Tax Issues

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Equalizing an Estate Where One of More Children are U.S. Persons and Planning Strategies Where There Are U.S. Beneficiaries; Part I

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In circumstances where clients, who are Canadian residents, intend to equalize their estates amongst their children (“Equalization Intention”) where one or more of such children are “U.S. Persons” (a “U.S. Child”), estate planners need to consider whether that is possible and if so, how (“whether” and “how”, the “Questions”).  This is Part I of a three-Part blog series discussing a few considerations that tax and estate advisors may wish to….

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Estate Planning, Tax Issues, U.S. Citizen, United States, US Taxes, Wills

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

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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…..

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Estate Planning, Succession Planning, Tax Issues

Life is Simple. People are Complicated, including by Culture.

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This blog has been written by Rahul Sharma, Partner, Fasken Martineau DuMoulin LLP, Toronto I seem to keep bumping into quotes that remind me that life is simple, but people are complicated.  There are perhaps many ingredients to this complexity.  Culture is one of them. Last week, I presented at a conference as part of a panel on cross-cultural considerations in estate planning.  The conference was outside of Canada; nevertheless,….

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Business Succession Planning, Estate Planning, Tax Issues

Using a trust? Watch out for attribution!

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Part II – Trust Attribution This blog has been written by Pritika Deepak /Associate at Fasken LLP This is Part II of a three-part blog series which provides an overview of the ‘attribution rules’ contained in the Income Tax Act (Canada)[1] (the “Act”). Part I, which summarizes the scope and application of the personal attribution rules, can be found here: https://allaboutestates.ca/no-good-deed-goes-unpunished-by-the-cra/ Part II of the blog addresses the application of the attribution….

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Estate Planning, Tax Issues

U.S. Gift Tax – It May Apply To Canadians

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The U.S. gift tax is often overlooked by Canadians and their advisors. Most U.S. citizens living in Canada are aware of the U.S. estate tax and gift tax application. However, when it comes to Canadian residents who are not U.S. persons, only a minority are aware of the potential application of the U.S. gift tax. The author admits, the U.S. gift tax rarely applies to Canadian residents and this blog….

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Estate Planning, IRS, Tax Issues, United States, US Taxes

Taxable Preferred Shares – Some Potential Relief for Specified Amounts

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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….

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Succession Planning, Tax Issues, Uncategorized
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