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Category: U.S. Estate Tax

Does Uncle Sam Want You? – An Update on the U.S. Foreign Account Tax Compliance Act (“FATCA”)

Margaret O'Sullivan July 9, 2014

Many of you have no doubt heard a lot about FATCA in the press and elsewhere (for example, our June 3, 2013 blog post “What is ‘FATCA’ and What Impact Does it Have for You?”). This legislation is complex, and the questions that come to mind are: what is the

US Citizens and Expatriation

Margaret O'Sullivan August 22, 2013

U.S. citizens, including dual Canadian/U.S. citizens, may want to know more about how to expatriate from their U.S. citizenship. Approximately 5600 former Americans have renounced in the last four years, coinciding with an increased general awareness of tax compliance requirements for U.S. citizens worldwide. In this blog, we discuss what

What is “FATCA” and What Impact Does it Have for You?

Margaret O'Sullivan June 3, 2013

The U.S. Government enacted the U.S. Foreign Account Tax Compliance Act (“FATCA”) in 2010 to combat offshore tax evasion, introducing detailed reporting requirements which affect some Canadian individuals with U.S. connections and Canadian financial institutions. But did you know these requirements could also affect some Canadian trusts and that trustees

U.S. Estate and Gift Tax Planning – Considerations for 2013 and Beyond

Margaret O'Sullivan March 20, 2013

Canadians with connections to the U.S., including those who own U.S. assets or have family south of the border, watched with interest as the American Taxpayer Relief Act of 2012 (“ATRA”), became law in early January 2013. The ATRA answered important questions about the future of U.S. transfer taxes, including

U.S. Securities and Other “U.S. Situs Property” – U.S. Estate Tax Issues for Canadian Residents Who are Not U.S. Citizens or Residents

Margaret O'Sullivan January 7, 2013

Many Canadians own shares of U.S. publicly traded corporations and other U.S. securities which they may not know can expose them to significant U.S. estate tax on their death and require their executors to file a U.S. estate tax return and pay any U.S. estate tax due. Pursuant to the

Who May Be a U.S. Citizen and Why It Matters For Estate Planning and Tax Compliance

O'Sullivan Estate Lawyers November 1, 2012

Could you or someone you know be a U.S. citizen without knowing it, and maybe even without having lived in the United States? In this post, we discuss how someone can be a U.S. citizen by virtue of Just sanguinis – blood relationship – and some resulting tax implications. By