U.S.-Canadian Tax and Estate Planning for Cross-Border Clients
Reconciling U.S. and Canadian Law on Trusts, Deemed Dispositions on Death, Situs Wills, and Wealth Transfers
*** An encore presentation featuring live Q&A ***
A 90-minute CLE/CPE webinar with interactive Q&A
Tuesday, May 16, 2017
1:00pm-2:30pm EDT, 10:00am-11:30am PDT
This CLE/CPE webinar will provide estate planners with a comprehensive guide to estate planning tax challenges and opportunities for clients who have tax presence in both the United States and Canada. The panel will discuss the U.S. tax law and treaty provisions that govern tax and fiduciary rules in both Canada and the United States. The webinar will focus on the U.S. tax and other consequences for Canadian clients with U.S. tax presence and U.S. taxpayers with Canadian-based pension and other assets.
The lengthy Canada-U.S. border, and the extensive ties between the two countries, provides a significant amount of economic migration for citizens of both countries. Many U.S. citizens and permanent residents have property interests in Canada and vice-versa. Estate planning counsel and advisers must be able to identify the tax and wealth transfer planning rules and opportunities specific to U.S. and Canadian citizens with assets and presence in both countries.
The differences between U.S. and Canadian estate and wealth transfer rules present several key challenges. Canada does not impose an estate tax. However, Canadian law provides for a “deemed disposition” of all capital assets on the death of a taxpayer. This disposition triggers tax on all unrecognized gains and losses of Canadian-sourced assets.
While the U.S.-Canada tax treaty allows for reciprocal credits for U.S. estate tax and Canadian taxes, estate planners must be able to reconcile the differences between the two countries’ tax regimes and proactively plan to minimize the tax impact of wealth transfers. This means having a thorough grasp of treaty provisions, identifying whether a client needs separate estate documents specific to each country, and recognizing the U.S. and foreign income and estate and gift tax implications of wealth planning transactions.
Listen as our experienced panel provides guidance on how to plan the estates of clients with U.S. and Canadian tax presence, including interests in business entities, real estate and financial accounts. The panel will cover the legal and tax considerations when planning for the disposition of each type of asset.
- U.S. estate tax regime
- Canadian “deemed disposition” rules
- Tax treaty credit provisions
- U.S. and Canadian tax treatment of trusts
- Filing and Reporting deadlines and timelines to consider
The panel will review these and other key issues:
- When is it appropriate for clients to have separate estate plan documents specific to the U.S. and Canada?
- How does the “deemed disposition” rule work to create a recognition event upon death or transfer of assets deemed to be Canadian-sourced?
- What are the tax treaty provisions to ameliorate dual taxation issues in estates and post-mortem tax events?
- How to avoid inadvertent gift tax triggering events on spousal transfers.
- Options for transferring estate assets outside of an estate in Canada.
This is an encore presentation with live Q&A.
After completing this course, you will be able to:
- Distinguish between U.S. estate tax rules and Canadian deemed distribution rules on the death of taxpayer
- Identify what U.S. assets are included in the gross estate of a Canadian citizen subject to U.S. estate tax regime
- Discern which U.S. trusts for Canadian citizens residing in the United States provide the most beneficial income tax treatment
- Determine circumstances under which a cross-border taxpayer should have a situs will
Grant Gilmour, International Tax Partner
Gilmour Group CPAs,
Mr. Gilmour is a corporate tax advisor. His practice focuses on corporate clients in manufacturing and distribution industries that sell products internationally. He has a vast knowledge of tax planning, international tax issues and scientific research and development tax credits.
C. Edward Kennedy, Jr., CPA, JD
Brady Ware & Company,
Mr. Kennedy has more than 34 years of experience dealing with a variety of international tax matters, specializing in tax consulting services to a wide variety of clients ranging from closely held companies to multi-national businesses. His expertise includes domestic and foreign income and social security tax planning, tax compliance for individuals and corporations, tax treatment of incentive compensation plans, international assignment program administration, and international assignment policy design. Prior to joining the firm, he served as KPMG LLP's US firm lead for international social security matters.
Susan J. Merritt, Senior Fiduciary Officer
Newport Beach, Calif.
As the Senior Fiduciary Officer for the Orange County region, Ms. Merritt is responsible for overseeing all aspects of the region’s fiduciary practice. This includes oversight of all trust relationships for the region, responsibility for, and mitigation of fiduciary risk, review of all new trust business and oversight of all court related matters including administrative petitions and fiduciary litigation. In addition, she works with select Wealth Management clients and their advisors to coordinate and develop integrated tax and estate plans, and goals based wealth management strategies.
Live Webinar $297.00
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This webinar is eligible for at least 1.5 general CLE credits.
CLE credits are not available for PR.
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CPE on Live Event
Continuing Professional Education credit processing is available for an additional fee per person. You may register for CPE credit processing at any time before or after the program. To qualify for CPE you may not listen via the telephone.
This program is eligible for 1.5 CPE credits.
- Field of Study: Taxes.
- Level of Knowledge: Intermediate.
- Advance Preparation: None.
- Teaching Method: Seminar/Lecture.
- Delivery Method: Group-Internet (via computer).
- Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of verification codes announced throughout the presentation.
- Prerequisite: Three years+ business or public firm experience at mid-level within the organization, drafting wills and trust documents, supervising other attorneys or estate planners. Specific knowledge of concepts regarding taxation of foreign investments held by U.S. taxpayers; familiarity with tax treaty provisions.
NOTE: CPE credit processing for all attendees must be ordered by 2pm Eastern the day of the program to receive a Certificate of Attendance within 24 hours.
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I thought the information provided was great.
Law Offices of Marcia L Kraft
The webinar offered excellent insight into some specific areas.
Beth Ann R. Lawson
Virginia Beach Law Group
The seminar was very informative and easy to understand.
Anderson Hunter Law Firm
The program was well organized and discussed the major issues.
Wolff & Samson
Better than I expected. Well done on both subject matter and production quality.
Gordon, Fournaris & Mammarella
Estate Planning Advisory Board
Annino Law Firm
Consultant, Speaker and Author
The University of Toledo Foundation
Partner and Practice Group Leader - Tax
Waller Lansden Dortch & Davis
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