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

Recording of a 90-minute CLE/CPE webinar with Q&A


Conducted on Tuesday, May 16, 2017
Recorded event now available


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.

Description

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.

Outline

  1. U.S. estate tax regime
  2. Canadian “deemed disposition” rules
  3. Tax treaty credit provisions
  4. U.S. and Canadian tax treatment of trusts
  5. Filing and Reporting deadlines and timelines to consider

Benefits

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.

Learning Objectives

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

Faculty

Grant Gilmour, International Tax Partner
Gilmour Group CPAs, Vancouver, B.C.

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, Atlanta

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
Northern Trust, 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.


EA Credit

Enrolled Agent credit processing is available for an additional fee per person.

EA Processing $5.00


Recordings

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CLE On-Demand Video $297.00

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Recorded Event

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AK, AZ, CA, CO, CT, FL, GA, HI, IA, ID, IL, KY, ME, MN, MO, MT, ND, NJ, NM, NY, OR, PA, TN, TX, UT, VT, WA, WV, WY (Note: Some states restrict CLE eligibility based on the age of a program. Refer to our state CLE Map for additional information.)

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Program Materials

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Program Materials

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Customer Reviews

Better than I expected. Well done on both subject matter and production quality.

Jeff Simpson

Gordon, Fournaris & Mammarella

The program was well organized and discussed the major issues.

Roxy Hammett

Wolff & Samson

The webinar offered excellent insight into some specific areas.

Beth Ann R. Lawson

Virginia Beach Law Group

I thought the information provided was great.

Erika Gamiz

Law Offices of Marcia L Kraft

The seminar was very informative and easy to understand.

Amy Allison

Anderson Hunter Law Firm

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Estate Planning Advisory Board

Gary D. Altman

Principal and Founder

Altman & Assoc.

Brian M. Annino

Partner

Annino Law Firm

Richard S. Franklin

Member

Franklin Karibjanian & Law

J. Leigh Griffith

Partner and Practice Group Leader - Tax

Waller Lansden Dortch & Davis

L. Paul Hood, Jr.

Consultant, Speaker and Author

The University of Toledo Foundation

Denise L. Iocco

Partner

Windels Marx Lane & Mittendorf

Donna J. Jackson

Atty

Donna J. Jackson, Attorney at Law

Salvatore J. LaMendola

Member

Giarmarco Mullins & Horton

Edwin P. Morrow, III, Esq.

Senior Wealth Specialist

Key Private Bank Wealth Advisory Services

Scott K. Tippett

Atty

The Tippett Law Firm

Susan M. von Herrmann

Partner

Perkins Coie

or call 1-800-926-7926

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