US Taxes

Total 45 Posts

Not All “Trump Bumpf” is Bluster

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As part of the ‘Donald’s’ post-election “promises” we heard rumours that US gift and estate taxes were going to be repealed.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….

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

Inheritances and Taxes – Be Careful Where you Step?

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Frequently, 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….

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Canada Revenue Agency, Estate Administration, Estate Planning, Investments, IRS, Property, Tax Issues, Uncategorized, United States, US Taxes

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

FLYING SOUTH FOR THE WINTER

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As winter finally sets in for us Canadians and our Canadian snowbirds begin to head south, we often see an increase in interest among our clients with the concept of owning a home in the southern USA. While the Canadian dollar may make this somewhat unattractive at the moment and perhaps for the foreseeable future given some recent forecasts, there will always be deals to be had and emotional decisions to be made. As a result, I take this blog as an opportunity to remind readers of the implications of owning a US vacation property…..

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Estate Planning, Real Estate, United States, US Taxes
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