All About Estates

Category: Tax Issues

Total 299 Posts

Administering an Estate: A Marathon of Responsibilities

We had a Zoom call with our adult children a few weekends ago. We talked about our son’s engagement, as our daughter hadn’t yet heard the details of how he had proposed. We also talked about our daughter’s recent 5K run at the Toronto Zoo and how it compared to…

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U.K. Inheritance Tax – It Could Apply

Are you a U.K. citizen?  A simple question that may trigger many additional questions from the estate advisor if the answer is, yes. Why? Canada and the U.K.  impose income tax obligations on the basis of a taxpayer’s residency.  However, the current U.K. Inheritance Tax (IHT) applies to the much…

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DONOR ADVISED FUNDS AND PRIVATE FOUNDATIONS

This blog has been written by Mahsa Pezeshki, Charity and Not for Profit Clerk at Fasken LLP Vehicles for organized and strategic charitable giving Understanding the differences between these two vehicles is a good starting point for philanthropic planning. Each giving option can be an effective and personal method for…

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The Importance of the U.S. Federal Transfer Certificate

Canadians often misunderstand (or are unaware) that the U.S. estate tax may apply to their estate.  Indeed, if a Canadian dies owning U.S. situs assets with a gross value exceeding USD $60,000, their estate will have to file a U.S. estate tax return and, depending on the worldwide fair market…

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Pay Your Taxes, or Your Widow(er) Might Have To

This blog has been written by Maddi Thomas, Associate at Gowling WLG (Canada) LLP Beneficiary designations are commonly used by individuals to allow registered retirement savings plans (“RRSP”) and other savings accounts to “pass outside of the estate”, i.e., be distributed or transferred outright to a surviving co-owner; or, in…

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Tax Considerations for Gifts of Art in Canada PART TWO

Gwenyth Stadig, Associate and Upama Poudyal, Articling Student  – Gowling WLG (Canada) LLP This article forms part two of a two part series detailing the benefits and requirements of donating art for Canadian taxpayers to consider as part of their estate planning needs. Part one of this article series explored the benefits…

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Equalizing an Estate Where One of More Children are U.S. Persons and Planning Strategies Where There Are U.S. Beneficiaries; Part I

In circumstances where clients, who are Canadian residents, intend to equalize their estates amongst their children (“Equalization Intention”) where one or more of such children are “U.S. Persons” (a “U.S. Child”), estate planners need to consider whether that is possible and if so, how (“whether” and “how”, the “Questions”).  This…

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Estate Planning and the Changes to the General Anti-Avoidance Rule (GAAR)

Estate advisors looking at tax minimization and corporate restructuring of their clients’ affairs as part of their estate and wealth planning will now need to consider the new changes to the General Anti-Avoidance Rule (GAAR). Bill C-59 was introduced in Parliament on November 30th, 2023, and a section of the…

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Life is Simple. People are Complicated, including by Culture.

This blog has been written by Rahul Sharma, Partner, Fasken Martineau DuMoulin LLP, Toronto I seem to keep bumping into quotes that remind me that life is simple, but people are complicated.  There are perhaps many ingredients to this complexity.  Culture is one of them. Last week, I presented at…

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Using a trust? Watch out for attribution!

Part II – Trust Attribution This blog has been written by Pritika Deepak /Associate at Fasken LLP This is Part II of a three-part blog series which provides an overview of the ‘attribution rules’ contained in the Income Tax Act (Canada)[1] (the “Act”). Part I, which summarizes the scope and application of…

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