalah pajak penghasilan dan pajak kematian AS adalah pajak real (pajak aset) sehingga pembatasan Perjanjian, tidak akan ada cara untuk mengambil kredit pajak asing atau menghilangkan pajak ganda.
Pajak kematian AS termasuk real, hadiah dan pajak pengalihan generasi-lompat. Ini tidak termasuk pajak kematian negara.
Sistem pajak real US memberikan pembebasan pajak pada US pertama $ 5.430.000 aktiva bersih. Pembebasan yang disebut sebagai Jumlah Berlaku Pengecualian (AEA). Perjanjian menyediakan rata Jumlah Berlaku Pengecualian pro sama dengan aset US almarhum, dibagi dengan aset di seluruh dunia, kali AEA (US $ 5.430.000 per orang pada tahun 2015 dan diindeks untuk inflasi) dan akan ada acara kurang dari US $ 60.000.
Perjanjian juga menyediakan tunjangan Kredit Martial khusus untuk transfer ke pasangan. Almarhum diperbolehkan dua kali lipat dari jumlah yang dari atas, jika:
Pengesahan properti ". Kualifikasi properti"
yg meninggal pasti penduduk dari salah Kanada atau Amerika Serikat, atau warga negara Kanada atau Amerika Serikat pada saat kematian.
The masih hidup pasangan pasti penduduk dari salah Kanada atau Amerika Serikat, atau warga negara Kanada atau Amerika Serikat pada saat kematian mendiang.
Jika kedua orang yang meninggal dan pasangan yang warga AS pada saat kematian, setidaknya salah satu dari mereka harus menjadi warga negara Kanada.
Harus ditarik kembali membebaskan manfaat dari pemotongan perkawinan terbatas.
Kanada setuju untuk memberikan warga Kanada yang bukan warga negara AS atau pemegang kartu hijau kredit untuk federal dan negara bagian pajak warisan AS pada properti AS. Kredit ini diperbolehkan terhadap pajak Kanada dibayar. AS setuju untuk memberikan kredit terhadap real federal untuk pajak pendapatan federal dan provinsi Kanada yang dikenakan pada saat kematian.
© Pajak & Akuntansi Copyright Cross Border. All Rights Reserved www.cbta.net
Singkatnya, ini berarti bahwa jika Anda memiliki aset di seluruh dunia yang kurang dari AEA (US $ 5.430.000 pada tahun 2015 atau US $ 10.860.000 untuk beberapa), tidak akan ada pajak real US. Jika demikian, aset di seluruh dunia Anda melebihi AEA, Anda bisa dikenakan pajak real bukan penduduk AS.
Mari kita ambil contoh mudah. Anda lajang dan aset di seluruh dunia Anda sama dengan US $ 10.000.000. Termasuk dalam US $ 10.000.000 adalah rumah Anda sendiri di nama Anda sendiri di Florida yang bernilai US $ 1.000.000. Anda akan dapat mengecualikan $ 5.430.000 kali aset US atas aset di seluruh dunia, atau 1.000.000 / 10.000.000, atau 10% AS. Sepuluh persen dari $ 5.430.000 adalah $ 543.000. Jadi $ 543.000 akan dikecualikan dan Anda akan berutang pajak pada $ 457.000. Jika Anda menikah dengan seorang Kanada, seluruh jumlah akan dikecualikan dan akan ada tidak pajak.
Catatan: Ada perencanaan teknik yang dapat digunakan sebelum kematian yang bisa mencegah rumah, dalam contoh ini, dari yang dimasukkan sebagai aset AS dan karena itu tidak dikenakan pajak real bukan penduduk. Juga, pajak yang Anda bayar di AS dapat diambil sebagai kredit terhadap pajak penghasilan Kanada akhir Anda.
Catatan: Bahwa selama aset tersebut dianggap aset AS dan total aset US melebihi $ 60.000, Anda harus mengajukan pengembalian pajak real US. Penjelasan praktis untuk mengapa Anda harus mengajukan pengembalian pajak real AS cukup jelas, Anda mengklaim bahwa aset di seluruh dunia Anda kurang dari AEA; IRS tidak hanya akan mengambil kata-kata Anda untuk itu, mereka akan membutuhkan Anda untuk memberikan pembuktian dan kembali menandatangani mengklaim jumlah untuk menjadi kenyataan.
Komentar terakhir
Hal terakhir yang perlu diperhatikan adalah bahwa jika Anda menggunakan ketentuan dari Perjanjian untuk mengubah pajak yang seharusnya dapat berutang di bawah hukum domestik, Anda harus mengajukan kembali dan mengungkapkan fakta Anda menggunakan ketentuan Perjanjian untuk mengurangi pajak Anda. Seperti dijelaskan di atas dalam contoh pajak real, hanya karena Anda tidak memiliki pajak yang terutang, tidak berarti bahwa Anda tidak memiliki pengembalian pajak karena.
