United States

Total 59 Posts

Chuck Norris Doesn’t Go Through Probate. Probate Goes Through Chuck Norris.

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Scotiatrust

This blog post was written by: Dave Madan, Senior Manager, Scotiatrust  Who owns the name, the face, and the fake facts now. Chuck Norris doesn’t make a Will. He informs his estate what will happen, and it happens. That was the joke, anyway. The Chuck Norris facts began in the summer of 2005 on a website run by Ian Spector, with the “facts” submitted by visitors, and for twenty years….

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Estate Planning, Property, United States

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

Life Insurance & U.S. Citizens

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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….

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

The Principal Residence Exemption and U.S. Citizens

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A U.S. citizen living in Canada is in a uniquely complex position when it comes to the taxation of their principal residence. While both countries provide tax relief for gains on a “principal residence,” the interaction between the two systems often creates unexpected cross-border tax consequences. Canadian Principal Residence Exemption The principal residence exemption (PRE) is one of the most well-known and generous provisions in the Canadian tax system. If….

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Canadian and US Tax Treaty, IRS, Real Estate, U.S. Citizen, United States, US Taxes

Estate Freeze & U.S. Citizens

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Scotiatrust

Before recommending an estate freeze to a client, advisors should first ask them a simple question: Are you a U.S. citizen? By failing to ask this question, advisors may be overlooking significant cross-border tax implications. While an estate freeze can be an effective tool for succession planning, it can come with a number of complex and sometimes punitive U.S. tax consequences when the freezor is a U.S. citizen. This article….

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

Dual Citizens, U.S. and Tax

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Dual U.S.-Canadian citizens residing in Canada may want to pay particular attention to the Exclusive Citizenship Act of 2025 (the “Act”); a proposed bill establishing that “citizens of the United States shall owe sole and exclusive allegiance to the United States […]”.[1] Under the proposed bill, dual citizens have one (1) year from the date of the enactment of the Act to submit a written renunciation of their foreign (e.g…..

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