All About Estates

Category: International

Total 30 Posts

Inheritance Tax – Why should you care?

The Canadian concept of taxing the deceased by deeming a disposition at death is contrary to many countries where the inheritance tax is paid by the heirs upon receiving money or properties from a deceased person. In other words, while Canada taxes the deceased on death, most countries – notably…

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Beneficiary of a U.S. Estate – Now What?

What are the tax implications if you are a beneficiary of a U.S. estate? Rarely do we consider the implications of a Canadian resident inheriting from a U.S. estate. From a Canadian Tax Perspective The general rule is the Canadian beneficiary shall receive their inheritance tax-free since the U.S. estate…

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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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The Apostille Convention – working with public documents abroad

The joy of working with clients with multi-jurisdictional assets and families can be dampened by the frustrations triggered by working with authorities in those jurisdictions for the timely administration of estates. Having proper authentication of key estate administration documents – birth and death certificates, divorce judgments, probate certificates come to…

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Section 116 and Capital Distributions by Trust to Non-Resident

When a trust makes a capital distribution to a non-resident beneficiary, the beneficiary is deemed to have disposed of a part or the whole of their capital interest in the trust.[2] Where the capital interest in the trust is “taxable Canadian property” (“TCP”),[3] the vendor of the TCP (i.e. the beneficiary who is deemed to be “disposing” of their interest in the trust) must apply for a clearance certificate from the Canada Revenue Agency (the “CRA”) under section 116, either in advance of the disposition or within 10 days of the disposition.

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The Life and Legacy of Gina Lollobrigida – An Estates Perspective

Today’s blog is written by Jessica J. Butler, Law Clerk at Fasken LLP. Italian cinema legend Gina Lollobrigida passed away at the age of 95 in January 2023.  Known by fans as ‘La Lollo’, she starred in over 60 films which included the likes of Frank Sinatra and Sean Connery….

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Don’t Forget the T1141s and T1142s!

Today’s Blog was written by Rahul Sharma, Partner, Fasken LLP, Toronto My last blog post was very early in the year.  In that post, I outlined — and generally responded to — certain common questions posed by newcomers to Canada.  As the year progresses, Canada continues to draw in large…

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Considerations when Administering a Canadian Estate with US Situs Assets

Today’s blog is written by Jessica J. Butler, Law Clerk at Fasken LLP. As today’s world continues to grow increasingly interconnected, more estate professionals find themselves dealing with a web of cross-border assets and jurisdictional issues.  This post considers certain issues that you might face when administering a Canadian estate…

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Royalty and World-Wide Assets

This Blog was written by: Alicia Mossington (Godin), Estate and Trust Consultant, Scotia Wealth Management  The British royal family has been in the news frequently over the past 18 months: from the deaths of Prince Philip and Queen Elizabeth II to the crowning of King Charles and the release of Prince…

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ESTATE PLANNING AND THE GREAT WIDE WORLD

This Blog was written by Emily Racine, Estate and Trust Consultant with Scotia Wealth Management  When it comes to estate planning, the cases where all property and beneficiaries can be found within a 10km radius are increasingly becoming few and far between. More and more estates cross not only provincial…

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