U.S. Citizen

Total 29 Posts

Canadians Beware – U.S. Move To End Paper Cheques for Federal Payments

• • 0 Comments

On March 25th, 2025, President Donald Trump issued Executive Order 4247 (“EO 4247”) directing the U.S. Department of the Treasury to transition all federal disbursements and collections into electronic format; effectively ending the use of paper cheques. By September 30th, 2025, paper cheques for federal payments (notably tax refunds and social security payments) will cease. How is this relevant to Canadians? Hurdle for Canadians EO 4247 may represent a hurdle….

Canadians Beware – U.S. Move To End Paper Cheques for Federal Payments Continue Reading »

IRS, Tax Issues, U.S. Citizen, United States, US Taxes

Cross-Border Charitable Donation & U.S. Donor

• • 1 Comment

Philanthropy can strengthen one’s estate plan. In Canada, an estate plan may integrate charitable donations to leave a legacy to our community while taking advantage of the associated tax benefits. Such strategy can be implemented during the donor’s lifetime or upon the donor’s death. If the donor is a U.S. citizen living in Canada (hereinafter referred as a “U.S. donor”), does the strategy work? U.S. donor & U.S. Tax Filings….

Cross-Border Charitable Donation & U.S. Donor Continue Reading »

Charitable Giving, International, Philanthropy/Charitable Giving, Tax Issues, U.S. Citizen, US Taxes

Cross-Border Insurance Planning – Some Basics

• • 0 Comments

Cross-border insurance planning is tricky but understanding the basics can go a long way in assisting clients. This short article will review some of the key questions to consider in order to avoid potential pitfalls in life insurance planning. Who is the Owner, the Insured and the Beneficiary In the context of personal insurance planning, it is important to appreciate that there are always three (3) parties involved; the owner,….

Cross-Border Insurance Planning – Some Basics Continue Reading »

Estate Planning, Insurance, International, IRS, Succession Planning, Tax Issues, U.S. Citizen, US Taxes

ILIT – An Estate Planning Vehicle for the U.S. Person

• • 0 Comments

An irrevocable life insurance trust (ILIT) is an estate planning vehicle worth some consideration for U.S. citizens living in Canada.  Many estate advisors are unaware that U.S. citizens subscribing to life insurance on their life will have the death benefits included in the value of their taxable estate for U.S. estate tax purposes.  An ILIT may provide an opportunity to avoid such an outcome. What is an ILIT? An ILIT….

ILIT – An Estate Planning Vehicle for the U.S. Person Continue Reading »

Canadian and US Tax Treaty, Estate Planning, Insurance, Succession Planning, Tax Issues, U.S. Citizen, US Taxes

Corporately-Owned Insurance, Redemption Obligations and the U.S. Supreme Court

• • 0 Comments

Canadian estate and tax advisors may want to consider the case Connelly v. Internal Revenue Service, No. 23-146[1] (U.S. 3/27/24).  The U.S. Supreme Court (“SCOTUS”) issued its decision on June 6th and it serves as a good reminder of the implications of corporately-owned life insurance in the context of cross-border tax and estate planning for Canadian estates. The issue focused on the estate tax treatment of corporately-owned life insurance proceeds….

Corporately-Owned Insurance, Redemption Obligations and the U.S. Supreme Court Continue Reading »

Estate Planning, Insurance, IRS, Tax Issues, U.S. Citizen, United States, US Taxes, valuation

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

• • 0 Comments

  Happy Friday, everyone. As a reminder, this is Part II of a three-part blog series. Part I can be found at the following link: Equalizing an Estate Where One of More Children are U.S. Persons and Planning Strategies Where There Are U.S. Beneficiaries; Part I – All About Estates and Part III, to be posted August 30, 2024, will discuss estate planning in circumstances wherein there are U.S. beneficiaries…..

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

Estate Planning, Tax Issues, Trusts, U.S. Citizen, United States, US Taxes, Wills
Scroll to Top