International

Total 45 Posts

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

Refresher On Dealing With Foreign Grants In Ontario

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Quite often, we are contacted by law firms in foreign jurisdictions requesting assistance in resealing or confirming a foreign grant in Ontario to deal with assets located in Ontario. My colleague Emily Hubling and I reviewed this topic back in 2019 (https://allaboutestates.ca/probate-becomes-international-affair/) and today’s blog is a refresher on the process of resealing or confirming a foreign grant, taking into account changes to the forms and court processes that have….

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Estate Administration, International, Uncategorized

Revisiting the “Granny Trust”

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This blog has been written by Rahul Sharma, Partner, Fasken Martineau DuMoulin LLP, Toronto The world is ever-changing.  The UK non-domiciliary regime is ending, although with what appear to be potentially helpful tax measures available to new residents for a four-year period.  Certain favourable golden visa programmes in European countries are also ending or otherwise changing.  And Italy just now doubled its flat tax for ex-patriots from €100,000 to €200,000 per….

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Estate Planning, International, Tax Issues, Trusts

Inheritance Tax – Why should you care?

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The Canadian concept of taxing the deceased by deeming a disposition at death is contrary to many countries where the inheritance tax is paid by the heirs upon receiving money or properties from a deceased person. In other words, while Canada taxes the deceased on death, most countries – notably most countries in the European Union (EU) – tax the beneficiaries. Therefore, any proceeds received as a consequence of death….

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Estate Administration, International, Tax Issues

Beneficiary of a U.S. Estate – Now What?

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What are the tax implications if you are a beneficiary of a U.S. estate? Rarely do we consider the implications of a Canadian resident inheriting from a U.S. estate. From a Canadian Tax Perspective The general rule is the Canadian beneficiary shall receive their inheritance tax-free since the U.S. estate is deemed to have acquired the assets at fair market value (i.e. cost-base step-up). Further, if the executor is a….

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Estate Planning, International, Succession Planning, Tax Issues, Trusts, United States

U.K. Inheritance Tax – It Could Apply

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Are you a U.K. citizen?  A simple question that may trigger many additional questions from the estate advisor if the answer is, yes. Why? Canada and the U.K.  impose income tax obligations on the basis of a taxpayer’s residency.  However, the current U.K. Inheritance Tax (IHT) applies to the much broader concept of domicile.  Therefore, someone may be exempt from U.K. income tax on the basis of residing in another….

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International, Succession Planning, Tax Issues
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