U.S. Citizen

Total 30 Posts

CAPITAL DIVIDENDS FROM A TRUST TO NON-RESIDENTS – TAX ISSUES

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Subject to the relevant sections of the Income Tax Act, a Canadian private corporation has a special corporate tax account known as a capital dividend account (“CDA”) which gives shareholders designated capital dividends, tax free. The CDA of a corporation may include the non-taxable portion of the company’s capital gains, proceeds of life insurance policies on death and capital dividends received from other companies. While a capital dividend is normally….

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Canada Revenue Agency, Canadian and US Tax Treaty, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Investments, Property, Small Business, Tax Issues, Trustee, Trusts, U.S. Citizen, United States

Please Pass The Gravy

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Many families will be traveling this week for the American Thanksgiving holiday. If you live in a different city than your parents, the time spent together during the holiday can allow you to see how well they are managing. Be aware of the small things and things that are different. For example, are you noticing weight loss, balance issues, is Mom now finishing Dad’s sentences because she always has or….

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Disability, Elder Care, Family Conflict, Geriatric Care Management, U.S. Citizen

Coffee, Bicycle, Purse

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There is no global test for capacity. Capacity is a task specific concept. The threshold capacity for making a Will is not necessarily the same as may be required for managing a simple bank account or for providing investment instructions in respect of a multi-million dollar portfolio. What should we be looking for when dealing with older clients wishing to prepare a Will?….

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Capacity Law, Estate Planning, U.S. Citizen, United States, US Taxes

So you think you can avoid Uncle Sam…

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So you reside in Canada but you’re a U.S. citizen, surely ‘Uncle Sam’ has no right to your Estate on your death. Unfortunately, regardless of whether a U.S. citizen resides in the United States, U.S. citizens are subject to U.S estate taxes when the pass away based on the value of their worldwide estate. A credit is available which does alleviate some of the tax burden by exempting a certain amount from the U.S. estate tax net…..

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Estate Administration, IRS, U.S. Citizen, United States
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