our 10th year
blog anniversary
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
Statistics tell us that the number of U.S. citizens who expatriated from, or renounced, their U.S. citizenship has risen dramatically in the past few years. A big part of this rise has to do with increasingly onerous U.S. income tax filing and reporting obligations, combined with scrutiny of foreign accounts
Organizing one’s estate planning to minimize estate administration taxes or “probate fees” (the tax collected by the Ontario government on the date of death value of a deceased’s estate when an estate representative applies to the court for a certificate of appointment) has been a popular goal for Ontarians given
Many of you have no doubt read a summary or highlights of the 2014 Federal Budget and noted the proposal to eliminate graduated income tax rates for testamentary trusts. Rather than thinking that testamentary trust planning is dead (no pun intended), in our view there are plenty of reasons to
In our October 18, 2012 blog “Trusts – It’s Not All About the Tax”, I discussed a few non-tax reasons to consider in setting up a trust as part of estate and wealth planning. However, sometimes the goal is to minimize tax through income-splitting. Two methods of minimizing tax exposure
Recent revisions to the Estate Administration Tax Act (Ontario) under which the Province charges tax of approximately 1.5% of the value of an estate when a will is probated by the court (colloquially “probate fees”) should be of concern to everyone because of the new reporting, enforcement and penalty provisions
While there are several tax reasons to consider a trust for current and future planning, sometimes the best reasons to set up a trust now or in a will have nothing to do with tax. Three excellent reasons to use a trust? Matrimonial issues, protecting children and wealth preservation. •
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