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…
Category: Estate Planning
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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…
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…
Our lives were upended a few years ago by the pandemic, and things since then have been anything but typical. From elevated inflation to skyrocketing interest rates, our expectations for the future and our perceptions of what is normal have been challenged. The word “unprecedented” may be overused, but it…
Gwenyth Stadig, Associate and Upama Poudyal, Articling Student – Gowling WLG (Canada) LLP An increasing number of Canadian taxpayers are interested in giving pieces of art to charities or other qualified donees as part of their estate plans. Some of these Canadian taxpayers are choosing to make decisions to give…
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…
The U.S. gift tax is often overlooked by Canadians and their advisors. Most U.S. citizens living in Canada are aware of the U.S. estate tax and gift tax application. However, when it comes to Canadian residents who are not U.S. persons, only a minority are aware of the potential application…
Happy 2024 everyone! The start of a new year is often the impetus for individuals to revisit their estate plan.[1] While this is a worthwhile exercise, it’s important to remember that there are several other key moments that may occur at any point during a given year that should give…
It’s About Time: When to Review Your Will and Estate Plan Living our daily lives, we are not constantly thinking about our wills and our estate plans. There are usually certain events which bring these subjects top of mind. There are certain events or times in our lives that should…
This Blog has been written by Darren Lund, Partner at Fasken LLP As we turn the page on 2023 and look ahead to 2024, the cost and availability of housing continues to be a pressing issue for many Canadians. While there have been some recent headlines that suggest the housing…