Total 57 Posts
Neil Armstrong’s first and second family have competing visions for his legacy and administration of his estate. ….
The Space Between First and Second Families Continue Reading »
Charitable Giving, Estate Administration, Estate Planning, Family Conflict, In the News, Philanthropy/Charitable Giving, Succession Planning, United States
Today’s blog comes to you from Student-at-Law, Derrick Raphael. As a new resident of Canada there are several issues that an individual must consider such as tax implications while residing in the country as well as one’s previous jurisdiction. Additional areas of interest regard how to manage assets, property and other investments when an estate needs to be distributed. Personally as a newcomer to Canada I had yet to think about….
An Inconvenient Truth: Cross-border Estate Barriers for Non-Resident Executors Continue Reading »
Estate Planning, Tax Issues, Uncategorized, United States, US Taxes, Wills
As part of the ‘Donald’s’ post-election “promises” we heard rumours that US gift and estate taxes were going to be repealed. While we did not see a repeal, we did see a significant change to the rules related to US gift and estate tax. The particular change came forward in the US Tax Cuts and Jobs Act (“TCJA”) which was signed into law on December 22, 2017. Specifically, the amendment….
Not All “Trump Bumpf” is Bluster Continue Reading »
Estate Planning, IRS, Tax Issues, United States, US TaxesRecently, one of my blog colleagues wrote on the residency rules regarding tax free saving accounts (TFSA’s). Generally, as an owner of TFSA, if you leave Canada, the accumulated funds may remain in the TFSA without Canadian tax consequences. You can’t make any further contributions but you can make withdrawals. What if in a scenario recently presented in a round table discussion with the Canada Revenue Agency (“CRA”), the CRA….
TFSA’s and Residency Continue Reading »
Canada Revenue Agency, Estate Planning, Investments, Property, Trustee, Trusts, United StatesFrequently, I am reminded how careful one has to be with making sure that tax-free inheritances generally maintain their status throughout all steps to liquidate and realize the proceeds. Here is a case in point. In Owen v The Queen (2018 TCC 90), the taxpayer’s father resided in the United States of America and had a US individual retirement account (“IRA”). The taxpayer’s father passed away. The taxpayer and his….
Inheritances and Taxes – Be Careful Where you Step? Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, Investments, IRS, Property, Tax Issues, Uncategorized, United States, US TaxesUnder the current rules, a trust only needs to file an annual tax return but generally does not need to file the return if it does not earn an income or make any distributions in the year. (Notwithstanding that the Canada Revenue Agency has increased its demand for “nil returns” to be filed under certain circumstances). Further, there is currently no requirement for the trust to report the specific identity….
TRUST REPORTING: NEW REQUIREMENTS COMING SOON! Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, In the News, Tax Issues, Trustee, Trusts, Uncategorized, United States