Sebastien Desmarais

Total 58 Posts

Sébastien Desmarais is a Tax and Estate Planner at TD Wealth, Wealth Advisory Services.

U.S. “Clearance Certificate” & Executor’s Personal Liability

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Umbrellas

Canadian advisors are often surprised to learn that a Canadian estate may have U.S. estate tax compliance obligations, even where the deceased was neither a U.S. citizen nor domiciled in the United States. Generally, if a Canadian resident dies owning U.S.-situs assets with a value exceeding US$60,000, the executor must file Form 706-NA. Whether U.S. estate tax is ultimately payable depends on the value of the U.S. assets, the size….

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Estate Administration, Executors, IRS, United States, US Taxes

Executor’s Personal Liability for an Estate’s Taxes

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Scotiatrust

True personal anecdote A few years ago, I agreed to act as Estate Trustee During Litigation. I was appointed on a Wednesday. Late that Friday afternoon (just before a long weekend), I received a call from a Canada Revenue Agency collection officer. She advised me that the estate owed more than $1 million in taxes and warned that distributing estate assets before resolving the tax debt could expose me to….

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Estate Administration, Executors, Liability, Tax Issues

Corporate Financial Statements: An Overlooked Estate Planning Tool

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For many business owners, the corporation is often the largest asset in the family’s estate and the key asset to their succession plan. For estate planners, the discussion often focuses on a review of Wills, Powers of Attorney, shared ownership, and family objectives while the corporation’s financial statements receive only limited attention, if any at all, which may lead to missed opportunities. A careful review of a corporation’s financial statements….

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Business Succession Planning, Estate Planning, Investments, Small Business, Succession Planning, Tax Issues

The End of the Delinquent FBAR Safe Harbour: What U.S. Persons and Advisers Need to Know

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On June 30th, 2026, the Internal Revenue Service (“IRS”) removed its “Delinquent FBAR Submission Procedures,” representing a significant development for U.S. persons with foreign financial accounts who have failed to file the required Reports of Foreign Bank and Financial Accounts (commonly referred to as “FBAR”). While the statutory framework governing FBAR filing obligations and penalties remains unchanged, the removal of this administrative procedure creates greater uncertainty for taxpayers seeking to….

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Canadian and US Tax Treaty, International, IRS, Tax Issues, U.S. Citizen, United States, US Taxes

U.S. Estate Planning & Step-Up in Basis: A Key Rule for Inherited Assets

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When advising Canadian clients with cross-border estate planning considerations involving U.S. beneficiaries, the step-up in basis is an important tax concept that can materially affect the beneficiary’s after-tax outcome. A step-up in basis is a significant U.S. tax rule that may affect the capital gains tax payable when inherited assets are later sold. In general, an asset’s tax basis begins with its original purchase price and may be adjusted for….

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Estate Planning, IRS, Succession Planning, Tax Issues, U.S. Citizen, US Taxes

Is AI Impacting the Value of Your Business?

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binoculars on a wooden table to express the idea of Elder Care Planning Framework

Artificial intelligence (“AI”) is transforming the business landscape at a remarkable pace. While much has been written about the opportunities AI can create, less attention has been given to the ways it can reduce the value of a small or family-owned business when it is poorly implemented (or simply ignored), weakly governed, or not aligned with changing market expectations. Refinancing and Business Value When AI contributes to a decline in….

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Estate Planning, Small Business, valuation
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