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Most taxpayers know that when you sell an asset which has increased in value, the federal Income Tax Act provides that you will generally be liable for capital gains tax on the net increase in value, unless there is an applicable exemption. One exemption from capital gains tax is for
In Ontario, on an application for a Certificate of Appointment, the applicant must pay Ontario Estate Administration Tax (also known as “probate tax”). Probate tax is levied at an approximate rate of 1.5% on the gross value of the estate. Assets passing outside of an estate, such as jointly-owned assets,
Perhaps I should refrain from re-stating the obvious, but it bears repeating–we live in an increasingly global and mobile society, where people move from jurisdiction to jurisdiction with relative ease. And when we’re not picking up and moving residences, we’re travelling to foreign destinations and buying property, opening bank accounts
A failure to take into account taxes on death can often defeat an estate plan. It can result in a smaller estate being available for distribution and it can also result in some beneficiaries bearing a disproportionate amount of the estate’s tax burden. While most estate plans take into account
Persons emigrating from Canada are deemed to have sold all of their property, with some exceptions such as real estate in Canada and retirement plans, for fair market value proceeds and are subject to tax on any resulting gains. Once resident in another country, a person may be subject to
Updating your estate plan on separation and divorce in a timely manner is critical in order to avoid unintended results, possible later disputes, and even litigation. The following highlights some of the most common concerns, as well as precautions to take. Wills Generally, in Ontario the Succession Law Reform Act
Many Canadians have purchased homes south of the border encouraged by a strong Canadian dollar and a buyer’s market for U.S. real estate. In 2012, Canadians were the leading international buyers of U.S. real estate, accounting for 24% of sales to international buyers.[1] When considering a U.S. property as a
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