Markets opened yesterday with a pretty much wait-and-see attitude to the goings on in the Middle East. For the time being, the markets seem to have shrugged off the increase in oil prices. The IMF has issued a warning about inflation and slowing global economic growth. I never see anyone back-check these guys to see if any of their forecasts ever pan out. I won’t bother doing so as it’s a waste of time.

I continue to struggle with implementing a plan for my portfolio to allow me to emigrate from Canada. I hit one roadblock after another. I ran into an issue with U.S. estate taxes. Yes, US estate taxes. It seems that whatever you do, there is some US rule or regulation that can affect you, no matter where you live. I fail to understand how this is possible, but most countries have given in to the extra-territorial application of US law. Something countries used to resist in the past, but here we are.

“Canadians with US situs assets (real estate, US stocks) exceeding USD$60,000 and a worldwide estate over USD$15M (2026) may face U.S. estate taxes. Scotia Wealth Management notes that while treaty exemptions offer relief, Filing Form 706-NA is required if U.S. assets exceed $60K. Proper planning is vital due to graduated rates up to 40%.”

My understanding is that to claim the exemption under the US-Canada Tax Treaty, you need to file the form. I don’t give tax advice, but I will check out what the implications are for me. Yet another thing to wreck your retirement planning that no one tells you about. Especially for those Canadians who would like to emigrate. It never stops. As long as I have an RRSP or RRIF, I will be unsure about everything and anything, it seems. With a never-ending host of issues/problems to address.