Succession Planning

Total 150 Posts

U.K. Inheritance Tax – It Could Apply

• • 0 Comments

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….

U.K. Inheritance Tax – It Could Apply Continue Reading »

International, Succession Planning, Tax Issues

The Importance of the U.S. Federal Transfer Certificate

• • 0 Comments

Canadians often misunderstand (or are unaware) that the U.S. estate tax may apply to their estate.  Indeed, if a Canadian dies owning U.S. situs assets with a gross value exceeding USD $60,000, their estate will have to file a U.S. estate tax return and, depending on the worldwide fair market value of their estate, could be subject to U.S. estate tax. From an estate administration perspective, one of the challenges….

The Importance of the U.S. Federal Transfer Certificate Continue Reading »

Executors, IRS, Succession Planning, Tax Issues, U.S. Citizen, United States, US Taxes

Who is the Settlor?

• • 0 Comments

Who is the settlor? A simple question but many take the answer for granted; essentially, the Deed of Trust indicates the settlor and a paragraph confirms the settlor’s intention and defines the settled property. A trust is established only upon the settlor expressing his or her wishes to create a trust and transferring property (referred to as the “settled property”) to the trustees of the trust. Is this sufficient to….

Who is the Settlor? Continue Reading »

Succession Planning, Trusts

Estate Planning and the Changes to the General Anti-Avoidance Rule (GAAR)

• • 0 Comments

Estate advisors looking at tax minimization and corporate restructuring of their clients’ affairs as part of their estate and wealth planning will now need to consider the new changes to the General Anti-Avoidance Rule (GAAR). Bill C-59 was introduced in Parliament on November 30th, 2023, and a section of the Bill amends section 245 of the Income Tax Act (the Act) and the GAAR provisions found in subsection 245 of the Act…..

Estate Planning and the Changes to the General Anti-Avoidance Rule (GAAR) Continue Reading »

Estate Planning, Succession Planning, Tax Issues

Taxable Preferred Shares – Some Potential Relief for Specified Amounts

• • 0 Comments

Andrew Coates, Associate, Gowling WLG (Canada) LLP The potential tax implications of estate trustees finding themselves holding taxable preferred shares (“TPS”) owned by a deceased and the “substantial interest” exception for Part VI.1 tax was explored previously in the March 2, 2021 post, but TPS is a complicated subject so we will discuss another of the exceptions in today’s post: the “specified amount” exception. As a refresher, TPS is defined….

Taxable Preferred Shares – Some Potential Relief for Specified Amounts Continue Reading »

Succession Planning, Tax Issues, Uncategorized

Wish lists are for more than just the holiday season

• • 0 Comments

This blog has been written by Mohena Singh [Associate] at Fasken LLP As we near the new year and reflect on another holiday season, many of us may have used this time to spend with family and friends or catch up on some much needed rest and recovery. This time of year also tends to be one filled with gift-giving and showing love to the special people in our lives…..

Wish lists are for more than just the holiday season Continue Reading »

Elder Care, Estate Administration, Estate Planning, Family Conflict, Healthcare, Power of Attorney, Powers Of Attorney and Guardianship Disputes, Succession Planning, Uncategorized, Wills
Scroll to Top