Tax Issues

Total 356 Posts

The Importance of the U.S. Federal Transfer Certificate

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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….

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

Pay Your Taxes, or Your Widow(er) Might Have To

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This blog has been written by Maddi Thomas, Associate at Gowling WLG (Canada) LLP Beneficiary designations are commonly used by individuals to allow registered retirement savings plans (“RRSP”) and other savings accounts to “pass outside of the estate”, i.e., be distributed or transferred outright to a surviving co-owner; or, in the case of registered plans, to a designated beneficiary on the death of an individual, thereby bypassing the probate process…..

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Estate Planning, Spouse, Tax Issues, Wills

Tax Considerations for Gifts of Art in Canada PART TWO

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Gwenyth Stadig, Associate and Upama Poudyal, Articling Student  – Gowling WLG (Canada) LLP This article forms part two of a two part series detailing the benefits and requirements of donating art for Canadian taxpayers to consider as part of their estate planning needs. Part one of this article series explored the benefits and three legal requirements for gifts of art. This article will continue the discussion on the requirements.   You can find….

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Canada Revenue Agency, Charitable Giving, Tax Issues

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

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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….

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

Estate Planning and the Changes to the General Anti-Avoidance Rule (GAAR)

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Estate advisors looking at tax minimization and corporate restructuring of their clients’ affairs as part of their estate and wealth planning will now need to consider the new changes to the General Anti-Avoidance Rule (GAAR). Bill C-59 was introduced in Parliament on November 30th, 2023, and a section of the Bill amends section 245 of the Income Tax Act (the Act) and the GAAR provisions found in subsection 245 of the Act…..

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Estate Planning, Succession Planning, Tax Issues

Life is Simple. People are Complicated, including by Culture.

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This blog has been written by Rahul Sharma, Partner, Fasken Martineau DuMoulin LLP, Toronto I seem to keep bumping into quotes that remind me that life is simple, but people are complicated.  There are perhaps many ingredients to this complexity.  Culture is one of them. Last week, I presented at a conference as part of a panel on cross-cultural considerations in estate planning.  The conference was outside of Canada; nevertheless,….

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Business Succession Planning, Estate Planning, Tax Issues
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