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 III

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This is Part III of a three-part blog series. Parts I & II can be found at the following respective links: https://allaboutestates.ca/equalizing-an-estate-where-one-of-more-children-are-u-s-persons-and-planning-strategies-where-there-are-u-s-beneficiaries-part-i/ and https://allaboutestates.ca/equalizing-an-estate-where-one-of-more-children-are-u-s-persons-and-planning-strategies-where-there-are-u-s-beneficiaries-part-ii/. Parts I & II discussed a few issues to consider if a client’s intention is to equalize their estate amongst their children where one or more children are U.S. Persons (such U.S. children, a “U.S. Child”). This Part III builds on Parts I & II and….

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Estate Planning, Executors, Tax Issues, Trusts, United States, US Taxes, Wills

Estate Planning & The Changes to the Capital Gain Inclusion Rate

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Will the change in the capital gain inclusion rate have any implications to estate planning?  For taxation years that end after June 24, 2024, the capital gains inclusion rate increased from one-half to two-thirds and the change will have some implications in estate planning. Advisors will need to adjust some of their advice and recommendations in light of the changes.  This article will highlight some of the implications resulting from….

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Estate Planning, Tax Issues

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

Disclaim or Renounce? What’s the difference?

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This blog was written by Pritika Deepak, Associate at Fasken.  How often have you heard of people turning down gifts? It may happen on TV but does it happen in reality? Surprisingly, yes. Although uncommon, in an estates context, there may be situations where a beneficiary does not want their gift. There may, for example, be a situation where the gift has conditions which are too difficult to fulfil, or….

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Canada Revenue Agency, Tax Issues, Uncategorized, Wills

ILIT – An Estate Planning Vehicle for the U.S. Person

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An irrevocable life insurance trust (ILIT) is an estate planning vehicle worth some consideration for U.S. citizens living in Canada.  Many estate advisors are unaware that U.S. citizens subscribing to life insurance on their life will have the death benefits included in the value of their taxable estate for U.S. estate tax purposes.  An ILIT may provide an opportunity to avoid such an outcome. What is an ILIT? An ILIT….

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Canadian and US Tax Treaty, Estate Planning, Insurance, Succession Planning, Tax Issues, U.S. Citizen, US Taxes

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
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