David A. Altro is a frequent contributor to Paul Delean's business column in the Montreal Gazette, please scroll down to read David's answers from Paul Delean's article on tax strategy. Tax Strategy: Canadian working abroad must still pay tax here PAUL DELEAN The Gazette Monday, July 30, 2012 Taxes on overseas income and on a U.S. [...]
Being an American citizen is, for many around the world, a highly sought after position. Some might call it a gift, though I doubt the United States IRS would classify it that way. In fact, for the IRS, American citizenship is only one half of the bargain. At least, this appears to be the mindset behind [...]
We are pleased to announce that Altro & Associates, LLP returned as a Champion Court Sponsor of the 5th Annual RBC Squash Crohn’s Tournament. The event was held on Sunday, May 20th, 2012 at Midtown Le Sporting Club Sanctuaire in Montreal. Squash Crohn’s was joined by squash legend and world champion squash player Jonathon Power, who [...]
Canadian departure tax: obstacle or opportunity? By David A. Altro, B.A., LL.L, J.D, D.D.N, Fin. Pl., TEP and Matt Altro, B.Comm., CFP®, F. PL. Canadians move to the US for a variety of reasons. Proximity to family, lifestyle, sunny weather, employment, health issues and lower income tax rates are some of the more popular reasons. If [...]
While reading a recent edition of O Magazine, I came across Suze Orman’s monthly column. For those who don’t know, Ms. Orman is a financial expert and has written many books on financial prosperity. She was a frequent guest on The Oprah Winfrey Show and now has her own show on Oprah’s network. The column addressed how to be smart about your assets by protecting your estate from unnecessary costs and delays when you pass away. And what was her suggestion to achieve this peace of mind? A trust. For most Canadians, owning property in a trust is a new concept. They have never thought of holding property this way, and when they hear about all of the benefits, they have a number of reactions. Some love the idea and start to question why their Canadian estates aren’t organized in the way we suggest that their U.S. estate be arranged. Some are less enamored by the concept of a trust and worry that the trust will cause complications in connection with the purchase or may scare off the seller. I assure them that this won’t be the case. I explain that using a trust to hold U.S. assets is not something we recommend to solely to Canadians, but that this is the recommended approach for Americans as well. And to back me up on this, like I do with so many things, I quote Oprah. Ok, maybe in this case, it is not Oprah directly, but Oprah’s trusted advisor, Suze Orman. […]
Canadians have long sought to escape harsh winters by spending time in the American Sunbelt. In recent years, with the dollar near parity, the depressed US real estate values, and a relatively strong Canadian economy, Snowbirds have shown stronger interest than ever in purchasing that winter get-away. The perennial question remains, however: what is the best [...]
HOW TO PREVENT YOUR LIFE INSURANCE FROM TRIGGERING U.S. ESTATE TAX In Canada, life insurance is often used as an effective estate planning strategy to ensure family protection, estate preservation and investment solutions. Although these advantages are indisputable, many Canadians with U.S. assets and U.S. citizens living in Canada may be shocked to learn that owning [...]
Tax Strategy: Marriage affects tax exemption on principal home David A. Altro is a frequent contributor to Paul Delean's business column in the Montreal Gazette, scroll down to read David's answers to the second and third questions. PAUL DELEAN The Gazette Monday, February 20, 2012 The impact of marriage on the principal-residence exemption and tax obligations [...]
Frozen Over By David A. Altro and Ben Jeske Estate freezes have been in Canada since the introduction of federal capital gains taxation 40 years ago. Along with the capital gains tax (CGT) on properties sold by taxpayers, the so-called death tax was also brought in. Essentially, when a taxpayer dies, they are deemed to have [...]
In the last few years, the U.S. real estate market has sparked interest in the eyes of Canadian investors. We are not solely talking about major investors, but smaller players looking to purchase a second home to escape those long Canadian winters. The process of purchasing U.S. real estate can be quite daunting for Canadians. As [...]
