Category: Blog

Are Your U.S. Securities Giving You the Security You Thought?

Canadians who own U.S. securities may be surprised to find out that their investments may be exposing themselves to a tax as high as 40% on death. Without proper planning, an individual’s U.S. investments may be subject to U.S. estate tax, which will not provide the anticipated or desired result.

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Who’s in Charge? Key Considerations in Choosing Your Executors

Who will be in charge of executing your will is one of the most important decisions to make in the estate planning process. People often only consider close family members, but they may not always be the best choice. Here are some key considerations. An executor must be at least the

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Using Trusts When You Lose Trust in Your Loved Ones

Trusts are often looked to in estate and wealth planning because of the potential tax advantages they can afford. Some of these tax advantages, including probate tax and income-splitting opportunities, have been examined in a previous blog post “Sometimes it is About the Tax – Inter-vivos Trusts and Spousal Loans.” As

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Do You Know Who Your Spouse Is?

The definition of who is and who is not a spouse, both for legal and income tax purposes, has changed a lot in the last few decades. Some previously discriminatory laws have been abolished (for example, the bar to same-sex couples marrying) and some rules have been updated to reflect

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The Preferential Share on an Intestacy: Time for an Update

On an intestacy (when a person dies without a will), each Canadian province and territory provides for a mandatory scheme to distribute the deceased’s property, which is typically between the testator’s surviving spouse and children, if any, and alternately to other relatives. Some provinces and territories provide a spouse with

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Unintended Consequences: Multiple Taxation on Death

Last November 2019, I had the opportunity to organize a session and speak at the STEP Spotlight Conference in London, U.K., along with colleagues from several countries, including Brazil, U.S., Belgium, France, and the U.K. We discussed how our different countries tax on death and how double or even triple

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New Trust Reporting and Disclosure Rules – 2021 is Coming Up Soon

In our previous blog, “Getting Ready for the New Trust Reporting and Disclosure Rules”, we wrote about the new Canadian trust reporting and disclosure rules coming into effect in 2021. Whatever you may think of the new requirements, if you are a trustee of an existing “express” trust (i.e. a trust

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Considerations in Giving to Your Children

As people are living longer, often well into their nineties, the way wealth is transferred to the next generation is starting to shift. The paradigm of waiting to pass family wealth to children on the second parent’s death is being reconsidered because parents are living longer and children have a

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Estate Planning When A Child Moves to the U.S.

A Canadian estate with U.S. connections can face complications due to the presence of any one of a number of factors. Sometimes these issues are known, and sometimes events occur which were not anticipated. When a child moves to the U.S., parents should review their estate plan and consider what

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