US Taxes

Total 43 Posts

Taxation of Employee Stock Options on Death

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In Canada, it is not uncommon for employers to grant stock options to employees as a form of compensation, notably in technology and startup sectors. These stock options provide employees the right to purchase company stocks at a predetermined price, often referred to as the “exercise price.” What are the tax implications of these stock options when the employee dies while holding unexercised stock options? The tax treatment on death….

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Succession Planning, Tax Issues, US Taxes, valuation

Clarifying U.S. Estate Tax for Canadians

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It comes as a surprise to many Canadians to learn their estate may be subject to U.S. estate tax. Indeed, the U.S. estate tax regime is broad and complex and misunderstood by many Canadians. This article will provide a summary overview of its application to Canadian and how to minimize its implications. U.S. Estate Tax Regime in General All U.S. persons (U.S. citizen, U.S. resident or green card holder) are….

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Canadian and US Tax Treaty, Estate Planning, International, IRS, Tax Issues, US Taxes

Cross-Border Charitable Donation & U.S. Donor

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Philanthropy can strengthen one’s estate plan. In Canada, an estate plan may integrate charitable donations to leave a legacy to our community while taking advantage of the associated tax benefits. Such strategy can be implemented during the donor’s lifetime or upon the donor’s death. If the donor is a U.S. citizen living in Canada (hereinafter referred as a “U.S. donor”), does the strategy work? U.S. donor & U.S. Tax Filings….

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Charitable Giving, International, Philanthropy/Charitable Giving, Tax Issues, U.S. Citizen, US Taxes

Joint Ownership & U.S. Estate Tax Considerations

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Canadians are familiar with the concept of joint ownership with right of survivorship. It is the prevalent form of ownership between spouses. Therefore, it is not uncommon for Canadians to own U.S. real property or other U.S. property, jointly, especially between spouses. Many are of the view that it will simplify the estate plan and succession of the U.S. property to the surviving owner yet, few understand the U.S. estate….

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International, Joint Tenancy, Real Estate, Succession Planning, Tax Issues, United States, US Taxes

Tariffs and Estate Planning

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This blog post was written by Dave Madan, Senior Manager, Scotiatrust Following President Trump’s announcement of “Liberation Day,” Canadians are contemplating the reasons behind this decision. Amidst this uncertainty, many Canadians have re-evaluated their relationships with the United States, encompassing their daily interactions, financial affairs, and future planning. The purchase of American goods has been supplanted by Canadian alternatives. Investments in American companies have been replaced by domestic investments, and….

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Canadian and US Tax Treaty, Estate Planning, United States, US Taxes

Can the CRA seize the proceeds of life insurance?

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An existing tax debt at the time of death can wreak havoc on the administration of an estate and can jeopardize the estate and insurance planning. This is because the Canada Revenue Agency (“CRA”) is not your typical creditor and has statutory powers to seize assets of the estate beyond what other creditors may seize. Personal Insurance If the insurance proceeds are payable to the designated beneficiary(ies) under the insurance….

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Estate Planning, Insurance, Tax Issues, US Taxes
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