So you think you can Avoid ‘Uncle Sam’ part II…
So you are a Canadian citizen and resident, surely ‘Uncle Sam’ has no right to your Estate on your death. Unfortunately ‘Uncle Sam’s’ arm – his estate tax arm that is – can reach across the border to...
View ArticleU.S. Estate Tax Burden Results in Challenge of US Federal Marriage Law
Further to my colleague Corina Weigl’s discussion of U.S. estate taxes, I thought readers might be interested in a U.S. constitutional litigation that has been launched in response to the U.S. estate...
View ArticleUncle Sam Sends a Small Gift for the Upcoming Holiday Season…
In my Blog of October 26, 2010, I described how the U.S. estate tax regime was in a state of flux. Without action by Congress before the end of 2010, U.S. estate taxes are set to revert back to the...
View ArticleSo You Want to Buy a U.S. Vacation Property…
As the thermometer continues to hover around the zero degree mark, many of us who live north of the 49th parallel begin to think about heading south to take up residence in one of the many sunnier...
View ArticleIs a U.S. Estate Tax Return Due?
So you’ve taken on the role of executor of your dear friend, Sally’s estate. It just so happened that Sally owned a vacation property in the United States. You’ve come across a couple of blogs in the...
View ArticleALTERNATIVES TO ‘SINGLE-PURPOSE’ CORPORATION FOR U.S. ESTATE TAX PLANNING
If you have a “single-purpose” corporation for U.S. estate tax planning, this may be a good time to explore an alternative way of holding U.S. real estate.
View ArticleCoffee, Bicycle, Purse
There is no global test for capacity. Capacity is a task specific concept. The threshold capacity for making a Will is not necessarily the same as may be required for managing a simple bank account or...
View ArticleU.S. Estate Tax Debate Continues
As world attention appears to be increasingly focused on the economic news coming from the United States, and the various political debates in that country regarding deficit reduction and tax policy, I...
View ArticleOWNERSHIP OF FOREIGN PROPERTY
The Huffington Post reports that over a third of foreign buyers of real estate in Florida are Canadians. Another article reports that Canadians are the leading buyers of US real estate. In earlier...
View ArticleFLYING SOUTH FOR THE WINTER
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....
View ArticleINCOME FROM A U.S. TRUST: CAN IT EVER BE TREATED AS DIVIDEND INCOME?
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...
View ArticleHappy Independence Day !
This year's STEP conference featured over 65 speakers including for the very first time, the IRS spoke on Canadian soil about offshore compliance options including OVDP and streamlined compliance...
View ArticleTomorrow is Election Day in the U.S.
No matter who wins the election, any changes to the U.S. Estate tax system won’t likely happen right away but one thing is certain, this election has being very taxing on everyone. The post Tomorrow is...
View ArticleInheritances and Taxes – Be Careful Where you Step?
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...
View ArticleNot All “Trump Bumpf” is Bluster
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...
View ArticleAn Inconvenient Truth: Cross-border Estate Barriers for Non-Resident Executors
Today’s blog comes to you from Student-at-Law, Derrick Raphael. As a new resident of Canada there are several issues that an individual must consider such as tax implications while residing in the...
View ArticleCelebrity Estates – Not Immune from the Trials and Tribulations of Estate...
With TIFF in full swing, celebrity worship is in overdrive. However, celebrities also deal with the mundane and there is often nothing glamorous about their estates. In fact, like the rest of us mere...
View ArticleU.S. Estate tax exposure – it’s political!
The 2020 U.S. election is over and the votes have been tabulated, and in some counties the votes have even been tabulated more than once. Unless there is some Republican wild card waiting to be...
View ArticleCOVID Wedding Wars: Planning a Wedding During Yet Another Lockdown… or You...
January is kickstarting what seems to be the “Year of the Hats” for me. In addition to my usual winter hat and estate planner hat, this month I’m also fashioning my wedding planner hat, COVID style....
View ArticleConsiderations when Administering a Canadian Estate with US Situs Assets
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...
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