US Taxes

Total 43 Posts

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

• • 0 Comments

  Happy Friday, everyone. As a reminder, this is Part II of a three-part blog series. Part I can be found at the following link: Equalizing an Estate Where One of More Children are U.S. Persons and Planning Strategies Where There Are U.S. Beneficiaries; Part I – All About Estates and Part III, to be posted August 30, 2024, will discuss estate planning in circumstances wherein there are U.S. beneficiaries…..

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

Estate Planning, Tax Issues, Trusts, U.S. Citizen, United States, US Taxes, Wills

The Importance of the U.S. Federal Transfer Certificate

• • 0 Comments

Canadians often misunderstand (or are unaware) that the U.S. estate tax may apply to their estate.  Indeed, if a Canadian dies owning U.S. situs assets with a gross value exceeding USD $60,000, their estate will have to file a U.S. estate tax return and, depending on the worldwide fair market value of their estate, could be subject to U.S. estate tax. From an estate administration perspective, one of the challenges….

The Importance of the U.S. Federal Transfer Certificate Continue Reading »

Executors, IRS, Succession Planning, Tax Issues, U.S. Citizen, United States, US Taxes

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

• • 0 Comments

In circumstances where clients, who are Canadian residents, intend to equalize their estates amongst their children (“Equalization Intention”) where one or more of such children are “U.S. Persons” (a “U.S. Child”), estate planners need to consider whether that is possible and if so, how (“whether” and “how”, the “Questions”).  This is Part I of a three-Part blog series discussing a few considerations that tax and estate advisors may wish to….

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

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

U.S. Gift Tax – It May Apply To Canadians

• • 2 Comments

The U.S. gift tax is often overlooked by Canadians and their advisors. Most U.S. citizens living in Canada are aware of the U.S. estate tax and gift tax application. However, when it comes to Canadian residents who are not U.S. persons, only a minority are aware of the potential application of the U.S. gift tax. The author admits, the U.S. gift tax rarely applies to Canadian residents and this blog….

U.S. Gift Tax – It May Apply To Canadians Continue Reading »

Estate Planning, IRS, Tax Issues, United States, US Taxes

Exercise Caution: Different Countries – Different Tax Regimes at Death

• • 1 Comment

This blog has been written by Rahul Sharma, Partner at Fasken LLP A couple of recent telephone calls reminded me of the perils of estate and tax planning that crosses borders without proper planning. The first case is regrettably quite common.  An entrepreneur in the technology sector (we will call him “John”) is a resident of Ontario.  John partners with other like-minded, and equally talented, entrepreneurs based in the United….

Exercise Caution: Different Countries – Different Tax Regimes at Death Continue Reading »

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

Considerations when Administering a Canadian Estate with US Situs Assets

• • 0 Comments

Today’s blog is written by Jessica J. Butler, Law Clerk at Fasken LLP. As today’s world continues to grow increasingly interconnected, more estate professionals find themselves dealing with a web of cross-border assets and jurisdictional issues.  This post considers certain issues that you might face when administering a Canadian estate with assets situated in the United States. Legal Authority You must first determine whether you will need legal authority to….

Considerations when Administering a Canadian Estate with US Situs Assets Continue Reading »

Canadian and US Tax Treaty, Estate Administration, International, IRS, Probate Tax, Tax Issues, United States, US Taxes, Wills
Scroll to Top