The owner of a registered retirement savings plan (“RRSP”) (whether before or after its maturity) is deemed to have disposed of the account upon death and the full value of the RRSP is brought into the deceased owner’s income in her terminal income tax return. Tax Rollovers This tax burden can be deferred where the RRSP [...]
As cross border tax advisors, we routinely meet with American citizens who have lived in Canada for many years without understanding their tax obligations in the US. A similarly complex situation may arise for Canadian citizens who have moved to the US for work or retirement. Even those who are compliant with the income tax filings [...]
Expatriation has become somewhat of a hot topic in recent years with the increased filing requirements that the Internal Revenue Service (IRS) imposes on their citizens living outside of the United States. Whether you lived in the U.S. for half of your life or you simply had the pleasure of being born on the other side [...]
Canadians are still running to the US in hopes of yielding a higher rate of return by investing their hard earned money across the border. Many of these investments include US real estate, whether it is a multitude of rental properties, one for personal use by the family or simply for retirement. No matter what your [...]
David A. Altro and Matt C. Altro are regular contributors to Paul Delean's business column in the Montreal Gazette, please scroll down to read David and Matt's answer to the reader question. Tax strategy: Liquidating U.S. inheritance can be tricky PAUL DELEAN The Gazette Tuesday, September 3, 2013 How to liquidate a U.S. inheritance was among [...]
On August 29, 2013, the US Internal Revenue Service (“IRS”) and the US Department of Treasury released announcements confirming that in light of the historic US v. Windsor ruling from June 26, 2013, the IRS will recognize all legal same-sex marriages performed in one of the 50 states, the District of Columbia, a US territory, or [...]
State Estate & Inheritance Taxes A lot is often said about the US federal estate tax, especially amongst Canadians with US property. What many Canadians do not realize is that 14 different US states, and Washington, D.C., levy state estate tax as well. An additional five states levy an inheritance tax, with New Jersey and Maryland [...]
If you are Canadian, the answer to that question is: it depends. People purchasing real estate in the U.S. are faced with different challenges depending on whether they plan on using the property personally or renting it. In this article, we will address the latter issue and its different implications. A Tax Efficient Structure There are [...]
Matt C. Altro is a contributor to Paul Delean's business column in the Montreal Gazette, please scroll down to read Matt's answer to the first question. Tax strategy: Transferring U.S. pension to RRSP could trigger a tax hit PAUL DELEAN The Gazette Tuesday, July 9, 2013 The consequences of transferring a U.S. pension and the taxation [...]
Last week, the US Supreme Court issued an historic and landmark ruling in the case of US v. Windsor. It has been hailed in the media as the demise of the Defense Of Marriage Act (“DOMA”), and celebrated as an extension of more than 1,000 federal benefits to same-sex couples. In US v. Windsor, Edith Windsor [...]
