US Taxes

Total 44 Posts

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

U.S. Filing Requirements for Canadian POAs, Joint Accounts, and Bare Trusts

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This article is written by Nicole Ewing, Director, Tax & Estate Planning, TD Wealth Whether it’s a Power of Attorney (POA) for Property document, a joint account, or a bare trust relationship, if a U.S. person’s involved, things can get complicated quickly. Canadians without U.S. ties can find themselves and their assets subject to the scrutiny of U.S. authorities simply by engaging in common estate planning activities. One such issue arises….

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Estate Planning, IRS, Power of Attorney, Tax Issues, United States, US Taxes

Key Tax Deadlines for Estates Matters

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One of the responsibilities of an executor is to deal with the final tax return of the deceased and file the tax returns for the estate.  Most tax deadlines are statutory (established in the Income Tax Act) therefore, they are non-negotiable.  The executor should consult a tax advisor early to learn of all tax deadlines relevant to the estate.  The following will provide some guidance: Final T1 of the Deceased:….

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Estate Administration, Executors, Tax Issues, US Taxes

Cross-Border Insurance Planning – Some Basics

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Cross-border insurance planning is tricky but understanding the basics can go a long way in assisting clients. This short article will review some of the key questions to consider in order to avoid potential pitfalls in life insurance planning. Who is the Owner, the Insured and the Beneficiary In the context of personal insurance planning, it is important to appreciate that there are always three (3) parties involved; the owner,….

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Estate Planning, Insurance, International, IRS, Succession Planning, Tax Issues, U.S. Citizen, US Taxes

Equalizing an Estate Where One of More Children are U.S. Persons and Planning Strategies Where There Are U.S. Beneficiaries; Part III

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This is Part III of a three-part blog series. Parts I & II can be found at the following respective links: https://allaboutestates.ca/equalizing-an-estate-where-one-of-more-children-are-u-s-persons-and-planning-strategies-where-there-are-u-s-beneficiaries-part-i/ and https://allaboutestates.ca/equalizing-an-estate-where-one-of-more-children-are-u-s-persons-and-planning-strategies-where-there-are-u-s-beneficiaries-part-ii/. Parts I & II discussed a few issues to consider if a client’s intention is to equalize their estate amongst their children where one or more children are U.S. Persons (such U.S. children, a “U.S. Child”). This Part III builds on Parts I & II and….

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Estate Planning, Executors, Tax Issues, Trusts, United States, US Taxes, Wills

ILIT – An Estate Planning Vehicle for the U.S. Person

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An irrevocable life insurance trust (ILIT) is an estate planning vehicle worth some consideration for U.S. citizens living in Canada.  Many estate advisors are unaware that U.S. citizens subscribing to life insurance on their life will have the death benefits included in the value of their taxable estate for U.S. estate tax purposes.  An ILIT may provide an opportunity to avoid such an outcome. What is an ILIT? An ILIT….

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Canadian and US Tax Treaty, Estate Planning, Insurance, Succession Planning, Tax Issues, U.S. Citizen, US Taxes
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