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Total 57 Posts

To Kill a Mockingbird, part II

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This Blog was written by: Natalie Bender   For many of us, Harper Lee’s acclaimed novel “To Kill a Mockingbird” was a staple on our high school reading list (and was likely one we re-visited in university). The novel is a Pulitzer Prize winner, and has become a classic in American literature. It has sold more than 40 million copies since it was published in 1960.   There has always….

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Elder Law, In the News, Uncategorized, United States

Estate and Trusts with Foreign Properties and/or Transactions: Update on Reporting Implications

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Sometime ago, I wrote that the Income Tax Act requires persons and partnerships to file information returns in respect of foreign property ownership (specified foreign property in excess $100,000) and transactions with non-residents . This extends to trusts and estates. Those who file such a return late or do not file one on demand are liable to a penalty or penalties. Generally speaking, a penalty starts at a minimum of….

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Canada Revenue Agency, Estate Administration, Executors, In the News, International, Investments, Property, Real Estate, Tax Issues, Trustee, Trusts, Uncategorized, United States

Saying good bye publicly and privately to a remarkable woman.

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[caption id="attachment_4170" align="alignnone" width="300"] Vintage incandescent Edison type bulbs[/caption] “Yesterday, we lost a giant – an exceptionally creative scientist and engineer who was also a delightful human being. Millie Dresselhaus began life as the child of poor Polish immigrants in the Bronx; by the end, she was Institute Professor Emerita, the highest distinction awarded by the MIT faculty. A physicist, materials scientist and electrical engineer, she was known as the….

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In the News, U.S. Citizen, United States

INCOME FROM A U.S. TRUST: CAN IT EVER BE TREATED AS DIVIDEND INCOME?

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Sometime ago, a relative of a Canadian taxpayer died in the US and she left her money in a charitable trust, with some of the income bequeathed to the Canadian taxpayer annually. The trust income is derived mostly from US dividends. With a series of proposed adjustments to her personal tax returns, the taxpayer asked the Canada Revenue agency (“CRA”) why this income could not be treated as dividend income….

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Canada Revenue Agency, Canadian and US Tax Treaty, Estate Administration, Estate Planning, Interest, Investments, Tax Issues, Trusts, United States, US Taxes
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