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…
Category: IRS
Total 11 Posts
As part of the ‘Donald’s’ post-election “promises” we heard rumours that US gift and estate taxes were going to be repealed. While we did not see a repeal, we did see a significant change to the rules related to US gift and estate tax. The particular change came forward in…
Frequently, I am reminded how careful one has to be with making sure that tax-free inheritances generally maintain their status throughout all steps to liquidate and realize the proceeds. Here is a case in point. In Owen v The Queen (2018 TCC 90), the taxpayer’s father resided in the United…
Business owners-managers put money in and take money out on a regular basis during the year, and at the same time often use the business bank account for what may appear to be personal expenditures. This often leads to shareholder advance balances at year end and some major bookkeeping challenges…
Happy Independence Day !
By Paul Fensom •
July 4, 2016
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.
Consider a voluntary disclosure where tax filings are either missing or incomplete
By Derek de Gannes •
July 14, 2011
Your responsibilities as a trustee or executor of an estate may include completing the tax filings of the deceased and requesting tax clearance prior to the distribution of the estate in accordance with the will terms. Let’s say you find out that the deceased’s tax filings were not all up to date or incomplete and you have read about the possibility of tax penalties.
ALTERNATIVES TO ‘SINGLE-PURPOSE’ CORPORATION FOR U.S. ESTATE TAX PLANNING
By Steven Frye •
May 24, 2011
If you have a “single-purpose” corporation for U.S. estate tax planning, this may be a good time to explore an alternative way of holding U.S. real estate.
Is a U.S. Estate Tax Return Due?
By Corina Weigl •
January 12, 2011
So you’ve taken on the role of executor of your dear friend, Sally’s estate. It just so happened that Sally owned a vacation property in the United States. You’ve come across a couple of blogs in the last few weeks that suggest her estate may owe some taxes to the IRS. You have no idea whether this is true and what you may need to do. You decide to keep reading these blogs to see if they’ll help you.
So You Want to Buy a U.S. Vacation Property…
By Corina Weigl •
January 4, 2011
As the thermometer continues to hover around the zero degree mark, many of us who live north of the 49th parallel begin to think about heading south to take up residence in one of the many sunnier climes the United States has to offer.
So you think you can Avoid ‘Uncle Sam’ part II…
By Corina Weigl •
November 29, 2010
So you are a Canadian citizen and resident, surely ‘Uncle Sam’ has no right to your Estate on your death. Unfortunately ‘Uncle Sam’s’ arm – his estate tax arm that is – can reach across the border to impose taxes on the Estate of a non-resident/non-citizen of the United States.