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- Does Canada really have no estate tax? The real gap between the two countries' death taxesCanada has no estate tax but it has deemed disposition: every unrealised gain is taxed at once on the final return, and an RRSP is included at 100%. The US has step-up in basis and a $15 million exemption. Four household scenarios with the bill worked out, plus a trap few people know about: a Canadian holding more than $60,000 of US stocks has a US estate-tax filing obligation.