our 10th year
blog anniversary
Overused quote alert! “Our new Constitution is now established, and has an appearance that promises permanency; but in this world nothing can be said to be certain, except death and taxes.” The above statement by Benjamin Franklin in a letter to Jean-Baptiste LeRoy in 1789 is often abbreviated, but the
There are a variety of non-tax and tax reasons to support charities. When deciding which charities to benefit, many Canadians have philanthropic objectives that extend beyond the border. First, it’s important to understand the Canadian tax benefits of charitable giving. Under Canadian tax rules, a donor may claim tax credits
For almost two years now, the prescribed rate under the Income Tax Act has been at an all-time low of 1%. This low rate has made using a family trust or spousal loan to split income with minor children, grandchildren and a spouse very attractive – which is in contrast
As we head into tax season, we want to give our readers a refresher and a resource on tax filings for estates. Executors are generally responsible for income tax compliance for a deceased person and their estate, including preparing and filing all necessary tax returns in all relevant jurisdictions, paying
Proposals Galore in Congress in Fall 2021 The U.S. Congress was very busy throughout the Fall of 2021, and it was very challenging for advisors and their clients to keep up with a number of proposals dealing with trusts, how they are taxed, and their rates of tax, other estate
It is likely an understatement that worldwide there is a sense of trepidation among taxpayers on what measures governments will take to raise tax revenues to pay for the pandemic, and as well to respond to increasing wealth inequality, which the pandemic has exacerbated. A brief survey of what governments
Moving is hard. There are so many details to take care of, to-dos to check off, people to inform. Moving internationally is even more complicated, often involving far-reaching tax implications and a new language, among other changes. In all the confusion and rush, things can get left behind. When it’s
A Look at Resulting Trusts When leaving money to their children, clients generally have two objectives: (1) to make things as simple as possible for their children, and (2) to pay the least amount of taxes. Clients want to ensure that the wealth they have accumulated over their lifetime actually
Many people think that they can’t appoint a family member (often their child residing in the U.S.) or friend who is a U.S. resident or citizen as the executor of their estate because it will cause too many complications, or perhaps they may have received advice from a source that
In my prior blog of March 3, 2020, “Inheritance Tax, Wealth Tax and More Capital Gains Tax: The Future of Canadian Taxation”, I raised the issue of whether new forms of tax might be introduced on the Canadian scene, including an inheritance tax or an annual wealth tax. My blog
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