Dual U.S.-Canadian citizens residing in Canada may want to pay particular attention to the Exclusive Citizenship Act of 2025 (the “Act“); a proposed bill establishing that “citizens of the United States shall owe sole and exclusive allegiance to the United States […]”.[1] Under the proposed bill, dual citizens have one…
Today’s Blog was written by Rahul Sharma, Partner, Fasken LLP, Toronto This is a short blog post written on a cold morning in Toronto. It is currently -12 degrees in Toronto (with a windchill factor of -21 degrees). It is presently sunny and 26 degrees in the Cayman Islands. On…
Love knows no boundaries and neither do the U.S. tax rules. Marrying a U.S. citizen will result in U.S. tax implications for the couple that should not be ignored. This article will review a few U.S. tax considerations for married couples (that include a U.S. citizen). Proper Tax Filing Contrary…
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…
In Canada, it is not uncommon for employers to grant stock options to employees as a form of compensation, notably in technology and startup sectors. These stock options provide employees the right to purchase company stocks at a predetermined price, often referred to as the “exercise price.” What are the…
It comes as a surprise to many Canadians to learn their estate may be subject to U.S. estate tax. Indeed, the U.S. estate tax regime is broad and complex and misunderstood by many Canadians. This article will provide a summary overview of its application to Canadian and how to minimize…
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….
Canadians are familiar with the concept of joint ownership with right of survivorship. It is the prevalent form of ownership between spouses. Therefore, it is not uncommon for Canadians to own U.S. real property or other U.S. property, jointly, especially between spouses. Many are of the view that it will…
This blog post was written by Dave Madan, Senior Manager, Scotiatrust Following President Trump’s announcement of “Liberation Day,” Canadians are contemplating the reasons behind this decision. Amidst this uncertainty, many Canadians have re-evaluated their relationships with the United States, encompassing their daily interactions, financial affairs, and future planning. The purchase…
An existing tax debt at the time of death can wreak havoc on the administration of an estate and can jeopardize the estate and insurance planning. This is because the Canada Revenue Agency (“CRA“) is not your typical creditor and has statutory powers to seize assets of the estate beyond…