Sebastien Desmarais

Total 51 Posts

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

The Principal Residence Exemption and U.S. Citizens

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A U.S. citizen living in Canada is in a uniquely complex position when it comes to the taxation of their principal residence. While both countries provide tax relief for gains on a “principal residence,” the interaction between the two systems often creates unexpected cross-border tax consequences. Canadian Principal Residence Exemption The principal residence exemption (PRE) is one of the most well-known and generous provisions in the Canadian tax system. If….

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Canadian and US Tax Treaty, IRS, Real Estate, U.S. Citizen, United States, US Taxes

Estate Freeze & U.S. Citizens

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Scotiatrust

Before recommending an estate freeze to a client, advisors should first ask them a simple question: Are you a U.S. citizen? By failing to ask this question, advisors may be overlooking significant cross-border tax implications. While an estate freeze can be an effective tool for succession planning, it can come with a number of complex and sometimes punitive U.S. tax consequences when the freezor is a U.S. citizen. This article….

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Business Succession Planning, Estate Planning, Tax Issues, U.S. Citizen, United States, US Taxes

Dust Off The Shareholders’ Agreement

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It is common to suggest shareholders enter into a shareholders’ agreement, where each shareholder assumes certain rights and obligations relating to the business of the corporation. The shareholders’ agreement typically includes provisions dealing with the management of the business and future transfers of shares upon death or other circumstances. Unfortunately, once the shareholders’ agreement is signed, it is often filed in the corporate minute book and never reviewed by the signatories. There….

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Business Succession Planning, Contracts, Estate Planning, Succession Planning

Succession of the Family Business – Don’t Overlook Governance

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Successful entrepreneurs often view the family business as the crown jewel to their legacy for the next generation(s). As such, succession planning for the family business and preserving the family’s wealth is always a top priority and often encompasses tax and estate planning. Implementing a succession plan that will ensure the continuation of the family business while preserving the family’s wealth can be challenging for professional advisors who are assisting….

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Business Succession Planning, Estate Planning, Family Conflict

Gifting Farmland, an Estate Strategy?

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Gifting property to the next generation is an estate strategy at its simplest form. For farming families, farm succession planning can often be complex considering the difficulties associated with “equalizing” a farmer’s estate between their children in circumstances where a child is actively involved in the farming business while the other is not. An equalization option that is sometimes considered by the farmer is to sever the farmland with the….

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Farm, Property, Real Estate, Succession Planning, Tax Issues

Dual Citizens, U.S. and Tax

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Dual U.S.-Canadian citizens residing in Canada may want to pay particular attention to the Exclusive Citizenship Act of 2025 (the “Act”); a proposed bill establishing that “citizens of the United States shall owe sole and exclusive allegiance to the United States […]”.[1] Under the proposed bill, dual citizens have one (1) year from the date of the enactment of the Act to submit a written renunciation of their foreign (e.g…..

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