The U.S. passed The American Taxpayer Relief Act last week. Here’s an overview of the estate tax implications.
Going over the fiscal cliff would have meant significant increases in Americans’ U.S. income and estate tax exposure.
President Obama’s re-election may mean higher taxes for Americans in Canada and Canadians with American property. Why?
In late June, after the IRS announced it will be helping U.S. and dual citizens overseas, the U.S. tax agency suggested it would publish guidelines by September 1 for a new procedure meant to encourage those who haven’t been filing U.S. tax returns to get on the road to compliance. They're now available.
Given the number of Canadians who vacation in the U.S. each year, as well as those who move between borders for employment or other reasons, it’s important for financial advisors to be aware of the regulatory and income tax issues faced by clients who regularly spend time south of the border.
With the Canadian dollar rising to its highest level in 32 months in February 2011 and the appeal of warm weather, more and more Canadians are considering migrating to the U.S. Canadian businesses should get used to parity, Toronto-Dominion Bank CEO Edmund Clark told Bloomberg in February 2011. In 2010, the loonie climbed 5.5% against […]
If you work with dual citizens of Canada and the United States, it’s important to be aware of the unique financial, tax and estate planning issues these clients face. Given the recent tax changes in the United States, these clients and their advisors will need to be ahead of the curve.
Last Friday, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 was passed and signed by President Obama. Since U.S. lawmakers seem to like to use acronyms a lot, I thought I’d give this one a try myself. How does TRUIRJCA sound? Don’t quote me on that. Let’s just call it the […]
Grandma still has time to get run over by a reindeer. Could it be? An early Christmas present from President Obama and the U.S. Congress? Well, if the Democrats in the U.S. House get their way over the next few days, that present will be a little smaller. So what am I talking about? As […]
Yesterday, President Obama and the Republican Congressional leadership tentatively agreed to work on draft legislation that would reinstate U.S. estate tax January 1, 2011, with an “exemption” of U.S. $5 million for U.S. citizens and U.S. domiciliaries and a maximum estate tax rate of 35%.