US Cross-Border Tax Blog

Published by W.L. Dueck LLP

Posts filed under ‘Joint Tenancy’

AndersenTax

US Gift Tax Exposure on Joint Ownership of Property

The most common way spouses hold property in Canada is joint tenancy with right of survivorship. Joint ownership provides each joint tenant an undivided interest in the property and when one spouse dies, the property immediately passes to the surviving spouse without probate. In the case where one spouse is a US citizen and the other is not, care should be exercised when creating or terminating joint tenancy as certain transactions may trigger US federal gift tax for the unsuspecting… Read More