Will in Canada

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fephooJunior Member
Topic author
Posts: 14
Joined: 19 Apr 2009

Will in Canada

Post Wed Apr 29, 2009 6:53 pm

I have a family with 2 young kids and I am looking into doing a will. Is there such a thing as an international will ? If I do a will in Quebec, is it still valid if I become US resident or do I have to do another one then ?
Thanks.
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Reba

Re: Will in Canada

Post Thu Apr 30, 2009 4:22 am

It would still be valid if you leave Canada and become resident in the US. If you have a new family in the US, they could try to contest it of course, but it would still be binding.
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StevenCanuckAbroad VIP
Posts: 3637
Topics: 2
Joined: 28 Sep 2007
Location: Calgary

Re: Will in Canada

Post Tue May 05, 2009 10:10 am

It's still valid, but you need to be aware that one of the main differences between the US and Canadian tax systems is how estates are handled, if you or someone in your will lives in one country or the other, it may have a bearing on how you want to include them in the will.

The US has estate tax (except next year) although it doesn't kick in until a relatively high level. Canada uses capital gains tax. The US has a gift tax as well to prevent estate tax avoidance.

For example if you're living in the US and your tax home is in the US at the time of your death, it may make more sense to bequeath assets to people who live in the US rather than Canada if you're below the estate tax level. Also capital gains tax is important, for example say you have a house and you bequeath it to someone and you know they are likely to sell it, but it may take them awhile - well you have to be careful as to how much capital gains tax that person may end up paying as each country has a different CGT rate.
Steve.
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