Tax Issues

Total 362 Posts

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

• • 0 Comments

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….

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

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

That Foreign Property Question

• • 0 Comments

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….

That Foreign Property Question Continue Reading »

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

Qualified Disability Trusts: Some Positive Commentary from the Canada Revenue Agency

• • 0 Comments

This blog has been written by Darren G. Lund, Partner at Fasken LLP Each year in June, the Canadian branch of the Society of Estates and Trusts Practitioners holds its annual conference. One of the most eagerly anticipated sessions each year is the “CRA Roundtable”. At the Roundtable, representatives from the Canada Revenue Agency respond to questions submitted in advance by STEP on a range of tax issues of concern….

Qualified Disability Trusts: Some Positive Commentary from the Canada Revenue Agency Continue Reading »

Canada Revenue Agency, Disability, Estate Administration, Estate Planning, Tax Issues, Trusts, Wills

Life Insurance & U.S. Citizens

• • 0 Comments
Scotiatrust

When considering life insurance, it’s important to ask: are you a U.S. citizen? The reason for this question is that U.S. citizens who own foreign life insurance policies face a surprisingly complex tax landscape. Unlike domestic policies—which generally enjoy favorable tax deferral and simplified reporting—foreign life insurance contracts (i.e. non-U.S. life insurance) are subject to increased scrutiny, more extensive reporting requirements, and in some cases, U.S. excise taxes. What is….

Life Insurance & U.S. Citizens Continue Reading »

Estate Administration, Insurance, Succession Planning, Tax Issues, U.S. Citizen, United States, US Taxes

Navigating Tax Dual-Residency: Treaty Tie-Breakers

• • 0 Comments
A sepia-toned scene photographed from above shows a magnifying glass, some photographs, a camera and lens, and an open notebook with a pencil laid across it. A pair of glasses lie in front of the notebook.

Written by Eric Hendry, Associate, Gowling WLG (Canada) LLP What happens when the domestic tax rules of two different countries look at the same person and both conclude that the individual is a tax resident? Navigating situations of “dual tax residency” is becoming increasingly common for estate planners and their clients. Whether for business, family, or lifestyle reasons, more and more Canadians seem to be putting down roots in more….

Navigating Tax Dual-Residency: Treaty Tie-Breakers Continue Reading »

Tax Issues

The “Surprise” Asset – What to Do When You Discover Estate Assets After Probate

• • 1 Comment

Even with careful record-gathering at the beginning of an estate administration, it is not uncommon for an estate trustee to later discover an additional asset. The estate trustee may think they have prepared a complete list of all the assets owned by the deceased as of the date of death. Then, after the Certificate of Appointment of Estate Trustee (probate grant) (the “Estate Certificate”) is issued, something else turns up…..

The “Surprise” Asset – What to Do When You Discover Estate Assets After Probate Continue Reading »

Estate Administration, Estate Administration and Probate Applications, Executors, Probate Tax, Tax Issues, Trustee
Scroll to Top