Tax Issues

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Executor’s Personal Liability for an Estate’s Taxes

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Scotiatrust

True personal anecdote A few years ago, I agreed to act as Estate Trustee During Litigation. I was appointed on a Wednesday. Late that Friday afternoon (just before a long weekend), I received a call from a Canada Revenue Agency collection officer. She advised me that the estate owed more than $1 million in taxes and warned that distributing estate assets before resolving the tax debt could expose me to….

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Estate Administration, Executors, Liability, Tax Issues

Buying Property Abroad? Consider these Estate Planning Issues First

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This blog has been written by Pritika Deepak, Associate at Fasken LLP Many Canadians dream of owning property abroad and many already do. Whether it is a winter retreat in Florida, a villa in France, or a retirement home in Costa Rica, purchasing foreign real estate can be an exciting milestone. However, foreign property often introduces estate planning considerations that are overlooked until it is too late. Before completing the….

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Estate Administration, Estate Administration and Probate Applications, Estate Planning, International, Power of Attorney, Probate Tax, Property, Real Estate, Succession Planning, Tax Issues, Testamentary Capacity, Uncategorized, Wills

Corporate Financial Statements: An Overlooked Estate Planning Tool

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For many business owners, the corporation is often the largest asset in the family’s estate and the key asset to their succession plan. For estate planners, the discussion often focuses on a review of Wills, Powers of Attorney, shared ownership, and family objectives while the corporation’s financial statements receive only limited attention, if any at all, which may lead to missed opportunities. A careful review of a corporation’s financial statements….

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Business Succession Planning, Estate Planning, Investments, Small Business, Succession Planning, Tax Issues

The End of the Delinquent FBAR Safe Harbour: What U.S. Persons and Advisers Need to Know

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On June 30th, 2026, the Internal Revenue Service (“IRS”) removed its “Delinquent FBAR Submission Procedures,” representing a significant development for U.S. persons with foreign financial accounts who have failed to file the required Reports of Foreign Bank and Financial Accounts (commonly referred to as “FBAR”). While the statutory framework governing FBAR filing obligations and penalties remains unchanged, the removal of this administrative procedure creates greater uncertainty for taxpayers seeking to….

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Canadian and US Tax Treaty, International, IRS, Tax Issues, U.S. Citizen, United States, US Taxes

U.S. Estate Planning & Step-Up in Basis: A Key Rule for Inherited Assets

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When advising Canadian clients with cross-border estate planning considerations involving U.S. beneficiaries, the step-up in basis is an important tax concept that can materially affect the beneficiary’s after-tax outcome. A step-up in basis is a significant U.S. tax rule that may affect the capital gains tax payable when inherited assets are later sold. In general, an asset’s tax basis begins with its original purchase price and may be adjusted for….

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

That Foreign Property Question

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Today’s Blog was written by Rahul Sharma, Partner, Fasken LLP, Toronto Many Canadians today have or are thinking of acquiring some form of foreign real estate.  For some, the property was inherited from parents or left behind in the “old country” following a relocation to Canada.  For others, the property is a vacation home or pied-à-terre in another place. A villa in France or a place on the beach in the….

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Estate Planning, Property, Real Estate, Tax Issues, Wills
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