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Update on Virtual Witnessing of Wills and Powers of Attorney in Ontario
Update on Virtual Witnessing of Wills and Powers of Attorney in Ontario Zaina Kottis July 19, 2021 Update on Virtual Witnessing of Wills and Powers of Attorney [...]
Potential US Tax Changes Canadians Should Keep Their Eye On
Potential US Tax Changes Canadians Should Keep Their Eye On Bradley Richard Thompson June 10, 2021 Potential US Tax Changes Canadians Should Keep Their Eye On Bradley [...]
What U.S. tax proposals mean for Canadians
What U.S. tax proposals mean for Canadians David A. Altro Special to the Advisor's Edge May 26, 2021 We are very pleased to share that partner David A. Altro was asked to [...]
Canadian Tax Exemption on Principal Residence under Pressure
Canadian Tax Exemption on Principal Residence under Pressure Capital gains tax and 'sacred cows' could offset hot housing: RBC RBC by BNN Bloomberg March 24, 2021 RBC Economics is wading into the [...]
Canadian snowbirds weigh COVID-19 quarantine costs against tax and health insurance consequences
Canadian snowbirds weigh COVID-19 quarantine costs against tax and health insurance consequences Jameson Berkow Special to the Globe and Mail February 4, 2021 David A. Altro was quoted in Jameson Berkow's column [...]
Quebec tax credit may help retirees who returned to labour force in 2020
Quebec tax credit may help retirees who returned to labour force in 2020 Paul Delean the Montreal Gazette February 1, 2021 David A. Altro was quoted in Paul Delean’s column “Quebec tax [...]
Globe & Mail – Snowbirds, COVID-19 and what to do with your sunbelt property
Globe & Mail - Snowbirds, COVID-19 and what to do with your sunbelt property October 5, 2020 We are very pleased to share that partners David A. Altro and Bradley [...]
How Donald Trump is driving Americans to renounce their citizenship
How Donald Trump is driving Americans to renounce their citizenship August 2020 He may not have built his “beautiful wall”, but Donald Trump is doing an A+ [...]
Globe & Mail – Why an estate freeze makes sense now
We are very pleased to share that partners David A. Altro and Bradley Richard Thompson were asked to prepare a special for The Globe and Mail, which was published on May 20, 2020. Their article titled “Why an estate freeze makes sense now” provides insight into a tax planning opportunity for Canadians which has come to light following the economic impact of COVID19. The article reviews the various factors such as the stock market, Canadian dollar, estate valuations, fair market value and more, which point towards an estate freeze as a tax planning opportunity.
Selling Your U.S. Property: Is there U.S. & Canadian Capital Gains Tax?
When a Canadian resident (non-citizen of the US) sells their vacation property in Florida, any capital gain realized is subject to US tax (and withholding) but is also subject to Canadian tax. The US tax rates applicable to “long term capital gain” (gain on capital property owned for more than 12 months) are generally 15% or 20% (there are technically 3 tax brackets on capital gains for this purpose: 0% on capital gains for single taxpayers with taxable income less than $39,376; 15% for single filers with taxable income less than $434,551 and 20% for single filers with taxable income of $434,551 or more). There is no Florida income tax on individuals.