our 10th year
blog anniversary
Many families face challenges that they could not have foreseen when their children were growing up and living at home that one or more, and in some cases all of them, would end up living in the U.S. Children often decide to live permanently in the U.S. to pursue employment
Canadian taxpayers are currently afforded a cumulative lifetime exemption on capital gains realized from the sale of qualified small business corporation shares and on a qualified farm property or a qualified fishing property. A deduction on capital gains realized from any such sale(s) is permitted, up to the exemption amount,
Canadian families are more global than ever and this trend will only continue. Children and other family members increasingly work in other countries, sometimes staying after post-secondary education at a foreign college or university, forming relationships, including marriage, having children, and settling in their new home jurisdiction. Others emigrate to
In the world of trusts and estates law, the acronym “GRE” is a frequent visitor, and while its descriptive meaning, Graduated Rate Estate (“GRE”), may be well known, its impact perhaps less so. A testamentary trust is a trust created as a result of a person’s death. An estate is
Just when high-net-worth taxpayers thought that the amount of tax they must pay could not get any higher, the Canadian government brought in new changes to the Alternative Minimum Tax (the “AMT”) regime. Putting aside politics and the arguments for or against the changes to the AMT regime, this blog
I previously blogged about executors’ tax compliance responsibilities. In the past two plus years since that blog, there have been a number of changes of which executors and trustees should be aware. This blog provides an overview of key tax compliance responsibilities of executors and trustees and highlights some of
When we consider undertaking the estate planning process, the preparation of a Will to direct and manage the transfer of assets between a person and their beneficiaries is often the primary focus. What is not always considered by many is the role proper estate planning plays in the preservation of
There is increasing uncertainty about the future of U.S. estate tax. On the one hand, under U.S. legislation that temporarily halved the lifetime exemption amount passed during the Trump administration, the lifetime exclusion amount is set to decrease on January 1, 2026, to $5M (USD) adjusted for inflation since 2011,
Canada’s underused housing tax (UHT), which took effect on January 1, 2022, had its first filing deadline on April 30, 2023. However, the Canada Revenue Agency (CRA) provided transitional relief so that no penalties or interest will be applied for returns and payments received before November 1, 2023. In a
What is the current state of play when it comes to U.S. estate tax, including its impact on many Canadian tax residents and others with U.S. connections? First, an update on some key tax rates and concepts for 2023. The lifetime exclusion amount has increased substantially due to the rise