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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,
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
Many individuals take advantage of registered savings plans in Canada. The most commonly known plans are Tax-Free Savings Accounts (TFSAs) and Registered Retirement Savings Plans (RRSPs). There are certain rules and restrictions to be aware of for Canadians who have such plans and become non-residents for tax purposes. In a
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
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
In the estate context, it’s not easy dealing with trusts where U.S. beneficiaries are involved. U.S. beneficiaries can seriously complicate an estate plan, particularly regarding ongoing trusts. In a previous blog, “Estate Planning When a Child Moves to the U.S.,” I discussed the tax implications and Canadian tax filings which
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
In doing your estate planning, it’s important to know if you or any of your intended beneficiaries are U.S. citizens. Citizenship is not always obvious to determine. It may sound farfetched, but a person can be a U.S. citizen without knowing it. It’s important to consider the tax implications that
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
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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