Tujuan dari artikel Traktat adalah mengkoordinasikan pajak kematian kedua negara. Tanpa Perjanjian tersebut, akan ada pajak ganda karena pajak kematian Kanada ini adalah pajak penghasilan dan pajak kematian AS adalah pajak real (pajak aset) sehingga pembatasan Perjanjian, tidak akan ada cara untuk mengambil kredit pajak asing atau menghilangkan pajak ganda.
Pajak kematian AS termasuk real, hadiah dan pajak pengalihan generasi-lompat. Ini tidak termasuk pajak kematian negara.
Sistem pajak real US memberikan pembebasan pajak pada US pertama $ 5.430.000 aktiva bersih. Pembebasan yang disebut sebagai Jumlah Berlaku Pengecualian (AEA). Perjanjian menyediakan rata Jumlah Berlaku Pengecualian pro sama dengan aset US almarhum, dibagi dengan aset di seluruh dunia, kali AEA (US $ 5.430.000 per orang pada tahun 2015 dan diindeks untuk inflasi) dan akan ada acara kurang dari US $ 60.000.
Perjanjian juga menyediakan tunjangan Kredit Martial khusus untuk transfer ke pasangan. Almarhum diperbolehkan dua kali lipat dari jumlah yang dari atas, jika:
Pengesahan properti ". Kualifikasi properti"
yg meninggal pasti penduduk dari salah Kanada atau Amerika Serikat, atau warga negara Kanada atau Amerika Serikat pada saat kematian.
The masih hidup pasangan pasti penduduk dari salah Kanada atau Amerika Serikat, atau warga negara Kanada atau Amerika Serikat pada saat kematian mendiang.
Jika kedua orang yang meninggal dan pasangan yang warga AS pada saat kematian, setidaknya salah satu dari mereka harus menjadi warga negara Kanada.
Harus ditarik kembali membebaskan manfaat dari pemotongan perkawinan terbatas.
Kanada setuju untuk memberikan warga Kanada yang bukan warga negara AS atau pemegang kartu hijau kredit untuk federal dan negara bagian pajak warisan AS pada properti AS. Kredit ini diperbolehkan terhadap pajak Kanada dibayar. AS setuju untuk memberikan kredit terhadap real federal untuk pajak pendapatan federal dan provinsi Kanada yang dikenakan pada saat kematian.
© Pajak & Akuntansi Copyright Cross Border. All Rights Reserved www.cbta.net
Singkatnya, ini berarti bahwa jika Anda memiliki aset di seluruh dunia yang kurang dari AEA (US $ 5.430.000 pada tahun 2015 atau US $ 10.860.000 untuk beberapa), tidak akan ada pajak real US. Jika demikian, aset di seluruh dunia Anda melebihi AEA, Anda bisa dikenakan pajak real bukan penduduk AS.
Mari kita ambil contoh mudah. Anda lajang dan aset di seluruh dunia Anda sama dengan US $ 10.000.000. Termasuk dalam US $ 10.000.000 adalah rumah Anda sendiri di nama Anda sendiri di Florida yang bernilai US $ 1.000.000. Anda akan dapat mengecualikan $ 5.430.000 kali aset US atas aset di seluruh dunia, atau 1.000.000 / 10.000.000, atau 10% AS. Sepuluh persen dari $ 5.430.000 adalah $ 543.000. Jadi $ 543.000 akan dikecualikan dan Anda akan berutang pajak pada $ 457.000. Jika Anda menikah dengan seorang Kanada, seluruh jumlah akan dikecualikan dan akan ada tidak pajak.
Catatan: Ada perencanaan teknik yang dapat digunakan sebelum kematian yang bisa mencegah rumah, dalam contoh ini, dari yang dimasukkan sebagai aset AS dan karena itu tidak dikenakan pajak real bukan penduduk. Juga, pajak yang Anda bayar di AS dapat diambil sebagai kredit terhadap pajak penghasilan Kanada akhir Anda.
Catatan: Bahwa selama aset tersebut dianggap aset AS dan total aset US melebihi $ 60.000, Anda harus mengajukan pengembalian pajak real US. Penjelasan praktis untuk mengapa Anda harus mengajukan pengembalian pajak real AS cukup jelas, Anda mengklaim bahwa aset di seluruh dunia Anda kurang dari AEA; IRS tidak hanya akan mengambil kata-kata Anda untuk itu, mereka akan membutuhkan Anda untuk memberikan pembuktian dan kembali menandatangani mengklaim jumlah untuk menjadi kenyataan.
Komentar terakhir
Hal terakhir yang perlu diperhatikan adalah bahwa jika Anda menggunakan ketentuan dari Perjanjian untuk mengubah pajak yang seharusnya dapat berutang di bawah hukum domestik, Anda harus mengajukan kembali dan mengungkapkan fakta Anda menggunakan ketentuan Perjanjian untuk mengurangi pajak Anda. Seperti dijelaskan di atas dalam contoh pajak real, hanya karena Anda tidak memiliki pajak yang terutang, tidak berarti bahwa Anda tidak memiliki pengembalian pajak karena.
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