Sebastien Desmarais

Total 54 Posts

Sébastien Desmarais is a Tax and Estate Planner at TD Wealth, Wealth Advisory Services.

Penalties Under the Income Tax Act – Executor Beware

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As a follow-up to my last article on key filing deadlines for estates, this article discusses tax penalties and interest. For executors, missing a tax deadline can come with serious tax implications, notably the application of a penalty and interest. Late Filing Penalty Under the Income Tax Act, there are several sections dealing with the application of penalties.  Deadlines are important and there is a penalty equal to five percent….

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Estate Administration, Executors, Interest, Liability, Tax Issues

U.S. Filing Requirements for Canadian POAs, Joint Accounts, and Bare Trusts

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This article is written by Nicole Ewing, Director, Tax & Estate Planning, TD Wealth Whether it’s a Power of Attorney (POA) for Property document, a joint account, or a bare trust relationship, if a U.S. person’s involved, things can get complicated quickly. Canadians without U.S. ties can find themselves and their assets subject to the scrutiny of U.S. authorities simply by engaging in common estate planning activities. One such issue arises….

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Estate Planning, IRS, Power of Attorney, Tax Issues, United States, US Taxes

Key Tax Deadlines for Estates Matters

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One of the responsibilities of an executor is to deal with the final tax return of the deceased and file the tax returns for the estate.  Most tax deadlines are statutory (established in the Income Tax Act) therefore, they are non-negotiable.  The executor should consult a tax advisor early to learn of all tax deadlines relevant to the estate.  The following will provide some guidance: Final T1 of the Deceased:….

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Estate Administration, Executors, Tax Issues, US Taxes

LCGE for Sole Proprietors – When the Exception Makes the Rule

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This article is written by Nicole Ewing, Director, Tax & Estate Planning, TD Wealth As professional advisors, we often speak in generalities and paraphrase rules to make our complex worlds more accessible to our clients. But there’s a risk in this oversimplification – sometimes important exceptions become unknown and worse, underutilized. For example, when we consider succession planning options for business owners, the Lifetime Capital Gains Exemption (LCGE) invariably takes centre….

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Estate Planning, Small Business, Tax Issues

Cross-Border Insurance Planning – Some Basics

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Cross-border insurance planning is tricky but understanding the basics can go a long way in assisting clients. This short article will review some of the key questions to consider in order to avoid potential pitfalls in life insurance planning. Who is the Owner, the Insured and the Beneficiary In the context of personal insurance planning, it is important to appreciate that there are always three (3) parties involved; the owner,….

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Estate Planning, Insurance, International, IRS, Succession Planning, Tax Issues, U.S. Citizen, US Taxes

Estate Planning & The Changes to the Capital Gain Inclusion Rate

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Will the change in the capital gain inclusion rate have any implications to estate planning?  For taxation years that end after June 24, 2024, the capital gains inclusion rate increased from one-half to two-thirds and the change will have some implications in estate planning. Advisors will need to adjust some of their advice and recommendations in light of the changes.  This article will highlight some of the implications resulting from….

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Estate Planning, Tax Issues
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