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Cross-Border Estate Planning

Foreign Powers of Attorney & Cross-Border Estate Planning

If you travel back and forth between Canada and the United States, or have any cross-border property, you should ensure that your estate planning and other documents will be valid in both countries to any extent necessary. You may also want to consider whether any powers of attorney in your home province or state may be impacted, and speak to a cross-border lawyer for specialized advice. Powers of attorney and jurisdiction A power of… Read More

cross-border tax

Business Expansion to the U.S.

In the News : E-Bay Attempts to Reduce Cross-Border Tax for Online Purchases

The online shopping giant E-Bay is at the forefront of a growing movement to increase the Canadian de minimis amount for taxing and applying duties to imports, including cross-border purchases made online. Outdated standards inconsistently applied? The current value threshold for imposing a cross-border tax on imports to Canada is $20. It was established in the 1980s and has not been adjusted since. Other countries have much higher limits, with Australia at $1,000 AUS and the… Read More

Personal Tax Planning

Corporate Tax Planning

Is Your Tax Planning Confidential?

Are you taking precautions to ensure your personal or corporate tax planning is kept confidential? Cross-border wealth management is inherently complicated, so most people hire a professional to ensure they meet their tax obligations in both Canada and the United States. In the course of planning, highly private and confidential information is communicated to your tax professional. A 2016 appeal decision has confirmed that accountant’s files are not protected by privilege, and the best… Read More

us llps

Corporate Tax Planning

Changes to Tax Treatment of US LLPs and LLLPs

Last year, the Canada Revenue Agency (CRA) confirmed that US Limited Liability Partnerships (LLPs) and Limited Liability Limited Partnerships (LLLPs) will be characterized as corporations for Canadian tax purposes.* Any income from these entities, which was previously reported on one’s personal tax returns as partnership income, will be treated as being from a foreign corporation. How does the change in treatment of US LLPs and LLLCs impact Canadian investors There are several implications of this… Read More

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Cross-Border Estate Planning

The Death Tax Repeal Act and Cross-Border Estate Planning

For Canadians with assets in the United States, or whose family includes dual US-Canadian citizens or US permanent residents, the repeal of the so-called “death tax” could help simplify your estate planning. Unlike Canada, the United States has taxed an estate based on the fair market value of a decedent’s assets. Much of the support for this bill comes from farm owners and family businesses that claim to suffer unfairly under the current regime. The Death… Read More