In today’s world of international families it is not uncommon for a Canadian family to have one or more members that are non-residents of Canada. When that same family has set up a Canadian discretionary family trust that is intended to benefit its members with, say distributions from a family…
Category: U.S. Citizen
“Yesterday, we lost a giant – an exceptionally creative scientist and engineer who was also a delightful human being. Millie Dresselhaus began life as the child of poor Polish immigrants in the Bronx; by the end, she was Institute Professor Emerita, the highest distinction awarded by the MIT faculty. A…
This year’s STEP conference featured over 65 speakers including for the very first time, the IRS spoke on Canadian soil about offshore compliance options including OVDP and streamlined compliance procedures.
Like many countries rules for being a citizen, an individual is a US citizen either because they were born in the United States or because they have become a citizen through the process of naturalization. Either way, once a US citizen you are entitled to the rights, privileges and benefits of being a US citizen. One of those privileges is the right to acquire a US passport.
Subject to the relevant sections of the Income Tax Act, a Canadian private corporation has a special corporate tax account known as a capital dividend account (“CDA”) which gives shareholders designated capital dividends, tax free. The CDA of a corporation may include the non-taxable portion of the company’s capital gains,…
Many families will be traveling this week for the American Thanksgiving holiday. If you live in a different city than your parents, the time spent together during the holiday can allow you to see how well they are managing. Be aware of the small things and things that are different….
There is no global test for capacity. Capacity is a task specific concept. The threshold capacity for making a Will is not necessarily the same as may be required for managing a simple bank account or for providing investment instructions in respect of a multi-million dollar portfolio. What should we be looking for when dealing with older clients wishing to prepare a Will?
From the rights of children to know about their biological origins to the ownership of sperm, the legal issues inherent in assisted human reproduction are ever expanding.
Many families will be traveling this week for the American Thanksgiving holiday. If you live in a different city than your parents, the time spent together during the holiday can allow you to see how well they are managing. Be aware of the small things and things that are different.
So you reside in Canada but you’re a U.S. citizen, surely ‘Uncle Sam’ has no right to your Estate on your death. Unfortunately, regardless of whether a U.S. citizen resides in the United States, U.S. citizens are subject to U.S estate taxes when the pass away based on the value of their worldwide estate. A credit is available which does alleviate some of the tax burden by exempting a certain amount from the U.S. estate tax net.